There are 2 fundamental things to get right when discounting stock. (Quite amazing considering all the mistakes you see around the traps.)
Pick the right product!
Choose products with high elasticity. An increase in price would result in a decrease in revenue, and a decrease in price would result in an increase in revenue. Typically, [...]
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Some stats for the retail geeks out there
Typical Stockturns: Specialty Retailers
Dairies » 95 x
Butchers » 60 x
Newsagents » 9 x
Chemists » 7 x
Fashion » 6 x
Hardware » 4 x
Jeweller » 2 x
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Convenience Goods
These are relatively inexpensive and frequently purchased goods. Consumers are not willing to spend much time and effort acquiring these goods and engage in little comparison shopping
Strategy >>> Availability; Accessibility; Convenience
Examples >>> Bread; Milk; Newspaper; Sweets; Lotto
Comparison Goods
These are relatively expensive and infrequently purchased goods. Consumers will spend time comparing prices, quality, [...]
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The first two metres of a specialty shop is the most important – the platinum zone so to speak. This includes the windows of course, but for the purposes of this post. I’ll focus only on the interior.
Devote a percentage of space to allow the customer to enter and feel [...]
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RED: warmth, love, anger, danger, boldness, excitement, speed, strength, determination, desire, courage ORANGE: cheerfulness, low cost, affordability, enthusiasm, stimulation, creativity YELLOW: attention-grabbing, comfort, liveliness, cowardliness, hunger, optimism, overwhelm, Summer, comfort, liveliness, intellect, happiness, energy GREEN: durability, reliability, environmental, luxurious, optimism, well-being, nature, calm, relaxation, Spring, safety, honesty, optimism, harmony, freshness BLUE: peace, professionalism, loyalty, reliability, [...]
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