In one of my latest blogs, some ideas were presented for moving merchandise that was either overstocked or not selling well. When the season is short and retailers are anxious to start stocking for the next season or holiday, it makes sense to do some markdowns to free up the cash in those slow-movers. This will not only lower stock levels so you have less to count during your physical inventory, but will also allow you to buy better-selling items for the next important time frame.
Here are a few new ideas from WhizBang! that will help you move those items that didn’t sell like you hoped they would.
Remember that deep discounts of up to 50% will encourage customers to buy and will move twice as much merchandise to lower stock levels.
If you have a lot of one particular item, do the standard BOGO (buy one, get one free). This helps customers who want to buy similar products for multiple people.
If you have slow-moving colors in an item, try a BOGO that gives a free item of any color if they buy one of the slow-moving color.
For slow-moving sizes, try a BOGO that gives a free choice of one other size if the slow-moving size is bought.
For two similar items that are overstocked, try a BOGO that offers one free if you buy one of the other kind of overstocked item.
For unrelated slow-moving items, try a “table” promotion: buy one item on this table and get any other on the table free.
Customers love to get a great deal! Using these techniques gives them incentive to return to your store for future purchases while helping you clear out the worrisome inventory.
Speaking of inventory, does your Point of Sale Software provide you with the features that allow you to track and re-stock accurately? NCR’s Counterpoint Software can do this for you.
If you would like more information, call CCS today at 800/425-672-4806 oremail us. We have the answers to your questions!