by Colleen Volheim for our 99 Ways to Make a Positive Difference in Your Pharmacy series
There will always be a few products that just don’t move in your store, for any number of reasons. Naturally, if they consistently don’t sell, you’ll want to remove them from inventory, but oftentimes an item might just experience a temporary dip in sales. This could be attributed to the season or maybe a new product steals some sales temporarily. How do you know when you have a slow-mover on your hands? One thing to remain aware of is item expiration dates. If you find that a product is expiring in the next few months, it’s time to take action.
First, it’s important to have some kind of system in place to stay aware of product expiration dates. If you don’t already, assigning associates to regularly review departments ensures items nearing expiration are found before they can no longer be sold.
Now that you’ve identified your slow-movers via expiration dates, there are a few different things you can do. You can designate an endcap a clearance area, much like mass retailers do. You could also offer a promotion on the items to encourage sales. The expiration date should be far enough out that your customers will have enough time to safely consume the product when you promote it.
It’s important to use appropriate signage when you create a spot for clearance products. You want to draw shoppers’ attention to the section but also position the items as an effective solution and that there is a value to be had.
Remember, your store image is everything. Avoid the bad perception of having expired products on your shelves by having a plan in place to sell them before you have to return them.
Colleen leads the Category Research & Analysis department in gathering category information, reviewing new items and analyzing data to develop the industry’s best planograms to maximize category results. Colleen actively supports the Account Development team by working directly with clients to understand needs, define solutions, and deliver results.