How to Set Up Coupon Deals for Inventory Clearance Sale? (A WooCommerce Guide)

In this article, we will guide you through setting up WooCommerce coupons and BOGO discounts for inventory clearance sale using an advanced WooCommerce coupon plugin.

With the biggest shopping season upon us, it’s time to maximize deals to attract more customers and drive sales. You will prepare carefully to avoid overselling or stock shortages, but what about the excess stock after the big sale? That’s where an end-of-year clearance sale, or inventory clearance sale, comes in.

Inventory clearance means reducing excess stock, whether it is slow-moving items or unsold stock from the holiday shopping season. Retail stores clear out inventory for several reasons:

• Holding onto unsold stock affects cash flow.
• Excess stock takes up storage space.
• Short product life cycles lead to unnecessary costs.
• Out-of-trend products are harder to sell.
• Most importantly, clearing inventory allows space for new products, keeping it fresh and relevant.

Start with an inventory analysis to identify excess stock and categorize it. This will help you design targeted coupons that prioritize specific items. And when it comes to coupons, WooCommerce gives store owners some flexibility in their implementation.

For example, if you have excess inventory with shorter and longer product life cycles, you can create a tailored coupon strategy to liquidate them. To achieve a balance, offer higher discounts for shorter life-cycle items and smaller discounts for longer life-cycle items. Ultimately, inventory clearance sales aren’t just about offloading products; it’s also about driving sales and supporting your bottom line.

Let’s explore the coupon and discount strategies to enhance your 2024 WooCommerce clearance sale.

1-BOGO (Buy One Get One) Coupon Deals

One of the most popular coupon strategies is the Buy One Get One (BOGO) deal. Customers love receiving an extra item for free or at a discounted price, making it more effective in clearing out large amounts of stock.

WooCommerce, by default, doesn’t offer BOGO deal features. For this, you need a third-party plugin like Smart Coupons for WooCommerce. With the free version, you can offer specific products at a percentage discount or even for free.

For example, if a customer buys more of item A, they could get 50% off on another item from the same category.

The paid version of Smart Coupons provides even more control over your offers. You can offer any product in the store, a product from a specific category, the same product as in the cart, a product from the same category as in the cart, or even give away the cheapest item.

For example, if you have an excess of T-shirts, a BOGO deal can help clear your stock while delighting customers with a great offer.

2-Limited Time Discounts

Creating a sense of urgency is crucial for successful inventory clearance sales, and limited-time coupons are perfect for achieving this. When customers experience FOMO (fear of missing out), they’re more likely to make quick purchase decisions.

Flash sales lasting a day or a few hours are a tried-and-true strategy for clearing stock, commonly used in retail. You can pair these sales with any type of coupon—whether it’s a BOGO deal or discounts on bulk purchases. The exclusivity of these offers increases their appeal, encouraging customers to take advantage of them immediately.

This tactic is widely seen in industries like electronics and automotive during year-end clearance sale events.

A third-party plugin like Smart Coupons is invaluable for building excitement and anticipation. Its pro version includes features like coupon banners and countdown timers to heighten the sense of urgency. You can also set start and expiry dates for your coupons, making it easy to control availability and maximize the impact of limited-time offers.

3-Offer Free Shipping and Shipping Discounts

Offering both free shipping and shipping discounts can help increase your average order value and clear out inventory. Here’s how: by setting a minimum order amount, you can encourage customers to add more items to their cart to qualify for free shipping. This simple strategy can be highly effective, especially for products with higher shipping costs.

Free shipping is often an enticing factor. When customers see additional shipping charges at checkout, it can deter them from completing the purchase. By offering free shipping, you remove that last-minute hesitation and increase the chances of conversion.

Setting a minimum order amount to offer shipping discounts can also help you clear inventory. This is particularly beneficial for high-cost items, like furniture, where customers who are already making a significant purchase see added value in the offer—making it a win-win for both the store and the customer.

By recommending additional products to customers who haven’t yet reached the minimum order amount, you can encourage them to purchase more.

WooCommerce’s default settings allow you to offer free shipping. However, if you want more control, such as applying shipping discounts based on the shipping address or adding advanced discount rules, the advanced WooCommerce Coupon plugin can be highly effective.

4-Bundle Discounts

If there’s one thing coupons and discounts have proven, it’s this: bundle deals work wonders. When looking to clear out slow-moving stock, pairing it with fast-selling items can be a highly effective strategy.

You can capitalize on this in several ways, similar to BOGO deals. For example, when a customer buys an item, offer a discount on related products within the same category, especially slower-moving items.

The Smart Coupon plugin enables you to create these bundled discounts effectively. For more advanced features, consider upgrading to the pro plan.

However, we recommend using our Frequently Bought Together plugin to create discounted bundle deals. By offering a discount when customers purchase all recommended items together, you can clear out inventory more efficiently. Customers often make spur-of-the-moment purchases when they see added value, making bundle deals an excellent choice for driving sales.

5-Auto-apply Add to Cart Coupon URLs

Gen Z is present where it’s all happening—they’re on social media. And to capture their attention, your offers need maximum visibility. With “Add to Cart” URLs, you can ensure that customers click a link and are taken directly to the cart page, where the product is already added.

This feature is especially valuable for clearance sale campaigns, streamlining the customers’ shopping process. With a single click, the purchase process is simplified.

You can generate coupon URLs with an auto-apply feature using the Smart Coupons free plugin. However, if you want products added directly to the cart, you’ll need a URL coupon plugin.

And as a bonus, consider our coupon bundle feature! Combine the power of smart discounts and URL coupons to create appealing clearance deals that you can embed anywhere.

6-Rewarding Bulk Purchases

Offering discounts on large purchases can improve customer retention and encourage repeat purchases. Imagine a customer making a big purchase during your clearance sale — offering them a gift card or store credit could bring them back for more.

Gift cards and store credits can also add an element of surprise to your sale. What if a customer discovers that they received a gift card with their purchase? While they may have expected a discount, the surprise factor can increase their satisfaction. By offering surprise discount coupons, gift cards, and store credits, you not only reward bulk purchases but also drive more sales and help clear out unsold inventory.

You can also create coupons specific to users or user roles. However, during a clearance sale, it’s best to avoid adding too many restrictions.

Since WooCommerce doesn’t offer a built-in gift card solution, you’ll need a third-party plugin. You can use Smart Coupons to offer surprise discounts and store credit coupons.

If you want to reward customers with personalized gift cards or directly add store credits, an advanced gift card plugin is needed. Our WooCommerce Gift Card plugin provides the perfect solution. It offers both a free and a pro version. The basic version covers essentials, while the pro version features a dedicated dashboard for adding and deducting user credit balances.

To understand why implementing coupons and discounts in WooCommerce can be effective for your inventory clearance sale, it’s important to first consider the challenges of clearing out old stock.

One of the trickiest parts of a clearance sale is generating customer excitement. Simply lowering prices may not create the same thrill as holiday shopping, and, let’s be real—you’re not the only one holding a clearance sale. Other brands are also trying to offload stock to the same customer base, so competition is tough.

To stand out, you’ll need an effective coupon and discount strategy. This includes tactics like displaying coupon banners, offering exclusive discounts, and prominently highlighting the sale across your store to ensure customers know about it.

Here’s why coupons and discount promotions can be so effective:

• They Incentivize Customers to Buy

Discounts make customers feel they’re getting a better deal, which can nudge them towards making a purchase. Imagine if they find an item they previously thought was out of their budget, now at a reduced price, it’s harder to say no. A well-designed coupon can remove any remaining hesitation.

• Create a FOMO (Fear of Missing Out) Effect

Limiting the discount period creates urgency, pushing customers to act quickly. This sense of “grab it before it’s gone” is especially effective for impulse buys and can accelerate your inventory clearance.

• Target Specific Customers

Many customers wait specifically for clearance sales. Reach them through email, social media, and notifications to promote your coupon codes where they’ll have the most impact. Retargeting ads and cart abandonment emails can also remind potential buyers about your sale, giving previously overlooked items a second chance at purchase.

• Increase Customer Loyalty

A simple way to clear excess stock is to focus on your existing customer base. By offering them exclusive coupons, you’re not only encouraging repeat purchases but also enhancing their overall shopping experience, with the added bonus of moving out unsold inventory.

• Boost Brand Visibility

A well-promoted clearance sale excites customers and encourages them to share the news with friends. This effectively boosts word-of-mouth marketing, with 32% of consumers discovering new products through referrals.

As a result, your brand gains visibility while clearing out old stock and even attracts new customers through these recommendations.

Coupons can be a game-changer for building store campaigns. This upcoming holiday shopping season, reduce stress with these smart coupon and discount strategies to help move slow-moving stock.

To help you kickstart inventory clearance, here are 6 proven year-end clearance coupons and discount strategies:

1. Bring in more sales with BOGO deals
2. Add urgency with limited-time coupons
3. Entice shoppers with free shipping
4. Offer discounts on bundled products
5. Promote items with Add-to-Cart URLs
6. Reward bulk purchases with gift cards or store credits

That’s it, folks. Thank you for reading!

Have questions about inventory clearance sale strategies? Share them in the comments below!