Reasons You Should Mark Down Products
If you’ve got too many items from the holiday season, you’ve overbooked on a new supplier that isn’t panning out, or you simply want to bring new product and spice the store up a bit, it may be time to markdown product.
- Poor Sales
Head on over to RICS reporting and run the worst sellers report. This report will show you some of your top worst sellers in your store. It may be time to mark some of those down.
- Core Product Changes
Do you have a new core product leader in your store? Is there a supplier that you’re ready to phase out? These could be good reasons to put a few items over to the markdown rack.
Ways to Mark Down Products in RICS
- Group or Supplier Discounts (Inventory:: Stock Maintenance:: Enter Price Discounts )
This method is the best way to markdown products across the entire store, an entire class, or supplier. RICS allows you to mark down theses products based on a group or category that they fall under. It could be a certain supplier, class, custom entry, etc.
- Large, Unassociated Groups of SKUs (System:: Import:: Universal Imports)
Using the Universal Imports page, you can import products that you’d like to update the markdown price. Using the Price template, RICS allows for you to enter the markdown price for SKUs through the universal imports functionality. This method is the most efficient way for “excel wizards” or if you’ve got a large list of random SKUs.
- Single, Manual Discounts (Setup:: Manage SKUs)
If you’ve only got a handful of SKUs (less than 20) that you want to markdown, the fast way to mark these items down will probably be the old fashion way. Navigate to the Manage SKU page and enter in the markdown price for the SKUs. You’ll still have the ability to set the markdown date range (if its only for a limited time), but it will be the most efficient way if you’re working with 20 or fewer SKUS.
For additional markdown best practices, check out this guide!