Then Follow These Tips for Stock Clearance
When you find it difficult to oversell, it makes sense to collaborate with other retailers and sell mutually. Learn how.
Hundreds of retailers struggle for sales in every country and Australia is no exception. If you take a closer look into that the reason for stock not being cleared is due to host of factors like online traders giving more discounts or too much of competition in the brick and mortar segment. It is a fact that everyone wants to be gratified by clearing the stock but due to visible and invisible constraints, many consider it as a dream.
Although many will think in this manner some will get realistic as they understood something went wrong somewhere and want to plug the gap. They are the ones who look for tips, workable and practical ones to clear the stock.
Those who want to clear the stock, you should keep in mind one thing. You should evolve ways to rotate the economy. To understand this more clearly, you should have a responsibility towards promoting other sectors also where other businesses also are benefited. It is important to understand this as this is a law of nature and when anyone goes by the rules of law of nature, they will become successful, may not be sooner but later or in the right time.
Yes, let us start networking to clear the stock even if means with the help of promo products like jute shopping bags retail. Now our concern is how different sectors will be benefited by allying with them and mutually buy goods and services from one another with the help of gifts.
This is for retailers. Let us imagine some of the retailers like footwear stores, medical stores, protein store, grocery store, vegetable market, or anything in one area. It can be a car showroom also. Let us explore ways to fulfil the needs of each other and sell our goods and services.
You are a footwear dealer and want to be a gratifying retailer. What do you have things in common with a drug store nearby? A drug store also wants your customers and footwear like you wants the customers of a drug store to buy products. The mutual turning of customers will serve the purpose of both parties. We shall explore the same.
We need to understand one thing. When we are self-centred ones and think about our benefit, clearing our inventory. At the same time, people who come to our store as well as the store nearby although selling other products are the same customers. In that category also we can find customers who go to another store and are unknown. Similarly, in the case of the footwear store, you have altogether new customers who may not go to the drug store as they may have some other avenues to buy drugs like buying online or they buy from some other shop when they travel from one place to other. Imagine about a scenario where they buy from the nearby drug store only.
Yes, this can be a good finding where your entire customers are not the customers of the store in another vertical but some are indeed customers of both. Now the question is how to bring the customers who use other stores to buy a shoe to your store through incentives like custom printing shopping bags which we normally use to do regular promotions.
Now how are you going to do it? First of all, if you combinedly order promotional products in large numbers you can reduce the price because more you order the more the discounts you can avail from gift marketing companies. Your first move starts at this point. Then what is the next step which we need to think?
As a footwear store, you know who are your customers from the data fed on swiping card machines or other transactions through e-wallet. Taking all the information about your customers you will compare the data of the drug store on who are mutual customers and who are customers who go to other stores to buy products like footwear and meds.
Once you get a clear idea about the customers create a communication plan to those who go outside stores. Your communication can be in this line that they can avail discounts if they buy footwear from the X store and on the other hand the footwear can advertise about discounts if the customer buys meds from the Y drug store. It can be offers like either discounts or gifts like custom shopping bags when they go to the X or Y store. This is the scenario where both parties benefit.
Our ultimate aim is clearing the inventory. We can accomplish that task by bringing together the customers to one point by offer reference-based discounts like X footwear store and Y drug store. Likewise, other segments can create a mutually advantageous association with the help of big data and analytics tools to gather customer information. Check who can be mutually advantageous ones and an email strategy to send personalised emails informing them about the price advantage they get if they go to the friendly store. All for the benefit of your customers.
You may be a two-wheeler retailer doing a run of the mill business. But a neighbouring grocery store may have a group of customers who are interested in buying two-wheelers but they may be buying them from another two-wheeler store in another direction, maybe due to the marketing efforts by that particular store. In such a scenario why not have a tie-up with the C grocery store where D vehicle dealer can create a communication plan to the customers of the grocery store. For that, you also need an incentive plan like offers like canvas shopping bags in Australia to create an interest in the minds of customers to come forward and buy from the vehicle store situated nearby the grocery store.
It also can be a combination of other products. For example, a two-wheeler store can gift a mobile phone where the pouch they can source from a gift marketing company, a reputed one indeed. One thing is very clear. Alone you cannot be successful in a downturn economy. But you can be successful when you tie-up with a likeminded company and offer combined solutions. Try them and be successful.
