Even businesses with the best inventory tracking software or supply-chain management system reach a point where they have old, excessive or undesirable stock. While many companies opt to use liquidators, that method is never practical when you want to net more than just pennies on the dollar.
So, what do you do when you find your store overflowing with last season’s goods? The key is to sell them without making losses. Below are five effective tips and tricks to get rid of dead stock, create room for new products and even return a profit.
1. Sales and discounts
Regardless of your type of business, your first step to disposing of excessive stock should be to put it on sale. Everyone loves a good discount so, find out the smallest profit margin you can live with, and slap discounted price tags on the items. If you’re putting high quantities of a product on sale, placing all of them in dumpbins at the entrance of your store can encourage customers to sift through and pick up multiple items at a time, while freeing up your shelves for new inventory.
2. Creating an urgency
One of the simplest ways of boosting the sale of your dated stock is to let your customers know you want to get rid of them as soon as possible. Urgency tactics like advertising the items as limited in supply, placing a time limit on discounts or just using time-related words like “Now, Fast, or Hurry” will entice your customers to buy your products as fast as you want to dispose of them.
3. Bundling products
Selling related items in a bundle is another clear-cut way of offloading dead stock. If your dated inventory consists of air fresheners, for example, you can create a bundle with a brand of detergent for an enticing price. Bundled goods help to get rid of more than one item at once while keeping the customers happy that they’re buying your products for a bargain.
4. Flashing coupons
Flashing deals and discount coupons on your website and social platforms is a sure way of getting your dated stock off the shelves. This way, customers that visit your page will get attracted to those coupons first, even if they were interested in a different product. Let them know the moment they land on your site that you are offering free or discount coupons on select items, which they can redeem when they visit your store, and you will automatically increase your chances of clearing off dead inventory in time for the new season.
5. Listing on marketplaces
Online marketplaces like Amazon, eBay, and Craigslist, are great for selling off excess stock because they enable retailers to list their inventory on a platform that already has an audience. Craigslist is particularly preferred among merchants because, unlike Amazon and eBay, all listings, new or used, are free to post. Moreover, Craigslist doesn’t charge a commission on the sales you make.
You may also want to consider sending your excess inventory to price comparison websites like Google Shopping, Nextag, Shopzilla, and PriceGrabber, which will ensure your items receive ample visibility.
Promoting the sale of dated stock can be a challenge, especially when you’re rushing to make space for newer items. With the tips above, however, you can successfully get rid of your old products and possibly avoid losses.