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Retail and Hospitality

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Four retail promotions tips

Pricing intelligence firm Profitero has provided four tips on how online sellers can use promotions to grow online sales and get rid of stock that is proving difficult to shift.

1. Sell two units for the price of one
You have a product that is not selling well; instead of leaving the goods in your distribution centre, sell two units for the price of one. You will clear the stock a lot faster by offering such a deal to customers.

2. Attach your 'hard to sell' product with a popular product
By choosing an attractive price for this type of promotion, you are getting rid of your unwanted stock while generating more demand for your popular product.

3. Offer a big bundle deal to customers
If you want to get rid of large quantities of stock quickly, you can consider an internet offer such as selling bundles e.g. “Buy five, get one free”. Customers will be encouraged to go for the greater quantity to get a better deal on price.

4. Target your customers who bought such promos in the past
Send out regular ezine newsletters to your online customers who bought such deals from you in the past. Your target market will be enticed to shop for more deals with the news of your latest promotions. By shifting unpopular stock using bundles, retailers then have cash reserves to purchase fast-moving goods.

 

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