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Tue 4th Jun 2013

How to prepare stores for promotional sales?

SI Retail's Signage and Displays for promotional sales

SI Retail's Signage and Displays for promotional sales

The end of the financial year is nearly here! It is a really busy time for many businesses. It is not only a time in preparing for taxes and stock-take but it is also an occasion to turn old stock into dollars in the till before the year's end. This is a guide to help you prepare for end of year promotional sales, what products you'll discount and how you can promote them.

Organising your stock

First things first, you'll need to analyse your stock to decide which products will be on sale and at what price. According to Russall Zimmerman from the Australian Retailers Association: "There's no sense in carrying stock over and having a cash-flow problem and paying tax on it."

You want to get rid of the slow sellers so don't hide them in the corner, put them out there where every customer can see them. In fact you might even want to remove some items from the new collection to fit the products you want to sell.

Displaying your products

In order to sell your slow moving products, you need to emphasize the limited time bargain, OR you need to add value by displaying them on a high quality stand. For example, if you were a cosmetic shop, you would put your discounted brushes in the dump bin and your perfumes on sale on a glass shelving display.

Dump bins are an effective way to advertise your greatest discounts and your common, basic products while freestanding displays are better for smaller discounts and products of high value.

According to U.S. studies by the Russell R. Muller Retail Hardware Research Foundation sales increase by 43% when you place products in a Dump Bin.

How to get the most out of your dump bin?

- Position the dump bin in a high traffic area but make sure it does not clutter the shop as it will discourage people from browsing through.
- Position the dump bin in a high traffic area but make sure it does not clutter the shop as it will discourage people from browsing through.
- The display should focus on one category of products.
- Don't try to tidy up the bin it is meant to look like it has been dumped here for a one-time deal.

Dump bins and freestanding displays come in different sizes to take advantage of all your retail floor space, filling small voids without cluttering the store.

Check out SI Retail's extensive range of freestanding Slot Walls and Dump Bins

Price offer

Your price offer must be strong enough to compel, but reasonable enough to keep your return on investment high.

- Make your sales short but intense, 10% off is not an incentive.
- It is more effective to spread your discount from 20% to 50% than 30% to 40%.
- If you have some old or damaged items, you might want to consider 75% off regular retail. You will probably be losing money, but you'll turn dead inventory into cash and you'll be able to use this cash to buy better selling items.

Don't forget that promotional sales can:

- Push existing customers to purchase
- Attract new customers
- Draw customers from competitors
- Get current customers to buy differently
- Stimulate business during slow periods

Signage

Type of signage

There is all kind of signage out there adapted for different purposes, displays and in different colours and sizes.

You could put A Frames, fly banners or End-Sign flags at the front of your store to attract customers. Then, as they walk in you can use a Bulletin Sign Holder to explain the different promotions available. To point out where your promotions are located in the store, you can use hanging signs.  For additional information on the products, this can be displayed in ticket frames, they range all the way from magnetic to telescopic and suit any surfaces. Finally you can use stylish Acrylic Sign Holders to place on counters.

Pre-printed tickets are also a great way to save money and time. SI Retail's Pre-printed tickets cover the "% Off" and "Under $" ranges, as well as specialty tickets, such as "Clearance", "Prices Slashed", "Was/Now", "Reduced", "1/2 Price", "Sale", and many more!

Sign tips

- Simple language sells better, for example "½ price" might sell better than "50% off".
- Add a border to your signs; according to a study by the Pennsylvania College of Optometry, adding a border enables the reader to understand it 26 % faster. SI Retail's ticket frames provide a border for your sign and they are available in different colours

Simple ways to promote sales that you might not think about

In-store

- Have employees mention promotions to customers
- A tag on your employees' shirts that says "Ask me about our promotions"

Telephone:

- Have employees mention the promotion to callers
- Change your answering machine message to mention the promotion

SI Retail can help you with all your shop fitting requirements so why not give us a call on 1800 211 122 to discuss how we can help you.  Alternatively, you can visit www.sishop.com.au to shop online. If our stock standard colours don't match your visual identity, don't worry!  We will happily custom-create to suit your needs for large quantities.

   - HURRY HUGE SALE (Until June 30th):  Dump Bins

   - HURRY HUGE SALE (Until June 30th): Ticket Frames

   - HURRY HUGE SALE (EVERYTHING HAS TO GO): Pre-printed Tickets