Managing your stock and inventory levels is crucial for the successful running of your business. At some stage during your inventory process you will discover that you have stock that is outdated or simply isn’t selling.
It might be tempting to hold onto stock but this is a mistake. Stock that isn’t selling will cost you – in time and resources. Storing stock that isn’t moving will limit your ability to generate new revenue by taking up valuable storage space, as well as preventing you from fully utilising the space you have with new and fresh stock. Not only that, but you will have to continue to pay the costs of storing the stock while it merely sits there gathering dust.
If you find you are holding onto old stock or stumped for ideas on how to offload it, try these three tips to get things moving again!
Tip #1: Time for a Sale!
Consumers love a bargain, especially online shoppers. In an era where price comparison is just one click away, bargains don’t hang about for long. So, if you have product that’s been hanging about for longer than 3-4 months without being sold, it’s definitely time to move it along.
Of course, sales only work if they are well publicised so ensure you use different channels to get the word out. Use social media to announce your sale with some well placed posts or ads. You can also use your email list to send out sales offers and draw more customers in with your deals.
If it’s a seasonal time of the year then you can naturally brand your sale to align with it. But you don’t have to wait until the run up to Christmas or January to introduce a great sale!
One way to create an engaging sale is to get creative. Pick a fun theme and brand your sale to fit the theme. Take inspiration from the type of stock you have and see if you can come up with an unusual and interesting sale that fits with your brand and items.
Tip #2: Bundle Slow Moving Stock
There are a few ways you can bundle your old stock to get it moving. You can choose to bundle a few items of the stock together and offer a discount for all items. Or you can decide to pair stock that isn’t selling as well with some of your more popular items. For example, you can offer box deals where you add the slow-moving items in with the more popular items.
You can also bundle like for like stock together and create themed offers. This can be a great way to engage customers as they feel they are getting more of a bargain when extra items are included.
Tip #3: Offer Enticements
Giving customers a great deal is a clever way to get rid of old stock and increase customer loyalty and satisfaction. Customers will feel they have got a great deal, and by offering flash sales, or offers such as ‘Buy one get one free’ you can increase the chances of moving your old stock.
You could also offer free shipping on old stock or extra points if you offer a reward or loyalty system on your website.
If you find that you really can’t move stock from offering discounts, bundles and enticements another way to move it is to donate it. Depending on your stock this can be a great solution as it can give you social as well as business benefits. Increasing your brand standing by donating to charity can help you to grow your business, as well as freeing up your space, and most importantly helping those in need.
If you want to get really creative on your website you could also offer an enticement to customers by asking them to choose which charity they would like you to donate to. Many charities even have dedicated services to pick up unwanted stock from businesses, so it’s worth investigating in your area to see what your local charity needs are.