Less than a 2-minute read.
Have you decided to take actions on those seasonal items that you brought for Christmas and just aren’t selling? Have you made a poor assortment choice with your range of merchandise for the holiday season? Never worry we all at some point get it wrong.
Now is the opportunity to turn those ‘Dogs’ into quick cash and reinvest in new & better merchandise that you can sell at full margin.
Take action today! Don’t wait!
Marking down the ‘Dogs” quickly allows you to take a smaller hit on your margin, sell more of those items especially if you do this before Christmas rather than if you wait until it over.
Here are a couple of suggestions to help you clear through these items fast!
- % Off.
Always works The key to success is getting the right % off. Start with at least 20% and go up from there as the month progresses.
- Price point a table or area.
Group all stock on a table or area and use signage to highlight ‘All items on this table €10 or less”. This is great if you have a lot of items around this price point however you can just as easily do if for €20 or €25 etc.
Remember customers are gift shopping with a particular budget in mind for each person on their list. You have just made the buying decision easy for them.
This is hardcore. If you have a lot of a particular item or a category that isn’t selling and you have tried different areas in the store etc try a Buy One Get One Free offer. The advantage of doing this is it moves twice as much stock thereby freeing up cashflow and space. You can vary it by doing a BOGO 75% or 50% OFF.
Remember your customers are buying gifts and they often buy more of the one item.
This is very important as it tells your customers all about your special offers. Make sure you have great signs highlighting all your mark-downs and in a prominent area.
- Train your team.
It is not too late. Take time to thoroughly train your team. Brief them to actively sell regular price stock and to tell your customers about any special offers in store.
Remember, your margin will be better taking a 20%, or 30% off now rather than 60% or 70% off after Christmas. Worst still boxing seasonal stock up for next year and tying your cashflow up for another year.
Happy Christmas to you & your team.
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