By Tara Kaifesh for our 99 Ways to Make a Positive Difference in Your Pharmacy blog series
When products are not selling or are close to their expiration date, stimulate sales by placing the items in a dump bin. This gives you one more shot to sell the products before they expire, and can keep you from losing money as a result of unsold inventory.
A dump bin will immediately call special attention to these slow-movers, whereas they might have been overlooked when stocked within their category. Place dump bins in high traffic areas, such as the checkout aisle or near the pharmacy counter, to intercept shoppers and encourage them to stop and shop.
You may not even have to discount the products to move them. Shoppers naturally believe items in bins have been discounted, and bins hold irresistible appeal to the bargain-hunters among your patients. Signage directing shoppers to these items that are “Going Fast, Get Them While You Can!” will further inspire shoppers to add dump bin products to their baskets as impulse purchases.
When you identify slow-movers or notice upcoming expiration dates, use a little creativity and a strategically placed bin to help sell these items and recoup potential inventory losses.
In support of HRG’s TEMPS merchandising program, Tara evaluates and presents new items as a part of the new item review team and is responsible for the monthly analysis and planogram development for one of our key wholesalers. In addition, Tara develops customized merchandising solutions for manufacturers, retailers, and wholesalers.