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  As a business owner, you’ll want your products selling out speedily, so that you’re able to replenish your stocks and gear up for even more sales. After all, the velocity of revolving sales determines the value of revenues you’ll rake in at any given period, other factors are held constant. Unfortunately, things don’t always pan out like you want them to. At times, your shelves remain almost fully stacked when you’ve hoped they’ll be cleared out much faster. And that may translate to financial losses for your business.
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But you don’t have to helplessly watch your goods expire or waste away. There are things you can do to limit the financial losses you incur from unsold inventory. Depending on the nature of your business, you could prevent a haemorrhaging of scarce funds at your enterprise by applying the tips we share here. Let’s have a look at those measures.

Bundle with More Popular Products

Sometimes, you’ll have some goods that are in high demand and are quite rapidly purchased by buyers, and others that lay barely noticed by them. A good way to get all of them sold out quicker is to bundle them together and offer them as a unit package. This means that your customers won’t just be buying the popular items alone; they’ll also be picking up the less prized ones too. This works really well if the goods in question are complementary in some way, i.e. are used together.
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Barter

One thing you could do if you have lots of leftover products is to exchange them for other goods or services that your business needs to function. This idea may seem odd if you haven’t ever been involved in a barter deal, but it sure works. Just talk to vendors who typically provide you with items your business uses, and see if they’re open to trading their wares for yours. Look around hard enough and you’ll find at least a few parties that would happily take you up on your offer.

Offer as an Incentive

Instead of throwing out excess inventory, you could present them as gifts to your customers for buying more items from you. For example, you may run a promo in which buyers get one or more extra units of your product for purchasing a given number of it. The thinking here is that people will see this offer as a bargain and be convinced to purchase as a result. Almost no one wants to pass up the opportunity to acquire more goods for the price of fewer. You may also give out items with lower demand as an incentive for buying the more popular ones.

Sell at a Reduced Price

Just like the previous tip, this one capitalizes on the bargain-seeking tendencies of shoppers. Your offerings may not sell quickly enough if your customers think they are too expensive. Rather than stacking up huge losses when they are barely sold, you could lower your prices so that more people are willing to buy. You may still suffer some loss, but it’ll be much lower than what you would have to deal with if you stuck with your original price.
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Final Words

Having an unsold inventory can be distressing, especially if they’ve cost you a lot to produce or acquire. But you don’t have to embrace maximal losses for them. Follow the tips we’ve talked about here to reduce the impact of such an occurrence on your business. Featured Image Source: Medical Xpress
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 12th August 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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