Although holiday merchandise can sell out fast and create a festive shopping environment for customers, many retailers face the problem of how to sell out of their holiday merchandise without settling for less-than-savory margins. After all, no retailer buys holiday merchandise with the end goal of docking prices. While discounting is part of certain company’s pricing strategies, those “discounts” are built into the wholesale price of the product – so those retailers still make decent margins on their “discounted” merchandise. The trick is to sell out of your seasonal inventory while the gettin’s still good. In this case, that means clearing your shelves of it before the clock strikes midnight on December 31st.
Wondering how to make it happen? Check out this quick list of holiday sales tricks to learn how to quickly sell out of your holiday merchandise
Trick #1. Put It up Front
Many retailers are under the misapprehension that placing certain products front and center will be a catalyst for sales. In truth, placing holiday merchandise at least 15 feet inside your store to the right of the walkway is among the best ways to sell out of your seasonal inventory. Keep this in mind: According to Shopify, 90 percent of shoppers turn right when they walk into a store. This means any products which are displayed too close to the entryway or aren’t placed with an awareness of the your customer traffic patterns (a slow curve to the right) will likely be ignored.
Trick #2. Appeal to the Heart
Since holiday shoppers have gifting on their minds, they view merchandise through a lens of which family member or friend a particular product might appeal to. Help your customers out by letting them know who your products are geared towards. Add suggestions such as, “Perfect holiday gift for mom,” or “Stocking stuffers for teens” on your in-store signage. In addition to targeted signage, you can segment marketing emails and product flyers based on product suggestions for a specific type of friend or family member — giving your customers gift options to choose from as well as targeted suggestions.
Trick #3. Sell It on Social Media
How many creative pics of your holiday inventory have you been regularly streaming through your company’s social media accounts? We know the holiday season gets crazy and marketing goals can fall by the wayside in the midst of the hustle and bustle, but consider this: 55 percent of respondents to Deloitte’s Holiday Survey plan to do their holiday shopping online. In other words, if you aren’t giving customers access on social media to every last bit of your seasonal inventory you’re missing out on a huge opportunity to boost annual sales. Think of streaming photos on social media as a necessary part of your sales process to maximize engagement and seasonal sales.
Trick #4. Create a Holiday Flash-Sale
Last-minute holiday shoppers are especially privy to marketing initiatives imbued with a strong sense of urgency. Appeal to these impulsive pre-holiday shoppers by hosting a flash sale for on the seasonal products you want to get rid of before January 1st. Need to sell certain items quickly without losing out on profits? By offering a 15 percent discount on selected holiday items along with a batch of cookies and coffee (or hot chocolate), you can create a festive, frenzied holiday shopping event that your customers won’t soon forget.
Trick #5. Encourage Self-Gifting
Self-gifting is standard over the holidays. According to NPD, “19 percent of consumers ‘definitely’ plan to spend more on themselves this holiday season, while 40 percent are at least considering doing so.” So, what better way to boost sales on seasonal items than to encourage customers to take a little something home for themselves? Display cold-weather items such as hats, gloves, boots and sweaters interspersed with your regular inventory and remind your holiday customers to practice a little extra self-care.
The holidays can get hectic and it’s easy to lose track of sales goals in the commotion. Yet when you take the extra time to focus on making margins on key seasonal merchandise, you can end 2017 with a more successful and profitable holiday season!
Take advantage of ASD Market Week’s 90+ free retail strategy sessions this March 11-14, 2018 in Las Vegas.
By Jasmine Glasheen, RetailMinded.com