TIP: Build anticipation for a product or collection through release dates
The most common reaction to receiving new inventory is to place product out on the sales floor as soon as it arrives in your stock room. Many retailers have the idea that you must catch every sale as soon as possible. This does not create excitement for your customer, and does not drive traffic through your door.
Having weekly, monthly, or seasonal release dates gets your customers excited about coming through the door on a regular basis instead of just when they need a particular item. This also instills a sense of worth around a product or collection instead of a customer waiting for the item to go on sale at the end of the season. This strategy will maintain the margin for longer into the season and possibly even sell out of inventory before you need to lose margin with a seasonal sale.
Team up with suppliers so that your release dates align with their marketing campaigns and get double the bang. Partner with brands using co-op allowance to help build the buzz around special releases.
Nike has created lineups for their core retailers world-wide for years, by creating release date buzz around highly anticipated pro models and limited edition products.
Online businesses have a history of success, such as Canadian brand Frank and Oak or even discount retailers such as Gilt, releasing new collections monthly or at specific times of day creating a virtual line-up with customers clicking refresh on the anticipated hour to be the first to get the new collection or deal.
Subscription based businesses have done this extremely well. A good example of this is the “BARKBOX”. Not only does the dog owner anticipate the arrival, but the excitement the dog shows upon seeing the box of goodies makes the monthly expense worthwhile. Once the owner sees what toy or treat the dog loves the best, they can go online to the BARKSHOP and buy more. This business model drives traffic to the e-commerce site that it would not otherwise have.