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Liquidating old inventory write

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Jay Schofield November 29, All year long, your business prepares for the holiday season. This is likely a no-brainer for your retail business. All depending on what the profit margin is for certain items, you will want to discount them 25 to 75 percent.

Or a BOGO buy one, get one deal is also a great alternative that gets shopper adrenaline flowing. Once you decide on your end-of-season sales, let potential customers know about it! Heavily promote markdowns on your business website, social media, promotional email blasts and any other marketing platforms. Click To Tweet 2. So once you mark down merchandise, build a large display to best showcase all the special discounts.

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You may want to offer the same deals online as you do at your physical location. Or do as many retailers do, offer even better deals for your online fans. Other online marketplaces like Amazon or EBay are also excellent places to make some cash from excess inventory. Through these sites, you may reach a whole new customer base that you can carry over to your own ecommerce site or Liquidating old inventory write and mortar store.

Hold a sales event: So, it could be smart to hold an entire promotion around a certain item. To kick start Liquidating old inventory write liquidation and create a sense of urgency, create an impactful sales event with the whole dog and pony show to go with it.

This will engage customers and may even draw new crowds to your business. The bigger the event the better — because crowds create a sense of excitement.

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And that turns into more sales, both now and hopefully in the future. Consider bundling certain products together and selling them for less than if customers would buy them separately.

This tactic works best for small to medium-sized items. For example, perhaps you have a summery scented shower gel left in October, when you really want to make room for the pumpkin spice and apple scents.

"Liquidating old inventory write" offer the out-of-season scents free with the purchase of a newer product. Not to mention, you move the product out of your store faster, without such a big hit on your profits. The research found that 90 percent of respondents implement bundling in their business.

But before bundling products, make sure it makes sense for your store and the products you sell. Or how about offering leftover items as a free gift with purchase?

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