If you have more than you need, it can actually cost you money to hang onto it. The following tips can help you get rid of your overstock.
Sell Stock Online
If you don’t have enough demand on the market, sell a product online. Ebay and Amazon offer a massive potential audience of consumers and for that reason, are highly favored by retailers. If not a worldwide audience, retailers also use local services like OfferUp, LetGo or Craigslist to drive sales from their store.
One exciting way to sell overstock inventory is to reuse products creatively as a promotion to bring buyers into the store. For example, place an overstock product as a free gift for new customers or a thank you for customers who spend a certain amount or bring a friend into the store.
Offer Bulk Discounts
Bulk discounts are a great way to entice customers to purchase multiple units of overstock inventory. Offering 20 percent off two or more items is just one example of a bulk discount that works in-store. These encourage customers to pick up more in the store, even if they came in for just one item.
When you have a slow-moving product on the shelves, try bundling it with one the customers love. Complimentary items work well for this sale. Swimsuits with unpopular flip flops or discounted flip flops with a popular swimsuit are great examples.
Use Resale Services
Some retailers who are looking for cash from overstock inventory can use B2B marketplaces. These services help you deplete excess inventory on a different market where there may be better success. This method also reduces the mental effort and energy required to sell overstock products in-store.
If you’re looking to reduce overstock items in a hurry and need expert assistance, We are there to work with you to understand your needs and sell your products for you. To know more, visit this website.
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