Excess stock is a familiar challenge for all retailers. It’s a common issue, and excess inventory problems can arise due to a number of factors out of your control. Market trends change, and demand forecasts sometimes don’t pan out. Whatever the reason is, there are several ways you can liquidate excess stock effectively without harming your bottom line.
Sometimes it’s hard to sell a product, but not because of the product itself. It can be a good item that just doesn’t gain enough traction. When specific items don’t sell, it may be a sign to refresh your marketing efforts. One way you can do this is to reshuffle slow-moving inventory in your store.
Move things around, position items in a different area, or switch up shelf arrangements. You can also try creating new signage and tags that easily appeal to the eye. Schedule new product shoots to re-advertise your merchandise. Make it look new and fresh for consumers who may not have seen it before. Keep in mind that remarketing products will require extra funds and that’s why it’s crucial to be strategic when implementing this tactic. If you believe a product can be a good seller and just needs an improved promotional tactic, remarketing can be a good strategy.
Increase exposure of slow-movers
Slow-moving stock that takes up extra shelf space is always tricky to handle especially if it ties up your capital. A good idea to liquidate inventory is to double or triple its exposure. For retail stores, this can be done through displaying items towards the front of your store, and having the same products visible at the back. Selling more of your slow-movers is just a matter of strategic placement, and making sure people can see them.
Offer as a freebie or use as an incentive
Ideal for low-cost items, excess products can be used as giveaways or incentives without necessarily impacting your business profits. You can encourage customers to sign up to your mailing list and in return, offer these products as freebies. You can also extend them as giveaways in events, deploying the cost of the product as a marketing expense.
Another technique to sell inventory is to pair excess stock with products that you know people will always buy. Group complementary products together, and offer them at a more economical price, compared to when customers purchase the items separately.
Tap online marketplaces
If you find that there’s not too much demand in your local market, you can try to place your slow moving products online. This allows you to reach a broader audience, and improve the chances of selling your excess inventory.
Move and sell excess stock online with Bartercard
Get rid of excess or slow-moving stock without the heavy discounting. Bartercard is a B2B networking platform that introduces your brand not just in local markets but also internationally. With thousands of members from all over New Zealand, you can gain access to our wide-ranging online platform and our offices in Auckland, Wellington, Christchurch, and more.
Joining our network allows you to reach new markets and increase your chances for profit as you sell excess inventory at competitive prices. Interested to join? Learn more about our Bartercard membership packages today!