Quarter one is in full effect and now is the time for businesses in the retail industry to maximize profits.
Quarter one can feel slow when compared to quarter four, which has several retail holidays including Halloween, Thanksgiving, Black Friday, Cyber Monday, Christmas, and New Year’s Eve. If your retail business is off to a slow start, here are a few tips to maximize your sales during this slow season.
Create your in-store financing program
If your customers knew that they could purchase from your retail store now and pay next year, they would definitely purchase more. Quarter one is a great time to offer in-store financing, because it encourages clients to use your financing as a flexible payment option. Financing Your Way specializes in creating in-store financing options for your business. This will maximize your sales and with no risk to your business. When customers are approved, you receive funding within a few days. In-store financing is a must for your retail business during quarter one.
Sell seasonal products
If you have leftover seasonal inventory, sell these products at a discount. Many consumers hunt for marked down seasonal items and this is a great way to clear out old and unsold inventory. Quarter one lacks major holidays, but St. Patrick’s Day is a unique date that most Americans celebrate. Major corporations like Starbucks, changes their product lineups to include a green beverage. Follow suit and offer a few St. Patrick’s Day themed products.
Expand hours
To increase traffic, consider staying open later on the weekends when shoppers are actively hunting for retail. If you are open for business, you can surely maximize your sales. Staff will also be excited at the opportunity to work additional hours and improve earnings.
Have a sale
Encourage consumers to purchase items that haven’t sold throughout the year by putting them on sale. You don’t want have to bring these old items in the new year, especially if they have been collecting dust throughout the year. Place these items on a rack near the front of your store and advertise them at 40-50% off.
Increase prices on your best sellers
Obey the laws of pricing for high demand products. Don’t sell yourself short regarding your highly demanded products. But also don’t go too high, or your customers will explore your competition.