Master EOFY Sales: Boost Your Revenue With These Tips

End-of-financial year (EOFY) sales in Australia are important for many retailers, who typically use them to boost revenue, clear out inventory, attract new customers, and prepare their accounts for the next financial year.

Business owners can stand out with an effective EOFY sales strategy.

It’s important to make EOFY sales worth the customers’ time to help business owners potentially make the most of the sales period. 

Consider the following tips to garner more customers and boost your revenue.

Time Your Sale Properly

Proper timing can help with maximising the impact of your EOFY sale. Learn to balance both urgency and accessibility.

Below are two key aspects to consider:

1. When To Start The Sale: Consider aiming for late May or early June. This can give customers enough time to plan their purchases and take advantage of the deals. Additionally, announcing details of your EOFY sale a few weeks in advance can create anticipation and urgency.
2. How Long To Run The Sale: A month-long sale usually attracts early and last-minute shoppers. Consider incorporating “flash sales” or “limited-time offers” during the EOFY sale.

Keep Sales Offers Simple

Keep EOFY sales simple! Use plain language, highlight the best deals upfront, and try to lower the amount of jargon used. This can help customers understand the savings potential and jump on board.

Think of straightforward discount details, such as “Buy One, Get One,” or “Save 20% off shop-wide” deals.

Also, while waiting for this period, many customers may research the details of your sale, so consider making your sale details easy for them to find or be available online.

This generally includes listing sale prices, brand details, and relevant terms and conditions on a dedicated webpage or within your existing product descriptions.

Prioritise Selling The Essentials

During EOFY, sales offer retailers a chance to clear out a range of essential products.

Consider offering discounts on items that customers are more likely to purchase. This will differ depending on your industry.

For example, clothing brands can focus on high-demand items like basic tees, jeans, and jackets, while office supply stores may prioritise laptops, printers, and other essential office and home appliances.

Again, consider selling essentials, not just old items. Customers will generally need these items anyway, so offer them at lower prices to clear inventory and provide real value.

Use The Sale To Clear Out Your Inventory

End-of-financial-year sales are a great way to potentially sell different products, free up space, improve cash flow, increase tax deductibles, and prepare for the new fiscal year.

Your customers can get great deals, and you can get a more streamlined inventory through an EOFY sale.

• Bundle Slow-Moving Items: Business owners can create discounted bundles that pair slow-moving items with popular ones. This encourages customers to purchase products they may not consider otherwise.

• Markdown Expiring Or Obsolete Items: To free up space and reduce waste, try offering big discounts on nearly expired or outdated items.

NOTE: Your business purchases made throughout a financial year, including those made during EOFY sales (say, a company laptop), could be tax deductible.

Create Limited Time Offers For More Sales

Think “Flash Sales” – limited-time offers that last just a few days or hours. Or, announce limited quantities – “Only 10 left!”

These EOFY tactics can tap into the customers’ fear of missing out (FOMO) and encourage purchases.

Here’s how it works:

• Flash Sales: Run super-discounted sale periods for a limited time, like a few hours or a single day. This may create buzz and potentially drive a quick burst of sales.
• Limited Items: Consider offering a popular item with a limited quantity available. Customers may see it as a “must-have” before it runs out.

Business owners can also use online media to their advantage. Your website can feature countdown timers showing different sales deadlines and price details on limited-time EOFY deals.

This may provide an extra nudge to potential buyers, convincing them to explore and shop more.

Implement An Inventory Management System

To make the best end-of-financial-year sales for customers, consider using an inventory management system. Investing in inventory management tech can pay dividends in improved efficiency and profitability.

With this tech, you can know what’s in stock at any time. It also helps you see which items are popular in case you may need to restock them.

This can allow for better planning before the next EOFY sale.

Offer A Loyalty Program Ahead Of Time

Loyal customers are the backbone of businesses or retailers, and the EOFY sale is a good time for business owners to potentially reward customers for their loyalty.

• Early Access To Sales: You can offer loyal customers early access to your top deals to make them feel valued and encourage them to grab more items or upgrade.
• Exclusive Discounts: Offer exclusive and huge discounts, points, or a chance to save more on a huge range of new items that can be redeemed during the sales weeks.
• Bonus Points Or Rewards: To entice customers to shop more, consider increasing the points or rewards earned on daily deals, which they can later claim for discounts or other benefits.

Bundle Deals And Discounts

Bundling products can create a perceived deal and incentivise larger brand purchases.

Here are some bundles you can create for an EOFY sale.

• Percentage Discount: Combine multiple brands and offer a flat discount on bundles.
• Mix & Match: Business owners can create a perceived deal by combining items from different top brands.
• Free Gift With Purchase: Consider improving the deal by offering a gift with purchases over a minimum spending amount. This could be some clothing items or fashion accessories.
• Clearance Bundles: Group slow-moving items with popular brands for a better bargain. This could incentivise purchases of less popular brands while clearing out stagnant inventory.
• Tiered Discounts: To encourage higher spending, consider offering tiered price discounts during the EOFY sale, such as 10% off $100, 15% off $200, and so on.

Conclusion

EOFY sales aren’t just for your customers; they’re also about your business.

It’s when you need to complete bookkeeping, file tax returns to the Australian Taxation Office, and plan for the new financial year.

With these strategies, you can transform your end-of-financial-year sale from a routine discount event into a revenue-generating powerhouse.

Finally, you can create more business opportunities without waiting for EOFY.

For businesses or retailers looking to make strategic investments and tap into more growth opportunities during this time, it’s important to have access to the right financing options. A Business Loan with Lumi is something worth considering. Small Business Loans and Lines Of Credit could provide the extra money with flexibility and convenience.

If you’re ready to apply for a Business Loan or Line Of Credit, click here.

Got more questions? Get in touch with our friendly team via phone at 1300 005 864 or email sales@lumi.com.au.

Disclaimer: We try our best to fact-check all information and keep it up-to-date, but this can not always be guaranteed. All of the information shared is for general use only and should not be considered personalised financial advice. Make sure to consult an accredited broker, accountant and/or tax agent for personalised advice on matters related to your business’s or personal finance.