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Retail Talk

 

 

“Discount and Die”

 

Too many retailers turn to discounting as a means of attracting customers into their store.  “Everyone is discounting we must as well” Discounting doesn’t increase sales, it only reduces your margin and profit.

With so much competition in today’s marketplace, discounting is an easy and lazy option.  I can’t understand why any retailer takes 30% off all stock, why discount your best sellers.  Your customers buy the best stock at a 30% discount and you are left with the problems. You are educating your customers our stock is 30% overpriced and they will wait until the next 30% offer. The best strategy is to highlight the real problems with 50% off selected styles.

Think about other strategies.

  • Monitor what is not selling early and take quick action, your first markdown is the cheapest.

  • Turn your problem stock back into cash and replace with best sellers and core product.

  • Plan your buying with regular drops of new product; it creates interest for both your customers and staff.

  • Buy smaller quantities, sell out quickly and create demand and excitement.

  • Never be out of stock in your core product.

  • Have a budget, be disciplined and don’t over buy. Overstocks lead to market downs, reduced cash flow and lower profits.

  • What is your point of difference?

  • Listen to your customers and sales people

 

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Contact

  Mobile:           0433 050 493

  International:  +61 433 050 493

  Email:            brian@pointretailconsulting.com.au

 

 

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