Monday, December 30, 2013

Year-End Sales Tips For Retailers

The holidays might be over, but this doesn't mean retailers should go back to their 'normal' business operations just yet. With millions of consumers loaded with gift cards, extra spending cash, and time off from work, the week leading up to the new year is a prime shopping time. If you own or manage a retail store, you can boost your sales and profits by offering year-end sales. For some helpful tips on how to perform effective year-end retail promotions, keep reading.

Mark Down Seasonal Items


With a new year on the horizon, there's no better time than now to mark down seasonal products (fall/winter clothes and products). Allowing these products to crowd space in your store will only hurt you in the long run. If you're having trouble selling certain fall and/or winter products, try marketing them down to encourage more sales. Even if customers aren't actively looking for a specific fall or winter product, the steep discount might be too enticing for them to pass up.

Bring In Warm-Weather Clothes


If you run a retail apparel store, you should start bringing in warm-weather clothes around the new year. While the spring season is still several months away, you can count on early-bird shoppers looking for new warm-weather clothes. Selling these clothes just a little bit early will give you a head start on other retailers, essentially snatching up sales from your competitors. In addition, you'll have a better understanding for the demand of certain clothes before the full spring/summer rush gets here.

Mark Down Holiday-Related Products


Unfortunately, it's highly unlikely that retailers will sell holiday-related good and products at full price. Now that Thanksgiving and Christmas are behind us, customers are no longer shopping for holiday-related items. The good news is that you can still push leftover inventory; you just need to mark it down so customers feel like they are getting an amazing deal. Marking down holiday-related products 50, 60 or even 70% is perfectly fine, as it allows you to move product out of your store while generating some revenue in the process.

If you're going to mark down products for a year-end sale, make sure you spread the word so customers know about it. You can send out emails (assuming you have past customers' email addresses), run commercials, advertise on billboards, etc.

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