We sold close to $600.00 worth of plush today in one of my stores, more than three times the usual amount. The person in charge of the store noticed centre management was running a Peppa Pig stage show. Here’s Jayden’s story – all his own initiative
The centre had a peppa stage show today. It was packed, there were no free spaces in the car park!
I had the stand on the lease line at the busiest entrance to the store. I haven’t provided a price on the stand. If a customer wants to know how much they are they have to ask one of us. At which time the customer has already convinced themselves that they want the product. Rather than walking up to a stand that says $12.95 and contemplating wether they want it or not.
Same rule applies to beanie boos which are now $8.95 up from $7.99.
I had a hand full of customers buying a plush item and then redeeming their Discount Voucher on a Father’s Day card, or vice versa.
Brilliant!
What price are other newsagents selling Beanie Boos?
We are still $7.99 and are selling anywhere from 80 to over 100 a week in a small rural shopping centre. A lot are regular collectors but I notice on the weekends new customers purchasing them for the first time because “they are so cute”.
I know the new RRP is $10 but am scared I’ll burst the bubble is I put them up by $2.
Jenny, $7.99 and $9.99 are not too different in the mind of the consumer. They’re both under $10 and that’s the really big barrier price point.
Put them up and if in the unlikely event that it hurts your profit (remember it’s ok if your selling less but making more $), just re-introduce them to customers with a big bold sign like “new low price” or something to that effect.
A retail expert told me years ago that the difference to the consumer between certain bands of prices is negligible. Back then we were talking about something priced at $22.95. We switched to $24.95 with no harm to sales.
Any price movement right now can be blamed on the dollar if you need to point the finger somewhere.
I was at Peppa Pig Watergardens and it was like One Direction for 4 year old’s. Mayhem!!