Markdowns might seem counter-intuitive to success, but they can be critical to help you keep your inventory current and to get people into the stores. There are a lot of shoppers who simply don’t shop unless it’s on sale, and many others who might otherwise be out-priced.
Sales, in this case, are imperative to help you make money back on items that would otherwise continue to sit on your shelves. You don’t even have to make a loss on the items, either. Even on sale the item should very rarely be lower than the wholesale price, meaning you will continue to make a profit. In the UK, the Boxing Day sales are a huge success, the equivalent in the US being Black Friday and Cyber Monday.
If no one buys your items on sale, however, then the purpose of your sale has failed. You need it to succeed to clear out old stock and to
The best way to market to a wide audience is through social media. Social media allows you to direct your efforts through advertising, and it allows you to build a community that enjoys your store and your products, who would then be thrilled to find out you are having a sale. As there is no real commitment involved with following a brand, you can work on building a community who will then share your sales and other offers with their friends. Your social media efforts should increase regular sales and boost interest during markdown events.
Email marketing is the best way to communicate directly with your existing customers. They have already purchased and subscribed to your email communication, indicating that they do indeed like your store, product, and want to be kept in the loop. Market to them through suggestions, personal discounts, and keep them up on VIP offers that will help them feel that their patronage is appreciated and being rewarded.
The best way to market your sale in-store is to have it displayed outside of your store; one effective means of doing this is with window decals. Custom Wraps can create unique and personalized window decals to place on your storefront windows which display your sale offer to anyone who passes by. It is the best way to get people off of the street and into your store.
Once inside, you will want to make the sale items very apparent. It is also a generally good idea to either place them throughout the store or at the very back, depending on what kind of product you sell. This will encourage your guests to peruse through not just your sale items, but on your new lines as well.
Markdowns or sales are critical to keeping your product line fresh and current, while still regaining some income. Without them, you might find that newer lines are bought over older ones, and as a result your inventory becomes skewered and dated. Make your sale as successful as possible by using these tips, and you will be able to clean out your inventory and increase demand.