by Aaron Timmerman, product and pricing analyst, for the Resolutions for Independent Pharmacies blog series

In my last post I discussed how part of maintaining profitability in the front-end is proper inventory control. I provided some tips for identifying slow-moving products and indicated that if you have inventory that isn’t turning over at the rate it should, there are options for moving those products. Driving traffic to your slow movers is the topic I’ll cover in this post.

So you’ve identified your slow sellers, now what do you do with them? There are a few simple strategies that can be used to draw more attention to slow movers.

• Utilize shelf signs, shelf stickers, or sale signs to draw attention
• Alter shelf placement or relocate to more prominent areas of the store:
  • Move close to checkout area and feature as the “Item of the Week”
  • Place on well-trafficked endcaps or displays
• Implement special promotions, such as:
  • Put together sales bundles of the product
  • Bundle slow movers with hot sellers
  • Buy 2, get 1 free
  • Buy 1 get the second half-off
  • Include slow movers as free gifts when a certain dollar amount is purchased
  • Include slow sellers as part of your customer loyalty/rewards program

Altering the price may be an alternative for moving the product as well. You can try changing the retail to see how it affects consumer demand. Does lowering the retail price significantly drive up sales or does the product still sit there, not moving?  In most instances, you should lower the retail and then make the merchandise stand out with some of techniques listed in the prior paragraph.

With any of the suggestions I’ve provided so far, be sure to make your staff aware of the effort you’re putting into trying to sell these particular items. Encourage them to mention the items in their conversations with customers when appropriate.

If these efforts fail, there are still a couple of alternatives for moving these products out of your store. One is to donate products as a part of your store’s charitable outreach program. With this option you are helping those in need and your generosity will reflect positively on your store’s image. Another possible solution is to reduce or get rid of slow-moving inventory altogether. Sometimes you have to face the reality that your customer demographic is not in need of the solution a product provides.

The most important takeaway is to employ a process to identify your slow-sellers and have a strategy for moving them out of your store. When you have the right items that meet your customers’ needs in your front-end, strong sales should follow.