Introduction
If you’ve ever walked into a bin store and wondered why prices seem to change every day, you’ve experienced their unique pricing strategy in action. Bin stores follow a rotating schedule where prices start high when new inventory arrives and gradually drop throughout the week. This approach keeps shoppers coming back and creates a fun atmosphere.
Daily Price Drop Model
The bin store concept involves starting the week with a higher price per item, then the price drops as the week progresses. On the last day of the week, it may be as low as $1 or $0.50 per item. Some stores do a fill a bag day where a customer pays a set price to stuff a bag full of bin items. The most popular days are restock day and the last day of the cycle when items are the cheapest.
An example of a common bin store price model would be $10 Friday, $8 Saturday, $7 Sunday, $5 Monday, $3 Tuesday, $1 Wednesday, and close the store to replenish bins on Thursday.
Restock Day and Restarting the Price Cycle
Restock day is when the bins have fresh inventory. Prices are back to the top price. Many stores have their highest priced restock day on a Friday or Saturday, then the price drops through the week and their lowest priced day will be mid-week. Customers usually line up before the store opens on restock day so they can get the first shot at the bin items.
Benefits of this Model
The pricing strategy is great for both store owners and customers. Shoppers can purchase early at a higher price or come back another day and hope the item is still available for a lower price. Resellers can usually find some items with a good profit margin. People purchasing for their own use can find great deals.
Store owners can maximize revenue on the most popular items while still selling less desirable things on the lower priced days. They also will sell through inventory faster so they can bring in fresh items and keep customers coming back often.