Oftentimes you find yourself stuck with slow or non-moving inventory. It’s important to sell off that inventory to increase cashflow. Instead of holding onto these items in hopes that they will suddenly sell, it’s better to find ways to clear that excess stock. Remember, selling items at a lower profit margin, or even at a loss, is better than not selling it at all—and letting it sit and take up precious shelf space. If your inventory hasn’t moved in 90 to 120 days, it’s time to take a look at selling it off another way.
Here are a few ways to move that slow-moving and excess inventory:
1. Have a Sale: It’s obvious, of course, but the easiest and simplest way to get rid of slow-moving inventory is to have a sale. Heavy discounts often attract shoppers—so make sure to notify them with emails and ads. Clearance sales and flash sales are a great way to attract both new and current customers and get rid of that excess stock.
2. Re-position Your Stock: If your inventory isn’t moving, consider moving it to a new location in your store. If you’re an eCommerce business, consider taking new photos or changing your product descriptions. You might even think of re-positioning the items on your website, allowing the customers to see them in a new way. Think about re-merchandising your inventory by placing them next to complementary products. This will help you draw attention to both items—increasing your sales.
3. Bundle Items: Much like placing your inventory with complementary products, consider bundling your non-moving merchandise and discounting those bundles. You may even want to give away gifts with purchase to get rid of your slow-moving items.
4. Increase Your Reach: Consider selling your non-moving inventory on sites such as Ebay, Poshmark, Amazon, or Facebook sale sites. Make sure to take great pictures, add detailed descriptions, and include the keywords that will attract buyers.
5. Consider Closed-door Sales: Think about having a closed-door sale. A closed-door sale will allow you to get creative. These after-hour sales are a great way to offer your loyal customer extra discounts. These sales create excitement—shoppers know they’re getting something special behind those closed doors, something other shoppers aren’t being offered. Make sure to offer discounts on more than just your non-moving merchandise or shoppers may feel tricked.
These are just a few ways to get rid of non-moving inventory and increase cash flow.
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