Statistically, nearly all level of consumers in America has taken a step back in their spending habits. According to a recent survey, nearly 60 percent of Americans say they are wearing clothes several times before washing to cut laundry costs. And nearly 70 percent of them said they haggle before buying items. Both statistics show more than 50 percent increase two year ago.
The frugality has scared so many consumers most especially when the upcoming holiday season is fast approaching. The holiday season means only one thing previously – and that is to cut down prices through sale. But today, many of the retailers are trying to rethink their strategy. Instead of slashing down prices, they are becoming very creative in managing inventory. A few of those strategies to survive in the battle of the fittest:
Artificial Shortage
Retailers nowadays are not overcomitting. Consumers’ best gift ideas will definitely no longer come on the first trip but perhaps on their second trip. Most of the manufacturers are trying to avoid the pile ups, they are just producing enough. So it won’t lead to heavy discounting or the empty shelves that result in lost sales.
Kicking the Discount Habit
Store owners are starting to kick their discounting habit. If there happens to be overstocked goods at the warehouse, you don’t have to sell it at 30 or 40 percent off. But instead you can pack it with other goods and sell it for 10 percent off. That way, you earn 20 or 30 percent more than you usual discounting habit. Not bad, isn’t it?
Simplicity and One-Stop Shopping
Having the right array of products ensures that your money are being rotated and spent right. Essentially, goods (which are also money) will no longer have to stay on your store for quite a long time. This gives you a breather space in your financial business aspect.