Springtime is finally here! After a rough winter full of storms and bad weather, it’s time to open up the windows, let in the spring sunshine, and do some spring cleaning. Some of your inventory might be seasonal, or you may want to make some room for newer products as they become available. Luckily, as the weather warms up, more people will be out and about looking for great deals on interesting products. We know you have the products covered, so let’s help you come up with some great deals! Here are some spring cleaning tips to help keep your inventory fresh and new while also giving your customers a great deal!
Location, Location, Location
When it comes to buying a house, business, or any property, location is one of the most important things to consider. Does this spot get a lot of foot traffic? Are the neighbors loud? How easy is it to get to the location? Am I easily visible?
What most retailers don’t realize, however, is that these same questions can be asked about products on the shelves.
In 2013, Notre Dame College published a study based on the psychology of grocery store set ups. Many of the design tactics they studied can be used for any retail store.
- Commonly purchased products are in the middle or back of the store, causing the customers to walk through the store and see everything else you have to offer – even if they’re just there for a quick trip.
- Welcoming products (such as flowers or products with bright happy colored items) give the shopper a positive feeling once they get into the store. Happy shoppers are hearty shoppers!
- Shelving setup is important! The shelves are advertisements for the products that are one them. Location of your products is just as important, if not moreso, here than any other place.
- The bottom shelves are reserved for lower priced and bulk items. Shoppers that are looking for a deal will check anywhere, so the lowest priced items are placed just out of eyesight. It gives the customer a feeling of satisfaction when they “find” the deal, while at the same time not overly advertising it to other shoppers.
- The top shelf is for local and/or high quality products. In the same way “top shelf liquor” is the average bar is set up, this is where shoppers looking for something unique and or new will look.
- The middle shelf is called the “bullseye zone.” Best sellers and notable brands are placed here. As this shelf is directly in the customer’s line of sight, it is the first place in the isle their eyes will go.
Everyone Loves a Deal
If you’re focusing on turning over inventory, give the best possible deal you can on that product. Luckily, ERPLY tracks the data on all of your products so you can see your best pricing options. With ERPLY’s inventory tracking, each product in your inventory has an associated wholesale and warehouse price. This price is average cost of the products in your inventory. (We go into detail on this in our post from a few weeks ago here.) At its core, this cost is the absolute lowest you can price an item for sale before you start to sell it at a loss. Keeping these price points in mind, you can make a sale that’s irresistible to customers!
Buy One, Get TWO
This promotion catches the eyes of customers because normally it’s the usual buy one get one. This must be a great deal! By reviewing your margins using our inventory management and purchase tracking, you’ll be able to set up this promotion with the most effective products.
A loss leader is a product that you don’t make a profit on, but it gets customers in the store that wouldn’t usually be there. Loss leaders are a great way to get new customers into your store. More often than not, customers will come in to buy the loss leader and, since they saved so much, end up making additional purchases.
Buy X, Get Y Free!
This promotion can be set up in a few different ways. “Buy X” can refer to a specific product, or a minimum purchase amount. Once the customer reaches the requirements, they get an item for free. This is perfect for quickly turning over inventory that’s tough to sell. Everyone loves when things are free!
Pick a Pair!
This promotion is great for setting a discount on items while also making it fun for customers to mix and match what they’ll get. “2 for $20” is ideal for when the items are individually around $10-$15, but you can adjust the pricing however you’d like. This promotion is more engaging than simply putting the items on a flat discount. Bonus points for having the pick a pair items in multiple places around the store for more product engagement!