The best laid plans of mice and retailers don’t always turn out the way they’re supposed to. Inventory you may have believed would prove popular with customers languishes on your shelves. It takes up space. It represents money you could be deploying elsewhere.
It needs to move!
When your product is moving at the speed of “glacier”, your need to switch it up. How to sell what is not selling is a matter of applying some retailer savvy to your stubbornly languishing stock to move it out.
Putting a bow on it.
Pricing slow-moving merchandise to make it more attractive to consumers is a balancing act. You need to ask yourself how important it is to keep your stock looking fresh and up-to-date. But that must be carefully balanced with your return on investment for the inventory.
To move it out, you need to put a bow on it, offering it at a price point that draws consumer interest. You can just the slash the price, but there are more creative ways to make that inventory look its best to potential buyers.
One of them is offering your languishing product in a bundle with a hotter piece of merchandise. Creating an offer for two or more items which includes the slow-moving merchandise can see it fly out the door.
Create a Point of Sale display, for the “feature of the week”. Coach your sales staff to sell your slow-mover based on the urgency of the offer and the benefits of the product. Impressing on the customer that the offer is limited may be all takes to move it out.
Positioning.
Sometimes products aren’t selling because they’re in the wrong place. Re-positioning your slow-moving merchandise to another area of the store (eye level shelf, for example), can raise consumer awareness.
But your front window is your best friend when it comes to positioning items that aren’t selling. Placing your slow-moving merchandise in an attractive window display can be highly effective, drawing the attention of your customers to the item that’s now front and center.
Remember to check in with customers who ultimately buy the product because of your re-positioning efforts. You need to know that changing the location of the item has influenced the decision to buy. This is a process which allows you to tweak your display marketing according to consumer responses.
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