The end of the financial year is coming soon, and with it comes the chance to boost your sales and clear your stock. It is the most significant marketing season in the Australian Retail calendar after Christmas. For example, EOFY sales generate about eleven times more retail sales than Mother's Day.
Think about it. Business people with good profits are now being told by their accountants to spend to reduce their taxes. Many will buy now to take advantage of the government's Instant Asset Write-off before it is reduced. Government departments with spare money in their budgets have to spend now. Finally, people are being targeted to buy by the majors. This pumps up the market to buy now.
But how do you plan to get your share of the EOFY sale for your retail business? How do you attract more customers, increase sales, and maximise profits?
Here are some tips and steps to help you prepare and execute an effective EOFY sale for your retail business in 2023.
Know your target market and their needs.
The first step in planning and running an EOFY sale for your retail business is to know your target market and their needs. According to Roy Morgan, the biggest shoppers at the EOFY sales will be in the 50–64-year-old demographic. The average buyer is expected here to buy $1,616.
You need products that such people would buy
Check your sales report from last year about this time for what did sell well last year at its EOFY, for what did sell well last year at its EOFY. This will give you an idea of what products sell then in your shop and your price points.
Now look around your shop for products suitable for these shoppers.
Here are some more good ideas that your POS System can help you for ideas.
Go to register reports > stock titled "Old Stock on hand by Date last received."
Put a date of six months ago. This will give you a stock listing based on when you received it. Unfortunately, this stock is not doing much and costs you to hold it. Now is the perfect time to sell it.
Now you have picked your stock, look at your companion reports to display complementary products that your customers may also like if they like these products. You can also use your POS software to create bundles or packages of products that provide more value or convenience to your customers than buying them separately.
Make displays
Collect business products together in a stand under a sign EOFY sale.
Also, make a bargain bin in a prominent place with a sign or, better, under a red flashing light. Put here the old or excess stock at a heavily discounted price. It will help you clear your inventory, attract more customers, and increase your sales with these bargain shoppers.
Put a sign that you have an EOFY Sale.
Also, put a sign in your window that you are running an EOFY sale. It is a simple but effective way to create awareness, interest, desire, and action among your customers. A sign should:
- Be visible and eye-catching
- Be clear and concise
- Be consistent and coherent
- Be relevant and timely
- Be persuasive and compelling
If you have a Facebook page and/or website, put a notice there too.
Prepare for a sales review afterwards.
Make sure that you mark on your computer in some ways the items you put for sale for the EOFY, as I will show you in a later post how to measure and track these products using key performance indicators (KPIs) in your POS Software. You have a mighty POS System; let us use it.
Conclusion
The EOFY sale is a golden opportunity for retail businesses in Australia to increase their sales and grow their business. By following these steps, you can plan and run a successful EOFY sale for your retail business in 2023 and reap the rewards of your hard work. Happy selling! 🛒
POS Solutions EOFY Sale
I will be straight to the point with our EOFY offer from POS Solutions. We have excess stock that we would much prefer to sell than count if you need some technology. Why not stock up while we are keen to move it?
