In our weekly customer support email to our small business POS software users we include everyday business management advice.
We are grateful for customer feedback on the practical tips we provide and for suggestions on new topics se can cover.
Here is recent advice we shared with our customers on quitting dead stock.
If you want to quit stock, quit it, quickly. Quickly means different things to different people. We think it means 7 days … gone and out of the shop in 7 days from when you decide to quit the products.
The easiest way to quit stock is for your shoppers to understand the deal. Understanding the deal starts with how you brand the sale.
A sign with SALE on it could mean anything. We suggest you NOT use this.
A sign with, say, 50% off could be confusing as they don’t know the starting price and some may not understand percentages.
A Sign with HALF PRICE is more easily understood but they still do not know the starting price.
If you really want to quit stock, we suggest you have tables or dump bins at price points: $1, $2, $5 – or that ever is appropriate to you.
We have tested this. We have tried $9.99 priced an item at 50% off, half price and $5.00. The $5.00 pricing worked the best, by far.
This is our recommendation on quickly quitting stock: get the price messaging right.
If your price messaging is hard to understand or if there are too many different price messages you could be creating a barrier and this could stop you achieving the sales outcome you want.
Also: display the product for a sale. i.e. not pretty. Reorganise it daily. Keep it separate to the premium merchandise.
This advice in another example of how Tower Systems helps small business retailers beyond our POS software and the support you may expect from a company like us.
We love helping small business retailers save time, make money and enjoy their businesses more. These are core goals of our Australian POS software business. They reflect what we call the Tower AdvantageTM.
