Have you ever noticed how January, June, and July those pesky “J-months” always seem to drag down sales? It’s a retail problem many of us face, but don’t worry, there’s a way to turn those slow months into profitable ones. Let’s make these months your best yet. Let’s learn how to sluggish sales and boost your income by transforming your lazy inventory into a powerful income stream.
Why J-Months Are a Challenge for Retailers
J-months are tough. After the holiday rush in December, January tends to bring a slowdown, and then summer hits with June and July, where vacations and sunny weather make shopping less of a priority. This all leads to lower traffic and lower consumer spending, which messes with your cash flow and puts a damper on your overall sales.
But YOU can fight back! By shifting focus to what’s just sitting around; your lazy inventory you’ll not only free up space but turn those slower months into a major sales boost.
The Solution: Turn Lazy Inventory into an Active Income Stream
Lazy inventory is what I call the products that have overstayed your store. These items aren’t moving, and they’re costing you money by just sitting there. They might not be trending anymore, or maybe they’re seasonal. Either way, it’s time to give them a second chance, and you can do that by creating a new income stream around them (also see: The Hidden Cost of Inventory Hoarding).
Step 1: Identify Your Lazy Inventory
First things first: Let’s get organized! Look at your inventory reports and see what’s not selling as fast as you’d like. These items are typically:
- Slow movers with low sell-through rates
- Items that have been around for more than 90 days
- Outdated, seasonal, or overstocked products
Once you have this list, organize the items into categories to make it easier to develop a strategy for moving them out.
Step 2: Create a Strategic Sales Event
Here’s where the fun starts! Turn your lazy inventory into a hot commodity with a well-planned sales event. Here’s how:
- Bundle Products: Bundle those slow-moving items with bestsellers. You can offer a discount on a bundle of complementary products, this creates more value for your customers while moving your inventory!
- Set Up Limited-Time Offers: Flash sales, one-day-only deals, these are great for creating urgency. When customers know they only have a short window to buy, they’re more likely to make a purchase.
- Leverage Marketing Channels: Make sure everyone knows about your event! Promote it via email, social media, and in-store signage to maximize visibility.
Step 3: Engage Your Customers
It’s not just about the sale, it’s about creating an experience. Here are some ways to engage your customers and keep them coming back:
- Exclusive VIP Offers: Reward your loyal customers with early access or additional discounts. Make them feel valued, and they’ll keep coming back for more.
- Loyalty Program Incentives: Offer double loyalty points during your sale period. This encourages customers to shop and gives them something to look forward to with every purchase.
Step 4: Analyze and Optimize
After the event, take some time to analyze what worked and what didn’t. Look at the key metrics to assess the success of your efforts:
- Total sales revenue
- Sell-through rates of lazy inventory
- Customer engagement (email open rates, social media interactions)
Use this information to fine-tune your future strategies, so next time, you’re even more prepared to conquer those J-months!
A Millie Moment: Proven Income Stream Strategy That Works
One of our RETAILMavens clients took this exact approach and saw incredible results. She identified her lazy inventory, created a themed sales event, and engaged her customers with exclusive offers.
The result? A 30% increase in revenue during her slowest months.
You can do this too. By focusing on clearing out lazy inventory and creating excitement for your customers, you’ll transform your J-months from a burden into an opportunity.
Ready to Get Started?
If you’re ready to start turning those J-months into profitable sales, it’s time to take action! Begin by:
- Reviewing your inventory reports
- Planning your strategic sales event
- Engaging your customers with creative marketing
👉 Join the RETAILMavens community and let’s make those J-months a thing of the past!
Ready to coach up? If you’re already at 6 figures and ready to scale up to 7 figures, watch our free class: 3 Steps to Maximize Profit & Reduce Overwhelm. If you’re not there just yet, watch: How to Increase Your Sales So You Can Consistently Pay Yourself & Your Staff.
Together, we’ll help you build the profitable, sustainable business you’ve always dreamed of – one that lets you sleep better at night knowing your retail dreams are becoming reality.