How To Move Excess Inventory

Physical space for stocking inventory is valuable real estate when you're a business owner. Every extra inch matters. Whether your stock is kept in the back office, remote warehouse or even your living room, you need to do everything you can to keep it all moving. Stagnant inventory processes will not only cause a backup in your operational efforts, it will also cause major chunks of your cash flow to halt. So how shall i move them???

Promotions

There are a number of promotions you can use to get that leftover stock moving again. If you’re having an issue selling products individually, try bundling them and knock down the price or offer some type of discount. For customers, this will provide them with a better value without cutting too much of the profits from your business. Combos attracts customers.

products as incentives

If you have a list of customer email addresses, create a campaign around referrals. Encourage them to "tell a friend" about your company in exchange for a free shirt, bag, etc. This is word-of-mouth marketing without spending much.

Create an urgency

Creating an urgency is a staple if you want to get rid of dead stock. How??

• Mention it is a limited supply – like "only 3-4 products are in stock."
• Place a time limit.
• Highlight cost saving amount.

This will entice customers to add products to cart right now!

Include them in your daily deals Many sites implement a daily deal offer which allow customers to buy products at a much discounted rate. Implement some of your excess stock in your daily deals which makes it easy for you to get rid of those products, instantly! Daily deal means offering one-two products at a much discounted rate regularly, this way you limit your shoppers purchase-making decision and have them add the product to their cart, right now!

Cross Sell

Cross selling in eCommerce is a simple way to move excess inventory. Try pairing some of your overstocked products with related top sellers to encourage additional purchases right before or after checkout.

List on marketplaces

Marketplaces are a bliss to retailers which allows them to list their inventory on a platform with built-in audience. It allows bulk purchase easily. Bizbilla is one such b2b marketplace connecting business people worldwide. Post your excess inventory products and expose yourself worldwide.