How To Drive Stock Clearance Sale? 8 Creative Ways
We have the most original ideas to increase your sales and, hopefully, keep your clients around for the long haul.
If you have been waiting to clear your stocks in creative ways, we are here with some great ideas. Read on to know them all.
Optimal Timing for a Sale
Having an estate sale once a quarter, especially around the holidays, is a great method to get rid of old stock. Profit from all items should be analyzed to see which ones are selling slowly and how to increase sales after the season by lowering their price. Most stores benefit from holding seasonal sales events. Additionally, it serves to entice buyers. If your items aren’t very seasonal, a sale every twelve weeks may work. Don’t allow unsold inventory to pile up to an unmanageable level.
Show off your markdowns
Many consumers research products online or in physical stores before making a final choice to buy. Discounted items should be prominently placed at the front of the store during any type of sale to encourage customers to stop what they’re doing, look at them, and consider how they could fit into their shopping plans. Clearance products placed near the entrance or near the registers might entice customers to enter the store. Reduce the clearance area as much as possible. It’s fine if there’s a lot of clutter or confusion among the goods.
Compete on Price
More shoppers are likely to be attracted by signs with real costs rather than percentage discounts. There’s no need to do the arithmetic to know that “299 each” is a steal. Consider creating price-based displays, such as those for items priced at 99, 199, 499, and lower.
Advertise both online and in-store
Send out emails, run online ads, promote your sale on social media and your website, and send out direct mail to make your clients feel “wanted” during your clearance sale. In addition to Internet marketing, you may also use billboards, posters, and other advertisements to draw attention to your items in physical locations.
Deal in incentives
Don’t keep an item that doesn’t sell even at a 50% discount. Getting these products out of storage as quickly as feasible should be your first priority. Discounts should be increased every few days throughout the clearance to encourage purchases; for example, from 40% on day one to 50% on the third, and then to 60% on the seventh day, etc. Potential customers may be enticed by the steep price cut.
What if, towards the conclusion of the clearing, you still have items remaining? Have no intention of reselling it next year. Do the right thing and sell it alongside a hot new item. It’ll bring in consumers and keep stock levels low. Recognize when to call it quits.
Reach Out to Potential New Clients
You might take extra measures to recruit fresh email addresses for your mailing list. Now is a fantastic time to entice and draw in clients by providing them with exclusive deals. Invite them to join your mailing list or customer loyalty program.
Pick Your Product
Using your POS or inventory management system, find out which goods are the least lucrative and the slowest moving. This is also a good technique to draw stock.