Having a clearance sale at a physical shop has its benefits; it allows you to oversee business operations real-time and you can physically see customers going in and out to find their favourite products at a discounted price. However, if you want to sell inventory at a much faster pace while reducing operating costs, you may want to consider expanding your sales techniques to the digital sphere. The internet is a vast platform that allows you to reach a wide variety of customers looking for good quality deals. As customers save more, you’ll find that moving your sale online allow you to sell excess stock much more efficiently and increase profit margins faster. Below, we share reasons why your business can benefit from moving marketing and sales strategies, such as clearance sales, online.
Lower running costs
In general, setting up an e-commerce website entails lower running costs than running a brick-and-mortar store. The same goes when you’re holding clearance sales. Since your sales system is automated online, you save your business from other expenses such as overtime wages, rent, utilities like electricity and heating costs, and other running costs that may swell when you’re running a sale in physical stores. The resources you save can then be allocated to developing your e-commerce site, helping you clear stock faster than you might within a physical store.
Since you’re operating online, you can do business and give customers access to your clearance sale from anywhere, without the geographical restrictions you’d normally encounter with a brick-and-mortar store. With the right marketing efforts, it’s easier to sell inventory, as your business can reach practically anyone in the world. An e-commerce platform opens more opportunities to increase your profit margins, while still allowing you to oversee your e-commerce business successfully with just the use of the internet and a phone. Be wary of the potential overhead of international shipping if you make yourself available to overseas customers.
No time restrictions
When you run a clearance sale online, you’re not restricting potential customers as they can view your website and shop your range any time of the day. Through this initiative, you’re maximising your business’s opportunity to close more sales and increase business profits.
In the digital realm, you’re more capable of determining what specific products are on-demand or which ones are selling successfully. This helps keep your stock levels under control. And when it’s time for clearance sales, you’re more equipped to develop sales strategies and diversify a range that helps you sell products through your website. One example is upselling. Upselling is when you offer products that directly relate to what your customer has just purchased. These products are often lower cost, increasing the chances that customers will buy it to complement their recent purchase. By implementing this strategy, you encourage the average basket value to go up.
It’s tedious to monitor inventory during a clearance sale. By moving your clearance sale online, you can do a much more efficient job measuring and tracking results through the help of Google Analytics. This way, you can view a more organised chart of your processed orders, average cart total, cart abandonment rate, and the total revenue your online clearance sale has achieved.
Get a head start with Bartercard network
Bartercard can help you set up your online business so you can better optimise retail operations, increase your reach, improve customer service, sell items quickly, and free up your inventory easily minus the costly operating costs! Let us help you kick off a successful clearance that will be a hit with your new customers and overall bottom line. Get in touch with the Bartercard team today!