Tuesday, December 17, 2013

Moving Left Over Holiday Inventory

Soon the gifts will be unwrapped and the last of the decorations put away. As you start plotting out your goals for next year, you might be wondering what to do with that left over holiday inventory. Let's create a plan to move it!

Attack from all Angles
Put your retail products in more than one area. Having one shelf next the checkout area is not going to cut it.  You need to make retail a leading cast member in your business.  Create multiple areas to engage customers.  Use signage in service areas, waiting areas, or even restrooms. Prop smaller products at your stylists' stations. The goal is to make your customers see your retail and envision you as a product source.

Power of 9's
The big box stores have been using this trick for ages. Reprice items using 9's. Examples are 14.99 or 9.99. This subconsciously makes the brain see the lower price point and equates receiving a deal.

Bargain Bins
Have truckloads of travel sizes, cosmetics, or smaller products hanging around?  Create bargain bins or displays.  It doesn't have to look cheesy if done correctly. The point is to create a group of products you want to blow out. Slash the prices, do a two for one, or 5 for $15 bucks. Get creative with your promo but make it easy and attention grabbing.  Everyone loves a good deal and people will go diving in your bins to save!

Create product sets in ready to go bags.  Grouping products together increases their perceived value. Add in a gift with purchase like a reusable tote or vinyl travel bag to entice buying behavior.  Purchase cosmetic or travel bags. Pack with your inventory that hasn't moved. Give it a group price point (remember the 9's) and promote them in high traffic areas.  Unbeatable deals...never this low again...perfect gym bag accessory.... get creative with your tag lines and watch these products walk out the door!

Out with the old and in with the new. Employ these tips to move left over items.  Santa may just hang around a bit longer as you ring up additional seasonal sales!

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