The Australian Retailers Association predicted shoppers across the nation would splurge with nearly $2.3 billion of purchases on Boxing Day alone, after shaky pre-Christmas sales figures. Accounting for the sales continuing into mid-January, the industry expects more like $16.1 billion to be spent in total.
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?
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.
2015 saw a Boxing Day boom in NSW especially, with many retail businesses open for business on this shopping frenzy-day for the first time since laws were passed in 2008 to keep them shut on Boxing Day.
What’s more, the Boxing Day sales often start earlier online – as early as 12.01am on Christmas Day in the cases of Target and Microsoft, for example. But you probably don’t have to get up at dawn and risk a family squabble to go shopping when you know the sale will continue for the rest of the month.
Here are some examples of Boxing Day sales that are continuing into January (current at the time of writing) that could benefit your business:
- Stationery: Officeworks
- Software: Microsoft Store
- Computers and other electronics: Toshiba
- Furniture: Freedom Furniture (Freedom Sale ends Monday, 11 January)
- Coffee machine: Good Guys
- Auto gear for the company car: SuperCheap Auto (Super Service sale ends 16 January)
- Business flights and accommodation: Webjet (international only), Jetstar
- Office attire: MYER, David Jones (both sales end Sunday, 10 January)
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 air-conditioners and other 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 transaction account as well.
How to hold a sale that brings big bucks to your business
If your business would like a piece of that $16.1 billion 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 tend to 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 and a Facebook campaign. Good luck!