Florists Review tip of the week

Florists Review Magazine      Tip of the week

Dec 12, 2016  Markdown to Clear Holiday Inventory  We hope your Christmas season has been a tremendous success so far, but even if it’s been record-breaking, it’s likely that you still have some merchandise that needs to be discounted and moved out before the holiday. You could start with a simple 20 percent discount and increase it as Christmas nears, but a new approach to markdowns may provide additional sales and help you more effectively clear out, so you can start 2017 with a clean slate. A few options for markdown strategies:     1.  Mark down different categories of holiday inventory, like candles or ornaments, each day, and let your customers know what’s currently on sale.    2.  BOGO (buy one, get one) is a popular sales concept and can be used in a variety of ways besides just “get one of equal or lesser value … .” Try combining products, like “Buy a wreath, and get anything with the color red in it for half price” or “Buy a centerpiece, and get a pair of coordinating accents for half price.”    3.  If you prefer to stick with a basic 20 percent, it might be more effective to present your discount as $10 off for every $50 spent. The flat rate of $10 is easier for customers to visualize, and it’s easily represented in your marketing by a $10 bill. Try one of these approaches this year, and gauge your clearance sales. If you’re not satisfied with the results, make a note, so you can be reminded to try a different approach next year.

Christina Burton-Fox AIFD floral artist & instructor