How well is your markdown strategy working?
Find out. Schedule your free analysis today!
Knowing how well your markdown strategy is working is essential to evaluating the health of your retail business and for forecasting and planning for the future. If you're uncertain whether your markdown strategy is driving sales and moving inventory or costing you money, WOVIN's free analysis can help give you the answer.
why a good markdown strategy is important
A good markdown strategy helps you encourage shoppers to buy items that they wouldn't have considered at full price. Moving these items off your retail floor helps to make room for new, desirable inventory that you can sell at full price. Rapidly changing inventory also entices buyers to visit your store frequently, helping to increase your bottom line. By optimizing your markdown strategy, you can:
Increase cash flow
Raise profit margins
Become more profitable
Increase customer satisfaction
Marking Down Inventory Is an Art
Large retailers save millions of dollars by optimizing their markdown pricing. However, markdowns are not as simple as taking 25 or 50 percent off of retail price. You need to take into account how long you've had the item, how much you paid for it, your cost in keeping it on the floor and what alternatives you have to marking down the item. The answer to these questions is different for every business.
While traditional software for determining such markdown strategies tend to be expensive, WOVIN offers a free, custom analysis for your store. We do this because we want to illustrate the costs of holding onto unsold inventory. We also want to built a relationship with you and your company and show you how our donation service can help you manage your inventory more efficiently, improve your bottom line and help the community at the same time.
About Our Free Analysis
WOVIN's free, custom analysis (a $5k to $15K value) can tell you:
How long you have to sell an item at different price points & time intervals before you lose money on it
When you should start your markdown cycle and at what rate for specific items
When you will make more by getting rid of an item and replacing it with another
Businesses that take advantage of our free analysis also get use of our proprietary inventory markdown calculator.
Helping the Community and Helping Your Business
If getting rid of your excess inventory presents a logistic problem for your business or you simply don't know what to do with your unsold or returned merchandise, WOVIN offers a win-win solution. We'll pick up clothing, shoes, bedding, drapery, towels and bags/purses in any condition on behalf of our Bay Area charity partners. The next day service is free; in addition to helping those in need in our own community, your donation is 100% deductible and you get a receipt that you can use to lessen your corporate income taxes.