What to do with products that you might need to vend clearance clothes under $5? You’ve got a raft of savvy strategies that will help you maximize your investment while simultaneously moving stagnant or out-of-season inventory. Many of these strategies can be combined with one another to help you craft a more compelling campaign but, on the whole, most of these can be used as a standalone strategy for moving clearance clothes under $5.
Bundling
Bundling is perhaps one of the easiest ways to move products that otherwise don’t sell on their own. They can be paired together with one another in ways that make sense or attached to an item that sells better. Think about outfit suggestions or positioning it as a trend. The goal here is to make the bundle a compelling offer without hitting your margins. For instance, you could say that a shirt that normally retails for $15 is $5 when paired with certain products. This gives the consumer the illusion of value and doesn’t hint at them “buying” an unwanted or unpopular item.
Discount Gradients
Similar to the strategy above but focusing solely on the clearance product itself, you can build a discount ladder that encourages bulk purchasing of multiple items. For example, buy one get 10% off, buy two get 20% off, and so on. Again, this doesn’t label the product as “unwanted” or clearance and instead markets the purchase as a savvy decision on the consumer’s part. You can pair it with the bundling strategy for maximum effect.
Bulk Packaging
Different from discount gradients and bundling but similar in spirit, bulk packaging involves taking multiple items and combining them into one new item. Instead of a discount ladder, offer multiple items for a set price such as three shirts for $15 rather than a single shirt for $5. The goal here is to move inventory while maintaining margin, and bulk packaging will help you get to that destination perhaps more efficiently than most other strategies.
Giveaways
The secret to giveaways is that nothing is actually being “given” away. You bake the price of the item into whatever promotional lot you are pushing. This is a hybrid of the bundling strategy with discount gradients but in a much more subtle way. How this works is that you position your clearance items as “add-ons” once certain purchase amounts are met. For example, select on $5 shirt as your free “gift” for purchases over $50 or more. Whether you charge for shipping or adjust prices more subtly, you want to factor in the clearance item’s price into the “lot” price or the price of the regular items sold together.
Promotional Gifts
Promotional gifts, unlike giveaways, often aren’t tied to a lot amount or total purchase price and are, instead, action-based. Think of these as ways to further your brand’s goodwill with existing customers who spend a certain amount with you already. You can attach it to the completion of some action, such as ordering items, signing up for a program, or what makes sense for you, but you don’t want to explicitly tie it into normal purchasing behaviors. This is an “above and beyond” strategy that targets existing, high-spend customers and encourages repeat business. Unlike giveaways, promotional gifts tap into customer loyalty and engender goodwill between your brand and your target audience.
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