With the end of the year approaching, you may have lost sight of the fact that another month is over as well. Whenever you flip the calendar over at the end of a month, you should move some of your inventory to the clearance section. This can help move those products faster while making space for your new offerings.
As 2014 comes to a close, consider this information about arranging your own December clearance section.
The value of monthly clearance
According to ABC News, the days following Christmas can be real money-makers for retailers. It's when consumers can see some of the best sales and discounts all year, plus there are plenty of items that were just moved to clearance sections. Nearly half of the post-holiday sales apply to apparel, and technological gadgets and devices often have the largest price cuts, the source explained.
Startup Nation recommended shifting your focus to your clearance section because it can expand your customer base. Discount shoppers who may have overlooked your merchandise before might be drawn in based on the exceptional discounts you're offering. This is especially true of online clearance sections.
What to include this month
In general, clearance sections should be toward the back of your store so shoppers have to browse everything else you sell on their way to the deals. However, you may need to move display fixtures to expand this area for your end of the year sale. Retail Customer Experience suggested unloading all of the merchandise you have left from shipments received in September, October and November.
The most obvious items to put on clearance are holiday-specific products. However, there are still a few more months of winter ahead of us, so don't get rid of your entire selection of seasonal merchandise. People love to take advantage of these post-holiday offerings to save money next fall, so a neat and prominent arrangement is key.
For retailers who are working with a large quantity of sale items, consider organizing clearance gift bags. You can offer these mixed bags at discount prices, auction them off on your social media pages or offer them as prizes to shoppers who spend a certain amount of money. This helps you get rid of the products that seem to be haunting your store fixtures without complete loss. The excitement of mystery bags and the potential for social media contests can show your customers that the business has a personality and may build brand loyalty.
