Dr. Glenn Gearhart CEO of World Market Vendor Services, Inc. provides News and Commentary

Retail Rule Two: Move Product And Move More Product

Retail Rule Two: No money can be made unless you move product, so… Move It! Move It! Move It!”

Targeted Market Immersion
I’ve witnessed many cases where retailers get so involved with marketing, sales strategies, ad program designs, and all the other important selling and business operating issues that they miss the only point that counts: “Move It! Move It! Move It!”

If your listed product is not moving you’re not making money. You better fix that problem immediately. Just because online sales do not incur the costs of a store clerk’s salary, does not change the core purpose of making money in retail sales. Retail sales makes money on each product sold to the consumer, NOT on the number of pictures that can be displayed at an eCommerce store.

One can go through all types of detailed cost benefit analysis and create all kinds of charts and graphics – but the end result is, “Get that product sold and out the door!” The quicker the better! The question is how? The answer? Any way that works. The simple approach is to slash the price for a short quick sale and tell the consumer they are getting an amazing deal.

Whether it is a moderate or big price slash, make the sale good for only a few days and then end it! If any stock is left, raise the price back to the normal price so the shoppers learn you mean what you say. Wait a little while and do another powerful sales offer again.

Always remember: Move It! Some cash flow today on many items is much better than a few sales over a longer period of time.

World Market provides you with three great ways to offer sales and to move products. First, at any time you can directly change the listed and offered price of the product, make sure you tell customers about the new great bargain. Second, use the great discount sales features offered at World Market to move one specific item, or many items. Third, use the electronic coupon sales program provided by World Market.

To enhance your “Move It!” program, World Market allows you to augment and integrate four important marketing techniques and sales campaign programs. These unique programs include:

1.    Country Targeted SKU Pushing

2.    Cross-Border Customer Hopping

3.    Targeted Market Immersion

4.    Focused Market Expansion.

Continue following this blog, or visit www.worldmarket.pinpay.co for more information about our Move It! program.

Reference:

http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2239
http://en.wikipedia.org/wiki/Retailing