Q4: Retailers strategise to boost sales

Q4: Retailers strategise to boost sales

Fierce competition, requiring creative marketing and sales promotions to woo customers, characterise the last quarter of the year.

Friendly-customer service representatives, fast service and an appealing selection of merchandise, paired with special pricing structures help retailers achieve a profitable sales season.

The last quarter of the year is usually for bumper sales; with many outlets and malls giving various bonanzas and freebies to woo buyers. Not wanting their stock to spill over into the new year, most outlets usually start clearance sales this month to signal the beginning of the last quarter of every year.

But realising the state of the economy, most retailers have decided to get prospective shoppers early by starting their pre-Christmas sales to get into shoppers’ wallets. By so doing, such traders are able to cut off their competitors by promoting wide selection, good pricing and a calm, relaxing shopping environment this last quarter.

A visit to several retail stores across Lagos was insightful. Despite the recession,  some people are optimistic that by the end of this quarter in December, they would have achieved their aims of destocking, restocking and most importantly, making huge profit.

They have made shopping this season fun-filled as they offer freebies to early shoppers. Jewellery shops give away not-too-expensive ornaments, some others have initiated a promo regime, giving out raffle tickets. Findings also revealed that others have slashed prices, offering ‘buy-one, get-one-free (BOGOF)’ deals and others selling combos for half the price.

The strategy has made some retailers optimistic that customers’ turnout in this last quarter would be encouraging. Although some traders said they recorded more window shoppers last year, their strategic awareness would stimulate sales this year.

A salesperson at Poise Store, an upscale makeover and beauty store, who asked not to be named, told The Nation Shopping that most retailers had come up with various strategies, hoping that these would help them boost sales during the Yuletide.

“Our promotional offers began few days ago like every other store. We do this yearly so that we can have bountiful sales. We are pushing out as many items as possible by slashing their prices into three, sometimes four, just to lure customers,” said another source in a high-end boutique.

With this, the source explained, her boutique would do away with old stock, old designs and bring in new ones for the New Year.”

These shops have not stopped restocking. For instance, clothing stores, such as Mango, Tommy Hilfiger, Nike, Ruff ‘n’ Tumble, and Kids country, as well as online stores, which sell clothes, have brought in new fashion trend to attract customers. With this, they are hoping to make their double their sales figures.

A sales person at The Accessories 2 die 4, a jewelry store, Uduak Osere, said: “We can only be optimistic that sales will not be too different from the usual and we have come all out with various strategies to help us achieve that.’’

From investigations, only a few, representing about 10 per cent of the industry, report monthly sales when it is not festivity or specific sales period. That is why they take the last quarter more serious.

A shopping analyst Mrs Debola Majekodunmi said: ”Yes, there are undecided shoppers and procrastinators, but we want to be pleased with the sales we will make this time just like we were last year. This period is long awaited.’’