Discounting stock for the wrong reasons will cost your business dearly. In fact, without a strategy in place, sales can even be dangerous to your business: lowering your Average Sales Price (ASP) and reducing overall profits. To maximise the opportunities of a sale, retailers need clear objectives, says Phil Barnard.
Some might say that you don’t need a reason for a sale. We know customers love a bargain, (who doesn’t?), and sales are something most retailers do intermittently throughout the year. However, sales need to be planned as part of your business strategy, and with specific reasons in mind. Putting on a sale because ‘it’s that time of year’, could have a negative effect on your bottom line.
So how can you ensure your sale will bring the maximum benefits to your business?
Phil Barnard 