When it comes to seasonal inventory, the goal is “out with the old, in with the new,” right?
Sounds simple, except that getting rid of the old isn’t always easy. Check out these no-regrets, headache-free ideas for clearing your summer inventor.
Plan around the calendar.
Holiday and seasonal sales are pretty much expected, so Labor Day and back-to-school events are natural opportunities to move product. But if smaller, quirkier holidays — social media–friendly occasions like National Ice Cream Day and Siblings Day — have taught us anything, it’s that there’s always a reason to celebrate.
Turn hashtag-heavy holidays into a selling opportunity with special sales for events like National Dog Day (customers bring in their pooches for a percentage off) and Tell a Joke Day (give a discount to customers who tell their best knock-knock). Alert your customers about the sale with Square’s email marketing software, which allows you to quickly craft a campaign and send it to your distribution list.
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Slashing prices isn’t the only way to sell summer inventory. Instead of merchandising your seasonal items the same way all summer, change the way you’re presenting them to customers. For example, if you own a clothing boutique, reposition some summer items as “prefall” with a few styling changes.
You can also give shoppers a reason to return by offering future discounts on new merchandise when they purchase select summer inventory. And if customers spend a certain amount on these items, consider thanking them with a gift card to your business.
Think outside the shop.
Summer is an ideal time to take advantage of nontraditional selling opportunities, like setting up a pop-up shop or a booth at outdoor concerts, street fairs, and local festivals. Not only can you clear out seasonal inventory, but it’s also a great way to get your name out there.
You don’t have to go it alone, though. Think about teaming up with other small businesses in the neighborhood to host a multistore street sale. Even better, turn it into a full-blown shopping event with food, drinks, and entertainment.
Pay attention to sales data.
One of the best ways to manage inventory is to keep track of the best (and worst) times for your business, sales-wise. You probably already have a general idea of the ebbs and flows, but analytics can give you a clear picture of selling patterns, which can help you determine and plan for the best times to move summer inventory.
And to make your inventory management even more of a breeze, check out Square for Retail, or link your Square account to inventory tools in the Square App Marketplace.