After the mad holiday rush has passed, many retail stores begin looking toward the end-of-the-year sales to clear their store of outdated merchandise to make room for new inventory. Many retailers just mark down the stock and arrange it on a separate clearance display table, but there are several other ways for clearing inventory at the end of the year that will increase your sales to move merchandise and make room for new product quickly.
Utilize End Caps
The end caps in your store can be quiet profitable store fixtures for your store because of the higher visibility of the merchandise and the easy access to the products. Merchandising your store’s end caps can lead to impulse buying and attracting customers to the adjacent aisles. Utilizing the end caps in your shop can help you sell your end-of-the-year sale merchandise because they appear to be more available than other merchandise and it brings an increased awareness among shoppers, according to Chris Joseph, a writer at Chron.
You can bolster the sales of the sale merchandise displayed on your endcaps with the help of proper signage. Your signs should grab the attention of the customers with clearly stated prices, large font, and visible design.
Utilize Display Props
Another useful tool for clearing out your old merchandise during your end-of-the-year sale are crates and containers like dumpbins. You should have a collection of dump bins to display those items that are on sale. Shoppers tend to like when stores use these types of items for presenting sale items because it makes shopping feel a little more like an adventure. You can use individual retail sign holders to inform shoppers the discounted value of the items in the bins.
Strategically placing these props close to the cash registers will elicit curiosity in your customers and get them to “dig in” while they are standing in line to purchase the items they’ve already determined they’re going to purchase. This is a great opportunity to increase your sales by “upselling” your customers.
Having a visually appealing display at your stores point-of-purchase (POP) is one of the most effective ways to encourage impulse buying, according to the experts at Shopify. According to research, nearly 66% of all decisions to purchase something is made while people are in the store, with almost 53% of those decisions being classified as impulse buys, making your POP displays an easy way to get rid of inventory quickly.
One of the most powerful POP display tools to use are dump bins when they are placed at the front of the store. Putting them close to your cash registers guarantees they will get the maximum exposure to the largest number of shoppers.
Even though the rush of the holiday season, it’s essential for retailers to do their end-of-year planning as it’s necessary for maximizing sales and clearing your backroom of unwanted merchandise. Using these three merchandising strategies can help you quickly get rid of last season products to make room for all the new merchandise arriving after the first of the year.