Boxing Day sales continue to break records

How long are the Boxing Day sales supposed to last? Boxing Day only, or the end of January? What about other big sales? What your business needs to know about making the most of annual sales.

Well, it’s official. Our Christmas sales broke so many records in 2015 that retail industry experts predicted a Boxing Day slump, yet we Kiwis still spent a whopping $151.7 million on Boxing Day, according to Paymark electronic transactions processing. And many retailers expect more to come, with sales continuing into January.

So where are the best sales to re-furnish your office at discounted prices? How long should your sale last to attract the most shoppers to your business? Let us tell you how to make the most of seasonal sales in 2016.

Sales your business could make use of in 2016

Boxing Day sales

At the start of the year, make sure you hit the Boxing Day sales, which often last for a week or more. In industries such as stationery and software, Boxing Day sales simply merge into Back to School sales that end in the last week of January.

Here are some examples of Boxing Day sales that are continuing into January (current at the time of writing) that could benefit your business:

EOFY sales

End-of-financial-year sales usually start in the first days of June and last until the last days of the month. Most are simply labelled as stocktake sales, but the savings can be large.

You don’t even have to waste time going to a store to pick up the goods anymore if you don’t want to. These sales are widely becoming available for both online and in-store customers.

No matter which method you choose, take a shopping list with you to prevent getting overwhelmed with “what a deal!” impulse over-spending.

One word to the wise… Consumer surveys by Canstar Blue have shown it’s best to do your research on prices first so that you’re not fooled by EOFY sales that aren’t as amazing as they should be, especially when it comes to appliances.

You should also make sure that your payment method is not costing you more than it should. Trust us to help you pick a great value credit card for your business, and a solid business savings account as well.

How to hold a sale that brings big bucks to your business

If your business would like a piece of that multi-million Boxing Day/January action, as you’ve just seen, it’s not too late to hold a sale!

Businesses often wonder how long their sales should last for. It’s a tightrope walk between enticing more new customers and rewarding loyal customers with a reasonable discount period, and just plain losing money with a longer sale period. Industry experts recommend the 2-week mark as being the right balance.

As for how big the sale should be, stores with cheaper goods such as stationery or DVDs and highly expensive goods such as furniture and toys can make a lot of money with sales with even a lower percentage such as 20-25% off store-wide. Meanwhile, stores with designer goods such as clothing and homewares should have sales with a higher percentage of 30% off and above to compete with cheaper competitors. You can bet your customers already know that 10% off of a pair of $400 shoes is not a great deal.

No matter what type of sale you’re going to hold, one thing is for sure – advertise, advertise, advertise! Do as much as you can afford in the lead-up to a sale, from a sale flyer in every customer’s bag to an email campaign to printed signs in your store window. Good luck!

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