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Bargain bins are used by retailers to sell slow-moving or flawed products at a discount, freeing up space and recouping some investment. They can take various forms, including physical bins, racks, or entire store sections, and can now be found online.
A bargain bin is a type of sales tool that allows retailers to move products that have not sold well at reduced prices, making it possible to recoup at least some of the investment in those products and freeing up space on the store floor. This approach is sometimes used to clear out last inventory or items related to a holiday that has passed. At other times, the bargain houses goods that are being sold as second-rate, due to a minor flaw or having been used as a floor model for display purposes in times gone by. Typically, any item that makes it to the recycle bin is sold at a steep discount off the regular price, an attribute that appeals to budget-conscious shoppers.
The bargain bin concept is all about creating an actual bin into which deeply discounted items are placed. This approach can be used in any type of brick-and-mortar business establishment and will work equally well with just about any type of merchandise. For example, the compartment could include various articles of clothing, be the repository for CDs or DVDs that have been marked for quick sale, or even grocery items that are being discontinued or crushed cans of food. Typically, the quality or demand for the products has declined in some way, making it unlikely that the products can be sold at full retail price.
While the idea of a bargain box conjures up images of a real box, the general idea can take other forms. For example, the compartment could actually be a clothes rack loaded with discounted items, or even an entire section of the store reserved just for discounted items. During the heyday of the big department stores, many of these retailers made use of what is known as the bargain basement, essentially an entire floor that held second-rate items or slightly wrinkled and scratched items collected from every other department.
Thanks to the Internet, the concept of bargaining is no longer limited to brick-and-mortar retail establishments. Businesses can create virtual boxes on their websites, allowing browsers to peruse the collection of discounted items and place them in virtual shopping carts. This innovation means that even people who don’t like to shop can enjoy the thrill of finding a bargain by shopping online from the comfort of their own home.
Asset Smart.
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