236. How to Clear Inventory Fast and Boost Holiday Sales in Your Retail Store
With host retail coach Wendy Batten
https://wendybatten.com/podcast-intro/
In This Episode:
Don’t sit on cash. This time of the year we want to move inventory OUT. Let’s make sure you don’t have any extra inventory left after the holidays. Let’s also optimize how much you can get for what you do have and let’s turn it into cash before the end of the holidays! In this episode, I’m sharing practical, effective tips to help independent retailers move slow-moving or excess inventory. I’ll tell you how to leverage bundling, flash sales, and other simple promotional strategies to clear stock and improve holiday sales.
Some Takeaways:- Optimize Inventory Levels: Regularly assess your stock to ensure you're not overstocked on items that aren't moving.
- Set a Clearance Timeline: Establish a plan for holiday decor or seasonal items to avoid post-holiday clutter.
- Bundling Products: Combine slow-moving items with popular ones to create attractive themed bundles.
- Create “Last Chance” Sections: Designate a specific area in your store for final sale items to draw attention.
- Use Flash Sales and Events: Go live or send emails to promote limited-time offers that create urgency.
- Exclusive Discounts for Loyalty Members: Reward your loyal customers with early access to deals.
- Gift With Purchase (GWP): Offer a free gift to customers who spend over a certain amount to clear out smaller stock.
- Host a Live Sale: Engage customers by showcasing products directly, ideal for highlighting overlooked items.
- Mystery Bags & Stocking Stuffers: Surprise and delight customers with mystery items to encourage impulse buys.
- End-of-Season Blowout: Schedule an annual or biannual clearance event to keep stock fresh and avoid storing unsold items.
“We don’t want to box up money. Keep your inventory moving and in front of customers.” -Wendy Batten
Related podcasts we think you’ll like:
Episode 104: Tight on Cash Flow? Let’s Turn Your Old Inventory into Cash for You
Episode 203: Mystery Bags: A Simple Retail Marketing Promotion
Episode 232: Earning Your Customers’ Support and Sales
About your host, Wendy Batten
In case we haven’t met yet, I’m Wendy, a small business coach and founder of the Retailer’s Inner Circle, where I help other independent shop owners learn how to gain the right business skillsets to see more profits, paychecks, and joy as they navigate running their retail business.
Through online classes, business coaching programs, speaking, and a top-ranked podcast, I’ve helped hundreds of retailers around the globe reclaim their dreams and see the success they want from their beautiful shops. My signature private coaching community, The Retailer’s Inner Circle, has helped retailers around the world build their retail business skill sets and confidence.
I am proud to have been featured in several major publications, including my own business column in What Women Create magazine. I have been privileged to be a guest on top-ranked podcasts and sought-after as a guest speaker and teacher for several brands, associations, and communities that are passionate about the success of independent retailers.
When I’m not coaching, you will find me either DIYing and renovating my very imperfect old crooked cottage by the sea in the UNESCO World Heritage town of Lunenburg, NS, or blogging about our travel and RVing adventures and the weird fun things we get up to in our coastal village. I’d love to invite you to check out one of my free resources for real retailers at https://wendybatten.com/free-resources/
For more support from Wendy
Retailer’s Inner Circle - Join Wendy inside the best retailer’s community
Free resources for shop owners
Hang out and connect with Wendy on IG
All of Wendy’s programs and services for shop owners can be found HERE.
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