ECONOMY

Electronics retailers reduce prices to boost turnover

Many local electronics chains are banking on special offers in their strategies to boost sluggish sales. Meanwhile, discounts of up to 50 percent can also be found at cosmetics stores, which have also seen a significant drop in business.

In the electronics retail sector, the special offers are quite impressive, though consumers should be cautious and do their research before spending any large amounts of money and make sure that the discount is in fact what it says it is in terms of the original price of an item. It is not unheard of for an item being advertised as being sold at a discount actually carrying a price tag way above the average retail price, nor for a special offer advertised on a flier to sell out in just a few hours because the discount applied to only a small number of items.

In most electronics stores, the items out on sale are usually high-technology products, especially audiovisual equipment, demand for which can drop dramatically according to prevailing trends and the fast pace of the development of new technology.

New beverage-making machines have also been thrown into the price wars between electronics chains, though consumers need to be wary because the prices of these recent arrivals on the Greek market can vary wildly between retailers. For example, one brand of coffee-making machine can be found at a price of 89 euros in one store and 119 euros in another.

On the other hand, good deals are also to be found in a new ironing system launched by a well-known company, with prices ranging between 249 and 269 euros. However, the reason why the price is comparatively low is that this is a new product that the manufacturer wants to promote aggressively, rather than a product that retail stores are afraid will remain gathering dust on their shelves.

One well-known retailer is using mobile telephony to bring in customers by advertising clearance sales at a number of centrally located outlets via text messages, as well as promoting a line of televisions. Another company is offering good deals with installment payments on fashionable gadgets such as tablets and smartphones, while yet another has focused its attention on promoting white goods.

In the hard-hit cosmetics market, one popular chain is offering 25 percent off well-known brands, while another has gone as far as slashing prices on popular products by as much as 50 percent.