Follow The Holidays
If you've been in the retail business for any length of time, you've probably noticed that holidays are the best time of year in terms of sales. While the Christmas season draws the most sales, you'll still see higher numbers during other holidays as well. You can use this to your advantage by offering your customers special sales and promotions during the holidays.
Let's face it, trying to keep up with all of the different holidays throughout the year can be challenging, especially when you are busy focusing on the more important aspects of your business. However, allowing these holidays to slide by without using them to leverage promotions is a mistake that far too many business owners make. If you haven't done so already, pick up a calender so you can see exactly when the upcoming holidays take place.
Get Rid of Old Product
If your store has product that simply doesn't seem to sell easily, you can encourage customers to purchase it by offering a special promotion. Simply mark down the price on any stubborn products in your store and chances are customers will snatch it up. This can be extremely helpful for moving out-of-season clothes and accessories that customers aren't willing to pay full price for. Of course, you may not be able to use this method to get rid of groceries that are past their expiration date. In this case, you'll have to toss them out and count them as shrink.
Choosing a "Sale" Price
So, how do you choose a sale price for your products? There's a fine line between giving your customers a good deal and losing money on a transaction. To ensure your business remains profitable, you need to avoid pricing your products too low. Instead, work on finding a happy medium that allows you to profit from a transaction while giving your customers a good deal. Always be aware of your profit margins when offering sales and special promotions.