Deadstock bludgeoning your profitability?
Running into dead ends searching how to sell excess inventory?
No worries. There are plenty of street smart ways to clear dead stock that are at your disposal. Here are some surefire ways to get rid of dead inventory and to mint money out of them.
Promotion Level Strategies
Selling is hard. But, some added effort on hard-selling may help get rid of dead stock inventory.
Extend offers & discounts
If trying to sell at markup price is not working. It is time to lower the price a bit to make the product buyable for an even larger cross-section of customers. Moreover, the loss of profits due to discount offers is negligible compared to the loss due to non-saleable deadstock.
Sales expos are great methods to sell excess inventory as well as build a brand reputation. A large consignment of excess stock can be sold off as paid samples to interested buyers. If affordable, the stock can also be given away as visitor gifts.
Customer Centric Strategies
Customers being the end consumers of your products, it makes sense to deploy strategies that can make them buy your slow-moving stocks.
Flash sales and contests
Flash sales and contests achieve something that other businesses cannot easily achieve. Create a sense of urgency to make the buy immediately. Social media campaigns, online flash sales, contests, etc. can help sell away a large chunk of your non-moving stock.
Add your non-moving stock as a combo addition to a best selling product. The buyers of the best sellers would not mind buying the combo product for a slightly inflated price. Give it sometime before you see your entire deadstock vanish for a price.
Business Level Strategies
Things are better handled at macro-level. If customer and added promotions do not help your dead stock management, it is time to rethink your strategies on an enterprise-scale.
Business to business liquidation
Your obsolete stock can be an excellent feed for startup companies or even for businesses that are amalgamating together to form a new product line. There are several business liquidation websites and online registries where it is possible to trade the deadstock with launching companies for a bargain price.
Sell it to an inventory liquidator
One of the best strategies to sell dead inventory is to hand over the responsibility to inventory liquidators. Inventory liquidators are bulk buyers of trade inventories. They have a vast network of buyers from diverse business backgrounds which help them match excess product supply to demand. Inventory liquidators charge a commission for every completed sale.
Sales Boosting Strategies
Sometimes the tiniest tweaks to selling tactics like rewiring your SEO, product catalog, description changes can help boost sales of your slow-moving stocks.
86% of purchases originate from online searches by customers. It makes sense to re-keyword your website to display the product title, description and meta descriptions that can pull in more online traffic (and sales) through search engine queries. Use Google Keywords tool to find out what queries related to your product customers search the Internet for.
Stylize product images
Product images do have a selling edge. One prime reason for dead stock to remain dead stock could probable because they are not shown properly (Think blurry images, low-clarity, etc.) stylize your product images to make them more captivating t o the buyer’s eye, jazz up the product title with a new edition or include more product description that will help the customer make a quicker buying decision.
How an inventory control system can aid in eliminating dead stock?
An inventory control system is like the central console from where the pulse of the business can be easily felt and monitored. It helps distinguish fast-moving stocks from slow moving and even deadstock with great ease. A well-chosen inventory management system can also double up as an effective dead stock management system that keeps stock losses at bay.