Despite their appeal to customers and potential to convert into high profits, liquidation products often fail to sell at the same rate as regular-priced items. Luckily, there are several ways to combat this issue and maximize sales of your liquidation products.
Display Your Products – Keep all your liquidation items on display in your store at all times. It doesn’t matter if you are missing some sizes, colors, or styles. In fact, you can even sell incomplete products, provided buyers are aware that there are missing parts.
If a box is broken beyond repair, create new packaging from shrink wrap — this will draw attention to the good deal. If merchandise arrives in a large gaylord box, use this as your display; it will allow customers to rummage around and find surprises.
At the front of your store, create a display for all your seasonal items — a combination of liquidation products and full-price merchandise. By placing the display near the door, you ensure it’s the first thing customers see and put people into a buying frame of mind.
Many retailers hide their clearance items toward the back of the store. A better place is at a short distance from your seasonal display, to become the second thing customers see. By setting up a display of clearance items at the front of your store, you can show off your top deals and help shift these products faster.
Encourage Additional Purchases – Encourage people to purchase more than they initially intended by supplying shopping baskets or, if space allows, shopping carts. This will enable people to buy more than they can carry.
In addition, you’ll move a higher quantity of merchandise if you utilize twofer deals. Calculate what offers will still allow you to make a decent profit and advertise with official-looking signs.
Customers may think they’ve finished shopping when they reach the checkout. However, you can push for a final sale by placing a few small liquidation products on the counter. Everyday items, like snacks, accessories, batteries, and gifts, are ideal choices for impulse products.
Avoid a High Return Rate – Liquidation items are often damaged or in some way imperfect. Limit complaints by advising customers to check products carefully before they decide to buy and inform them that you are unable to offer cash refunds. If you wish, you can offer store credit for returned liquidation products to maintain a higher level of customer satisfaction.
All of the above tips require almost no effort to implement and for many retailers may simply mean rearranging merchandise. However, these basic changes will likely have a huge impact on sales of liquidation items, leading to much higher profits.
