Your business’ profitability depends on how well you can move your inventory. When you have too much overstock, your cash is locked up instead of being able to be used to grow your business. In a previous article, we already started to look into how to convert excess inventory into cash and explained why it is important to monitor your inventory.
To recap, we provided five ways to convert excess inventory into cash. These include having a clearance sale; showcasing slow moving inventory; organising a flash sale; creating regular sales routine; and having a private sale.
However, there are instances in which the previous tips might not help resolve your overstock problems. Hereafter, you will find some more tips and tricks, more geared towards online sales, to help solve your excess inventory issues.
Take New Product Photos
One of the solutions to your excess inventory problem is to take new product photos. One of the most important factors of any marketing strategy is product photography. And more often than not, it is hard to get it right the first time. Retailers should consider taking new photos for their products to give them a fresh look.
Product photos should be of high quality and show the products in various angles. Another tip is to have a lifestyle shot that features the overstock products in order to trigger an emotion in the potential buyer.
While there are lots of stock photos available, brands that take their own photography stand out from the rest. Unique photos provide a unique and personal touch to the marketing campaign and gives out a lasting impression to consumers.
Before the photo shoot, it is important to create the concept of the entire campaign. It is also important to think like a customer. You should consider what they want to see with regards to the products. It is also recommended to have more than a single product in a single shot. That way you can use the same image for different products.
Having new photos of the products can help get rid of your company’s slow moving inventory. It can make consumers take another look at the excess inventory in a different light.
Place Items in New Places On Site
There are times when overstock occurs because products are placed in the wrong location on the site. Visibility is one of the important factors when it comes to selling products. Products with high visibility have a higher chance of being sold.
By applying accessibility and visibility improvements on your website, you can increase the chances of moving your excess inventory. There are several ways in which you can accomplish this. For one, you can move slow moving inventory to a different section or category of the website, or even create “Hot deals” category! You can also create a new landing page that features your excess inventory.
The first article talked about offering discounts and selling the excess inventory at a much lower profit margin. Well, another pricing method that most retailers use is bundling products. Take several products and sell them as a bundle for a lower price compared to when they were sold individually. Even if the items are sold at a discounted price, bundling allows the company to maintain one’s profitability, and at the same time get rid of slow moving products.
One way of bundling is to create a package composed of fast moving products and slow moving inventory. This will make the slow moving products more attractive to consumers. More often than not, buyers who are interested in a high demand item will see the bundle as a bargain. They are also more likely to purchase the bundle even if they don’t need the other items that come with it. You can also consider combining high-end products with lower priced ones to make the price more enticing to the consumers.
Another way of creating bundles is to offer several units of the same product at a discounted rate; not only will each sale allow you to move your overstock, it can also help with your company’s cash flow.
Lastly, you can make bundles composed of complementary products. If you have an items that complement each other, then consider bundling them together. For instance, when your computer mouse is not doing well, then you might want to consider bundling the mouse with your bestselling keyboard. The two products go well with each other, and consumers will probably consider buying them them as a bundle.
Organise a Permanent Private Sale on stokkly
Finally, the last method (maybe you should consider it as your first to save on the stress and anxiety!) of converting your excess inventory into cash is through a permanent private sale on stokkly. Permanent private sales allow you to sell your excess inventory to selected members on the platform. Such private sales have no time limit and will go on as long as there are still items on hand to be sold.