During the summer slow down with vacations, take your down time and plan for a busy fall season. Patti’s tips are super easy to implement and the best part is–it helps you with your cash flow. Out with old–in with the new!
Get Outta Here! 10 Tips to Move Old Inventory
Every spa or salon has at one point made a retail mistake that results in excess inventory that just will not sell. This older merchandise is taking up space and creating dust bunnies. It is time to get it moving.
The bottom line:
Unsold retail costs you money, prevents you from purchasing new attractive stock and drains your retail energy. Psychologically it is preventing you from selling more retail!
Try these tips to move that inventory outta here!
1. Relocate: sometimes a simple change of location will highlight an item that has been overlooked-better yet put it in the window or by the front desk and capitalize on impulse buys.
2. Bundle: pair the slow mover with a retail star and adjust the price. Remember your goal is to clear the shelves.
3. Price it to sell: If it is not moving your goal is to recapture your wholesale cost and make room for new items.
4. Feature it: Create an eye catching display of slow movers. Create a theme and feature them in the center of your retail area.
5. Flash Sales! Highlight the item in Social Media with a limited time to purchase. Create buzz and sales!
6. One for Me-One for You: move small multiples with a “buy one-get a gift” strategy. Adjust the price to cover your costs. Attractive packaging helps and do not call it 2 for 1!
7. Reward loyal clients, new clients or referral sources: bundle up small items as a thank you gift for guest loyalty or a referral thank you. It will cost you much less than a discounted service!
8. Pull and Save for special event party favors. It’s not a party without a favor and everyone loves to get a little something in a goodie bag.
9. Bonus it and give your front desk and employees an extra incentive to move this merchandise-you will still be money ahead and have more prime space for new items!
10. Going, going, gone as a last resort you can hold your own Moonlight Markdown sale with the price on the item dropping another 15-20% each week. Especially if you have limited quantities this helps to push “buy today” rather than wait for additional markdowns.
Patti Biro is the founder and principal of Patti Biro and Associates a consulting firm specializing in brand enrichment through creative special events, retail sales and education in the beauty, spa and wellness industry.
Visit the website at www.pattibiro.com