RETAILER TIPS FOR BLACK FRIDAY

 

This Friday, 26 November, is Black Friday and it may seem to you that every retailer out there is running a huge Black Friday event - some major retailers seem to have started discounting weeks ago -  but does this mean it's the right thing for your business?  Annual 'clearance' events such as Black Friday and Cyber Monday can be opportunities to get rid of stock, but this is often be at the expense of your margin.

Many of our pro shop customers tell us they hold off on Black Friday events because they'd rather make more of Christmas instead.  Indeed, if the festive season is normally good for you, do you really want to damage that in November with a big sale? What do our experts think?

 

Mark Hopkins, XPOS Business Development Director

Industry expert Mark Hopkins, isn't a fan of Black Friday. "This year, I haven't spoken to one Golf Professional who intends to do something in the shop for Black Friday, which I'm glad about.  My advice would always be to NOT discount at this time of year, unless you really think a product is unsellable, or if it's been there for a number of years.   This year, more than ever, pro shops need to be holding prices," confirms Mark, "have confidence in your stock. It's classic supply and demand."

 

Matt Peace, XPOS Sales Manager

Matt agrees with Mark and recommends a very good reason before you start discounting this month. "I'd check the Unpopular Products Report in the Hub to confirm which products haven't sold well over the year. You can see when the product was last sold along with when it was originally stocked in.  Retailers should use this report every week to help decide what to do with products that haven't sold very well. It's a lot more scientific than just glancing around the shop."

If you feel you've got a lot of old stock hanging around, you can go to XPOS for confirmation. Check your stock turn on the Performance Dashboard in the Hub. If you have a Stock Turn of less than 2, you’re below the national average and holding on to too much stock. In this case, a Black Friday sale might be good to help turn stock over.

It's certainly food for thought.