End-Of-The-Year Sales Promotion Ideas For Retail Businesses
The end of the year spending surge is fast approaching as 2019 comes to a close.
It’s time for one last push to increase the sales of your small retail business for this year.
Are you ready?
Don’t worry about trying to come up with a promotion strategy.
Just check out our list of sales promotion ideas you can use to give your retail store a boost in sales numbers!
Buy 1 Free 1 promotion
Buy 1 Free 1 promotions at the end of the year are great because people are either:
- stocking up on products
- buying presents
- looking for a great year-end deal
Consumers will be on high alert during this period, looking for keywords that scream “GREAT DEAL!”.
And what better word to attract more customers than FREE?
Running a Buy 1 Free 1 promotion is ideal especially for retailers who want to get rid of old stock.
Use a great inventory system like StoreHub to properly keep track and manage your stock during this hectic time to avoid any issues.
Double points promotion
People love winning.
This is why gamification is used in business.
Gamification means turning something into a game.
Applying the psychology of gamification in your retail or restaurant business helps you increase engagement and action.
Use game mechanics such as offering double points as a reward for a certain period of time with every spend to get your customers to spend more.
If you’re running a loyalty program, double the reward points you usually give out to encourage higher spend.
If there’s one thing people love more than winning, it’s free stuff.
So, sweeten the deal for your customers with a year-end freebie.
Let your customers redeem a cost-effective item when they make a big purchase at your store.
And when I say cost-effective, I mean something cheap that feels or looks expensive.
For you, it should be cheap.
For your customer, it should feel valuable enough for them to bother trying to spend enough to redeem it.
A win-win for both sides.
For example, if you’re a fashion retailer, offer a free, trendy accessory like a pearl hairband for every x amount of money spent on clothes.
You can usually buy these freebies in bulk from wholesalers on platforms like Taobao, and it shouldn’t cost you too much money.
And best of all, this will definitely delight your customers into coming back to spend more at your store! 😉
Buy 1 Get 2nd Item 50% Off promotion
Offering a ‘Buy 1 Get 2nd Item 50% Off ‘ promo is cost-effective and works best if it’s offered alongside another promotion offering a smaller discount.
For example, you may have a section of items that are 10% off.
And you also have another section of items that you actually want to push sales for – with an ongoing ‘Buy 1 Get 2nd Item 50% Off ‘ offer.
Which offer do you think your consumers will likely gravitate towards?
Yes, it’s the second promotion!
50% compared to just 10% seems like a better deal.
And because people tend to make comparisons to make a choice, they’ll highly likely choose the 50% offer, even if they may end of spending more.
Cashback loyalty program
Promotions are great and all, but what can you do that’s long-term to increase sales for your retail store?
The answer: run a loyalty program.
It’s a great way to encourage customers to keep coming back and spend more at your retail store.
Not only that, running a loyalty program helps you collect customer data.
This helps you know who your customers are, so you can come up with ways on how to better sell to them.
We think this is really important for small businesses, which is why we introduced Beep Cashback as a new feature that’s integrated into our POS system.