IKEA offers discounted items through their "Last Chance to Buy" collection. This includes discontinued items, helping the business clear out slow moving stocks and boost sales. It also creates a sense of urgency for potential buyers.
IKEA is renowned for offering stylish furniture at affordable prices. However, it may come as a surprise that they offer an even cheaper section where items are priced way down, known as the "Last Chance to Buy" items. This collection primarily consists of discontinued items that are either being replaced by newer models or were poor sellers.
As you can see above, the Last Chance deals lets shoppers know that items under this collection are older products to be clear to make way for newer ones. This helps prevent dead stock and boosts sales.
All in all, not only do these Last Chance deals draw attention to specific products, they also create a sense of urgency for potential buyers by instilling FOMO. And by implementing this tactic, businesses can increase their visibility and appeal to customers who might otherwise overlook their products.
Learn from the best, learn from IKEA:
To implement the Clearance Collection Strategy on your Shopify Store, you can use the 'run flash sale' tactic or Konigle's bulk price editor tool. These options are provided under the pricing power strategy. Through the bulk price editor tool, you can edit selling prices, add tags on discounted products, and display them on the Clearance Collection Page.
Before submitting the pricing change request, you can also use the same tool to add product tags like ‘clearance’ in bulk so that these products are automatically added into the ‘Last Chance deals’ collection created.
To promote your products, use email and SMS outreach campaigns built in the Konigle Bulk Price Editor Tool. It allows you to design both templates without having to rely on other softwares like Klaviyo or MailChimp.