Not every product in your store can be a best seller. But with the right offer, even your slowest moving products can sell much faster.
For example, I recently bought this pair of (very) blue workout shoes:
While blue is my favorite color, I would never typically go for a shoe that is quite this blue. This feels more like a shoe that the characters in Avatar would wear (if they wore shoes that is).
However, given a large enough discount, I was swayed.
In this case, these shoes were discounted 25% off from the more popular color options. This ultimately tipped the scales in their favor.
This same scenario could apply to your Shopify store.
How this applies to your Shopify store
Every Shopify store suffers from slow moving inventory at one time or another. Let's face it, some of your products are just not going to be as popular with your customers.
There can be a variety of reasons why a product doesn't sell. Perhaps the product comes in a less attractive color combination, like my Avatar blue shoes. Maybe the product is a previous model year. Maybe the product is not priced competitively.
with the right incentive, every product can fly off your shelf
Whatever the reason, one thing is certain: with the right incentive, every product can fly off your shelf.
How to determine your slow movers within Shopify
There are a few ways to determine which products are slow movers within your Shopify store.
You can choose any products that haven't sold recently. For example, you could build a list of products that haven't sold in the past 30 days.
Another option would be to sort your products by sales quantity, and choose the lowest sold products. For example, you could use the bottom 100 products and include them in your slow movers list.
product sales percentile allows you to easily group your products relative to other products based on sales
A slight variation of the last option is to use the product sales percentile for each product to build your slow movers list. The product sales percentile allows you to easily group your products within your store based on sales.
For example, you could include any products in the 20th percentile or below as part of your the slow moving products list. The 20th percentile would capture products that sell less than 80% of the other products in your store.
The formula for getting your slow movers selling faster within Shopify
Now that you have a handle on which products are the slow movers, it is time to start offering incentives to get them selling faster.
Shopify makes this easy if you follow this approach:
Create a Shopify collection with your slow moving products
You can create the collection manually if you have a smaller store. For larger stores, I recommend adding a tag to all of your slow movers, such as "clearance".
You can then use this tag to create a Smart Collection in Shopify. This collection will be automatically updated as you add and remove the "clearance" tag from products in the future.
Create a discount for products within your slow moving Shopify collection
Then you can create a discount in Shopify that applies to any products in the clearance collection. For example, you could offer 20% off for all items in this collection with discount code
At checkout, any customers that have items from the clearance collection in their cart and enter the code
20OFF will receive a 20% off discount.
This discount should help motivate shoppers to buy some of your slower moving items to get them selling faster.
Experiment with different discount tiers and incentives
You may also want to consider creating different tiers of discounts to offer different levels of incentives for your clearance items.
Perhaps most of the clearance items will start selling with a 10% or 20% off discount. However, inevitably some items within your store may need heavier discounts to get them selling.
To handle this, you could create additional collections with larger discounts (such as 40% off), until you find the right incentive that gets your customers to buy.
Getting slow moving products selling within your store is usually just a matter of offering the right incentives to your customer. As the saying goes, everybody has a price. The same applies to products within your store.
You can use Shopify's built-in Collections and Discounts to offer the right incentive to your customers and get your slower movers selling faster.
Setting up a consistent process for offering incentives for your slow movers is a great way to increase your stores sales and get the inventory off the shelves.
How Best Seller insights can help
My Shopify app, Best Seller Insights, makes it easy to promote your slower moving products to get them selling faster.
Best Seller Insights can automatically tag your slowest moving products based on sales percentile.
Then you can automatically target your slow moving products with incentives to get them selling faster.
Just click here to give Best Seller Insights a try free for 15 days.