Are you tired of the excess inventory in your warehouse? Don’t know how to sell them? Here we have seven proven techniques to get rid of them. Some of this will help you expand your network and customer base as well.
Flash Sales & Clearance Sales
Don’t you get triggered when you find out that your favourite jacket from your favourite brand is on sale for just 4 hours? That’s what a flash sale is! Limiting the time of sale to sell surplus stock quickly.
Clearance sales involve the double or triple exposing technique or bundling of the products. Campaigns like 'Buy 1 Get 1' or huge discounts on bundles clears out most of the stock immediately. Here you have to make sure that you create bundles with a product that is in trend and add them with excess stock. This technique lures the customer the most and 90% of businesses use this to sell excess inventory.
New Marketing Strategies for Liquidation
We are all done with traditional marketing and gaining organic engagements and customers. As the world is changing and sinking into digital media, give them what they are looking for. One of the new strategies soaring high is influencer marketing.
Ever wondered how these influencers get freebies from high pricing brands? This is a marketing strategy adopted by businesses for the liquidation of excess inventory. This hits two targets from a single arrow. They are increasing their customer base by networking and of course, it is helping in sales.
Refresh & Re-Market
The fault is not always in the products. There is a possibility that people are not noticing them due to mess in the store or to simply put, they are not advertised well enough to seek attention. In order to do this well, try to rearrange the products, may be according to some colour scheme that goes well with your store; get them fresh price tags and put them in the most accessible section of the store.
If you are to put them online, try clicking new images and have a separate section for grabbing customer’s attention.
“Back in Store” Advertising
How many times has it happened that we want to buy a product which is out of stock? You will notice that these are some commonly used products. When a customer gets a notification of ‘XYZ item Back in Store’, chances of buying those items increase.
Sell to Liquidation Companies or Online Marketplaces
I am sure you are well versed with the concept of online retail marketplaces or
wholesale liquidation store. Make complete use of them to sell your surplus inventory.
Apart from stores, don’t you think, today’s era needs a digital presence? Well yes, then without much ado, start listing surplus items on places like Shopify or eBay; or to the companies dedicatedly working to sell excess inventory like Excess2Sell.
Secondly, consider making your digital game strong. Have a user-friendly website where consumers can shop and buy excess inventory online hassle-free.
Donations to sell surplus stock will make space for fresh products, market your business automatically and help in tax deductions.
The hot-shot method to retain customers is rewarding them with freebies. Small items that are taking up space in your warehouse can be used as bait for customers to keep visiting you. Offer them these items as freebies by conducting giveaways, or referral programs. Do not forget to market these campaigns in your stores and on online platforms.