While it might not be spring anymore in the Northern Hemisphere, retailers are getting ready for the summer season in full swing. In the retail world, managing inventory as seasons change can be balancing act – retailers want to ensure there is enough inventory stock to see them through a season. However, when the weather changes and months move swiftly, retailers often struggle to get rid of seasonal items. This could include clothing from cooler months such as wetsuits, rain jackets, and boots. Spring time can be particularly rainy and consumers seek out items to help them manage. However, as the sun heats up and the longer days of summer prevail, it’s important to clear out spring inventory.
With a bit of planning and some strategic promotions, you can reduce the likelihood of excess inventory. Each day your unsold items from a previous season sit on your warehouse shelves, they are costing you money. Plus, who doesn’t love a good spring clean?
Put seasonal items on clearance
Lots of consumers actually wait to do some of their retail shopping at the end of a season. They look for the discounts and they are aware that retailers want those jackets and boots off their shelves. However, retailers hold the ultimate power as they decide how much they will reduce items by and when. For instance, retailers can start with a small reduction such as 10%-20%. Yes, they are selling items for a reduced price but they still might have the opportunity to make a small profit margin.
However, when the items stay on the shelves despite being on clearance, it’s time to place a more substantial discount on the price tag. In a big effort to clear spring stock, you’ll see prices reduced by 50%, 60% or even 75%! When you slash prices, you’ll attract even more attention. It’s important to make the most of the clearance sales in-store and online. If consumers can see deals and shop on your website, they can make purchases with ease.
Leverage shipping offers
Free shipping has become a serious perk of online shopping; consumers will consistently opt for the online retailer that has free shipping available. If you’re trying to clear out your spring inventory stock, consider listing spring items under a special promotional category with free shipping.
The retailer can decide on the specifics of the promotion. They can opt to reduce price or add a bonus product in the sale, but they should definitely include free shipping. You can give online shoppers a special promo code to enter in at the check-out screen. Retailers can further promote free shipping options through their website. Banners at the top of the screen or pop-up offers can entice shoppers further. Retailers can also send out promotional emails with a discount link or free shipping offer embedded inside.
There are numerous other strategies that can aid your spring clean out. For example, you can bundle spring inventory with other related items. Bundling items of similar interest to your customer will encourage purchases and reduce your old inventory.
Be strategic and plan for opportunities to have the most success in clearing out your spring inventory.