It is no surprise that the retail industry is under dramatic, accelerating shifts in the market. But, what might be a surprise is how an effective markdown strategy can help you win customers and increase sales, even in the midst of the most sudden market changes. We hear about the changes to our industry daily — new store formats are expanding, physical stores are closing, online store sales are propelled at a rapid pace, and supply chain constraints continue to squeeze the market.
- How can you be sure that your markdown process delivers optimal results?
- Where do you begin when planning a markdown strategy?
If you find yourself asking these questions, read on…
What are retail markdowns and how do you build a markdown strategy?
A markdown is a permanent price decrease for a product that is at the end of its lifecycle. Markdowns are used to temporarily increase demand for low-demand products, ideally long enough to sell through all stock.
The right mark down strategy is important because it will help retailers to manage product lifecycles and stock levels, and it will give an advantage among competitors.
Watch now to learn everything you need to know to get your markdown programs off the ground. Learn how to:
- Win customers and increase sales with the right strategy
- Minimize bad investments and losses
- Apply a Markdown business process