You build up excess inventory when there’s less demand for your product than what you’re offering. This could be a big bother for you, as surplus stock takes up space and ties up capital that you could have reinvested into your business.
There’s the option of simply giving such items away. But that’ll probably mean losing precious funds. It’s the last resort that most enterprises would rather not turn to.
Thankfully, there are other ways to get rid of accumulating stock that could still fetch you a good deal of money. We’ll explore six of those strategies here.
One way to get your slow-moving products sold is by bundling them with other items. You could add them to fast-selling goods, or sell them along with better-performing complementary products. You might even try bundling several units of the same item.
For example, if you run a fashion store and your ties aren’t moving off your racks quickly enough, you could begin selling them along with your suits (if they’re popular with customers).
Rebrand Your Marketing
This works if you’re selling or marketing your products online. Perhaps you aren’t promoting them in a way that captures the attention of your target market. Consider tweaking a few things about your selling tactics. You could use new, more attractive product photos, and make your labels catchier.
There’s also the option of using keywords that could attract higher traffic to your online store. They’ll make your website rank higher on online search results pages, and draw more visitors to your site.
Reposition Your Products
This is the offline equivalent of the point we’ve just made above. Try making your slow-moving products more visible at your physical store. You could do this by placing them in more prominent positions, and in multiple locations there. Or put them in attractively-lit showcases (if this applies).
It’s possible that visitors to your store haven’t been buying certain items because they’re positioned in obscure corners. Bring them closer to your customer’s sight, and you’ll probably be selling more of them.
Organize Flash Sales
Provide limited-time discounts, and let potential buyers know that there aren’t that many items of the discounted product in stock. By doing this, you could trigger a fear of missing out on your target market, and cause them to order more of the product(s) concerned.
Before launching a flash sale, be sure to decide what kinds of discounts you can deliver on without incurring a significant loss. While you’re keen on shipping off excess inventory, you’ll still want to generate decent revenue from the sale.
Offer Excess Stock As Incentive
Here’s something you could do with your accumulated inventory, especially if it’s made up of low-cost items. You could offer such items to your customers as a reward for buying a number of higher-priced goods or spending a certain amount of money on them.
For example, if you have too many socks in your fashion store, you may give one or a few pairs to anyone who buys two or more sets of formal wear.
Sell On Other Online Marketplaces
If you’re not getting any luck with selling certain products at your physical and online stores, you may consider using popular online marketplaces. They tend to have much larger traffic coming into them, so they could be just the place where potential buyers for your items will pop up.
Popular online marketplaces in Nigeria include Jumia, Konga, Jiji, and OList.
No one wants to have a surplus of unsold goods lying in their store for months. Getting rid of them could cost a considerable amount of money. But you can sell them all off while smiling to the bank. We’ve just shown you how.Featured Image Source: TutorialsPoint
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