Is excess inventory weighing you down lately? Maybe a customer cancelled a huge order or your demand forecast is far from clear. Maybe your inventory just isn’t moving as quickly as you’d hoped. Not to worry, these 5 strategies can help you get surplus items out the door faster, allowing you to keep your inventory flowing smoothly, and free up as much space as possible in your back office or warehouse.
5) Retarget Like No Tomorrow
An estimated $4 trillion worth of merchandise will be abandoned in online shopping carts this year, according to Business Insider. Keep your customers engaged by using more mediums to promote your products, and keep them clicking by using apps like Bigcommerce’s shopping cart closer. It is vital to always look for more and more ways to retarget your products, especially if you only have an online store. Google has some helpful retargeting programs, but Facebook and YouTube are two of the most overlooked retargeting strategies for retailers. Facebook Custom Audience is just one example of how you can reach customers you may already know with ads right on the platform.
4) The Power of Sales
Everyone loves a sale, and there is no better way to get your stock on its way. But, some businesses would rather not go down that road of deep discounts, as they think it will only make them lose money. That is an understandable concern, but there is a way to avoid this from happening. Many are aware of the 4 p’s of marketing: product, place, price and promotion, but it is worth taking a second look at before powering your sale. When all 4 p’s are in place, then you can go ahead and drive in the sales. Promotions will get your surplus items moving, even if you don’t get back the full profit, your business will gain some capital.
Once you are ready to start some marketing incentives, you must make sure your offers are powerful enough. A great example is on Audible.com, where they promote the oh-so-adored word in retail, FREE. Whether you are offering free product returns or a buy one get one sale (BOGO), free is always a popular sales advantage. That brings me to my next point…
3) Free Shipping for the Win
Rewarding your customers is never going out of style, and the reasons for offering free shipping will always prevail. Keeping up with the changes, like free shipping and customer rewards are some ideas you can try out to get rid of excess inventory in a pinch. There’s a reason Amazon prime’s free shipping model has taken the world by storm after all. You can even turn your surplus into gifts, by using products as an incentive for customers to attract their friends and family. Try an offer like, “Get a free item when you refer a friend.”
2) Bundle Away
Grouping and selling items together (kitting and bundling) in set is one of the most effective strategies for retailers. It’s not only a way to boost sales but it also allows you to get rid of excess inventory, as well as differentiate yourself from the competition. The holidays will be here before you know it, and bundling is a great way to get your products out, giving you the ability to get creative with grouping multiple items also. In the spirit of the holiday season, you can even give your customers a discount if they choose to buy in bulk. This can be a cost-effective way to draw in more consumers.
1) When in Doubt, Sell to a Liquidator
Whether you are drowning in customer returns, or any type of overstocked items, liquidation is another approach to free up some unwanted space. However, make sure you do your research and stick to the prices you have in mind. Inventory liquidators take the products out of your hands and sell them in bulk. Some even auction off your items, ranging from electronics, apparel and more, like B Stock Supply. With auctions, you have the chance to gain some revenue back as well.
Final Thoughts
By implementing order management software for your business, you can have the power to keep track of all of your orders, and ultimately avoid the chances of the dealing with excess products, dreaded stock outs and much more.
Find out if your order management software is up to par in the free eBook below.
