Excess inventory can cost huge, hence keeping the excess inventory to a bare minimum is always on the to-do list.
“Excess and obsolete inventory is costing the typical distributor 25 percent a year.” The Distributor Board, a consultancy group, noted in Industrial Supply Magazine,
Don’t let the excess inventory stole your money! Just moving it!
Inventory Management is necessary
It is really important for you to pay more attention to your sales and excess inventory data. Preventing out of stock is important, also, prevents overstock is. There are uncontrollable circumstances may lead to excessive inventory or over stock situations, you have to control all your products and prevents over stock in your store.
Ways to move excess inventory
You’d better highlight products as “ON SALE” or “SPECIALLY PRICED”. If you can catch consumers’ attention in a time when they visit the webpage, then consumers can stay and view any products they are interested in. Besides, there are several types of product promotion, let’s check how to do it.
- Contact Influencer: provide unlimited codes for them and ask them help you promo the product. And also you can send the product to the influencer for free, in general, they will be willing to review your product. It is also a good way to expand your brand.
- Launch product to deals site:Some items with larger value and better selling can be posted on discount websites for promotion.
- Join Amazon event: Choose the suitable amazon’s shopping event, just like LD. It is necessary to know how to arouse the emotions of consumers and make them think that if they miss this time, they will not be able to buy such affordable products.
- Contact customers who have already purchased: you can try to contact the customers who have already purchased, tell them the discount on the product.
- Publish product on eBay: Go to eBay to publish product information and sell it at half price.
- Giveaway: You can offer a giveaway on your social account, it is literally effective. It can encourage consumers to purchase other products from you and expand your brand.
2. Product Bundling Strategy
The potential benefits of product bundling are clear. As the excess inventory product, you can use it as a bundle sale and give it away as a gift. As long as the consumer purchases a certain type of product for a certain amount, they can give it as a gift.
Of course, the bundling strategy is different from different products, hence choose the right method is important.
3. Exchange sales
When product sales are slow like a snail, you can look for other sellers to see if there is a win-win method. If they are willing to exchange sales, then they should promote this product as a new inventory to increase consumer interest.
4. Extend the return period
With this return period, buyers hope to be more secure and safe when shopping, so that they can shop happily. And extending the return period is undoubtedly a very good choice.
Inventory management is one of the most important aspects for businesses, better manage your inventory makes you get greater success.