Simplest Ways to Sell Overstock Inventory
The excess inventory is the inventory that a retailer does not want any longer to sit on the shelves of their store or warehouse. This is constantly done to make room for the new and latest inventory in the market. When faced with large amounts of excess inventories, companies are obliged to go for inventory liquidators and at times, to incur a loss just to clear out the excess.
When the demand appears to be insufficient in your local market, you could opt to sell online which improves the chances of you making sales. There are numerous retailers who utilize eBay or Amazon which are most appropriate to reach to a greater audience of the consumers. As an alternative, some may choose to utilize the location-based platforms such as OfferUp or Craigslist to help drive more traffic towards their stores from the local audience. However, you should have in mind that selling online does come at a price thus you should be ready to incur these costs.
If your current customers are not interested in a certain item that you deal with, you could opt to reuse the product in a way that can attract new customers to your store. You can position it as a ‘free gift’ for the first time customers or as a special ‘thank you’ gift for frequent customers who bring a friend to your store. You may also decide to pair the product with a special sale or new product hoping that it would attract new customers.
Offering bulk discounts
You should make customers aware that if they purchase multiple units of your new overstock inventory, they would obtain discounts. While buying wholesale, you get a discount hence if you are stuck with a certain product that is performing poorly, you could do the same to your customers. They encourage customers to buy more of the item even if this was not their initial intention.
This is pairing the slow moving product with another that is fast selling. You could opt placing the overstock items closer to your register as it makes it easier for an up sell at the checkout time. These deals are typically hard resist hence will help you get rid of the excess inventory.
For the retailers who would want to get some cash for their excess inventory, you would consider selling to other retailers in different markets who may have a better audience for the product. This helps minimize the headaches or efforts essential for selling a slow-moving product in your store by selling it in a single transaction.
While inventory liquidators help one get rid of the excess inventory, it could be a difficult task at times thus it could be recommendable to ask consult for advice on how to best do it. However, the above-written methods are really easy and if appropriately done, they will help you clear the overstock inventory giving room for new products which will sell easy.