Having too much inventory can be quite disadvantageous to the retailer. It takes up the precious shelves spaces and also ties up your financials from investing further or purchasing the things which you need. For this reason, it’s crucial to pay regular attention to your inventory and sales data. This helps you to monitor the progress of your stock so that you can make better purchasing and marketing decisions.
Excess inventory can sometimes be caused by uncontrollable things. For example, it could be due to market changes which affected your demand forecasts. Whatever the case, don’t worry. Here are several liquidation clearance techniques you can use:
If one of your products is not selling as expected, the problem may not be the product, but rather your marketing skills and strategies. Try to refresh your merchandising and marketing efforts if you have a slow moving stock. One good way of refreshing is to change the repositioning of the commodities in your shelves. You can also consider increasing your marketing advertisements or employing new staff to market the products. A change in skills will bring new ideas to market your slow moving stock.
This is another effective liquidation clearance technique that you can apply if the refreshing strategies do not change the situation. Try to reduce the prices of those products which do not sell quickly. You can start by giving out a small discount then continue to increases it if there is little or no impact.
This is another standard liquidation clearance strategy. It’s actually the second commonly used method that retailers use. If you are okay with it, group more than three items and sell them at a relatively reduced price. The price should be lower the price of purchasing them separately. This will convince buyers to buy more of the products.
You can consider selling them to some online sites such as Amazon, Etsy, and eBay. It might take a bit of your time to capture images and write their descriptions for the sites and customers to see. It could, however, be of great help in getting rid of the slow-moving stock.
Check out with your vendor to know if you can exchange them with others, or return them. This liquidation clearance can be greatly beneficial to you if you have a good relationship with them. You should, however, make sure that they are in good condition before you return them.
This is the last option you can take to your slow-moving inventory. One of the main benefits of actions is that they attract very many customers. Although the auctioned goods are usually sold at reduced prices, this will play a significant role in liquidating your stock. So, look for a prime auction, implement the right strategies, and you will surely find a liquidation clearance solution to the stock which is worrying you.