Inventory management is a crucial part of every business. Despite taking calculated measures to manage inventory in the warehouse, many businesses are left with a slow-moving inventory or excess inventory. It is necessary to move such inventory from the warehouse as it tends to affect the profits and increase the expenses. Here are some ways to convert slow-moving inventory into cash.
Run a Sale :
The most obvious way to clear excess or slow-moving inventory from the warehouse is to offer these products at discount. You can run a discount sale to clear such inventory. Run huge discounts but make sure that you don’t compromise with your profit margins. The only downside of running a sale is that you have to decrease your profit margins. There are different kinds of sales that you can run like a clearance sale, seasonal sale or flash sale. But make sure there is a balance in running annual sales as too many sales can stop attracting customers.
Rebrand Products :
Sometimes product branding is the reason behind a slow-moving batch of products. If you think that a product has the potential and yet it is not moving from your warehouse shelves, then you need to rebrand these products and try to sell them with new branding. Branding changes the way customers perceive and receive a product in the market.
Marketing is an essential element for higher conversion rates. If a product has not been marketed well, then the product will not move easily from your store. Businesses should remarket slow-moving products to attract customers. Try to click new pictures, run new promotion campaigns or change the product descriptions online. You can use a combination of many modern-day marketing tools to sell your slow-moving inventory.
One of the best ways to ensure increased sales of slow-moving inventory is to combine them with new products. You can make a bundle of products by striking a balance between popular products and slow-moving products. Make combos and bundles of these products and this way, you can make sure that the excess inventory in your store sells quickly. Or you can just put multiple units of the same slow-moving products and sell the bundle at lower prices. Again, this strategy can affect your profit margins but if your aim is to remove excess inventory from your store, then this is an efficient way to do so.
Use as Incentives and gifts:
If a low-priced product is not selling, then you can offer that product as a complimentary gift or an incentive to your customers. This strategy will have dual benefits as a business can ensure the sale of slow-moving inventory and have increased conversion rates for popular products.
This may sound like a bad idea but donating your slow-moving goods to an organization or a business that needs those products can be beneficial for your business. It helps in tax reductions. You can donate the excess inventory or slow-moving products and even benefit from helping another company or organization.
Excess Inventory Liquidation Companies:
If you are looking for a way to sell the slow-moving inventory without compromising with your profit margins or making any expenditures, then excess inventory liquidation companies are the best option for you. Such companies offer B2B solutions to businesses for selling excess inventory with ease.
Excess2sell is one of the best excess inventory liquidation companies in India. You can get B2B leads for selling excess and slow-moving inventory in your store. Excess2sell offers a platform where all kinds of industries can sell their excess inventory at a profitable price. It is the most efficient way to deal with slow-moving products.