Tips to Sell Your Surplus Inventory Effectively

Surplus inventory happens to every retail business owner because you purchase too much stock of a similar type of product, after that the latest and the better model than before comes out. Or, it is not selling as fast as you have expected it to be due to this you got short of shelf space for new products. No matter how it arises, you need to liquidate your surplus inventory as fast as possible. Unsold inventory holds your major cash and you know the cash flow is the lifeline of your business.

Here are three killer strategy ways to get earn revenue from surplus stock; Sell it, bundle it, or remarket it.

 Run Unique Sales

Out of ten, nine is the score for this strategy as this is your best option is to sell your surplus inventory. But if it were that simple to sell it, it would not be exceeded. So, it is high time to talk strategy that really works for your business.

Consider selling unsold inventory at heavy discounts, approximately 35 to 70 percent. Of course, it will probably eat into your margin, but you have to move these products off your place. There are so many sale options you can go for to turn your excess inventory into cash Here are two sale options to consider:

 Clearance Sale

Consider clearance sales once a year. Attract customers with heavy discounts on inventory that hasn’t sold out in 3 to 6 months. Promote your sale with the help of an email. Create a clearance section on your website that offers discounts on unsold inventory as a permanent feature. 

Flash Sale

Comprehend the psychology of the customer and the sense of urgency to buy. Many times offering limited period discount and offer on products is an additional catch for shoppers to make purchases. A flash sale is the best way to earn quick cash.

Remarketing or Change Your Marketing Strategy 

The next strategy is remarketing or change your marketing strategy. Your slow-moving products may not be selling because of the way it is introduced in the market. Refreshing the marketing strategy can bring much difference. Here are some easy and quick changes you can make in your marketing strategy

 New Image, New Category

Freshen up your product pages with new photos and add lifestyle or action images. Try to enhance the quality, display your products from various angles. Also, make sure the product you are selling comes under the same category the user wanted to see in. Add a new landing page or new category to enhance its visibility and accessibility.

how to sell overstock inventory ?

Introduce Bundle Packs

Create a win-win situation for your business by introducing bundle offers. You can simply increase your average order value and sell your unsold inventory. The effective way to introduce this method by offering Bundle complementary products, bundle multiple units of the same product, or give combo offers on the slow-moving product with fast-moving products. The customers who are interested in the fast-moving products will view this offer as a great deal.