Estimated reading time: 2 mins
In the long march towards business success, especially in retail, you might find yourself in possession of too much stock. It happens from time to time. Goods that haven’t sold but are perfectly fit for sale, returned items which have been refurbished or otherwise validated for sale, among many other means.
If you have plenty of stock to sell, the necessity to sell it all can be overwhelming. There are ways to sell these items, but only if you’re wise and employ some appropriate methods. We’d like to suggest those methods here. We hope they help:
Consider Your Building
If it comes to selling warehouses worth of items, crafting a new outlet could be your best options. Whether that’s online through an eBay or auction house, or a coveted and enviable space in industrial steel frame buildings (as often employed by some of the biggest and best brands,) having the space where consumers know exactly where to grab these items can do a world of good. Who knows, the success of this place could lead to further and better use of these outlets in future.
Promotions are the best way to reduce stock shelves. A massive ‘everything must go’ deep slash sale can help you recover some of the cost on otherwise unsellable items. People are always more interested in items with deep discounts, even if those items aren’t something they’d initially desire. If you can display these items well, and provide a solid sales pitch, then you could melt your stock levels and reforge them into cold hard cash.
Another great promotion is to bundle a purchase. This not only sweetens the deal for your more expensive items, but allows you to recover some of the cost of your unwanted items. For example, selling a blu-ray player could come with a special USB streaming stick. Grouping like items together will always convince the consumer they have received a better deal, and sometimes that’s all they need to feel vindicated in their purchase.
Know Your Market
It could be that you’re not selling the stock to the right market. For example, if you have plenty of refurbished laptops that you need to get rid of but aren’t appealing to the modern market, why not try selling them to school IT departments or community event organizers? Looking for startups and offering a discounted rate could also help you do some good for the economy, while making a decent return on your initial investment.
Sometimes, big stores will make trends where they wouldn’t have otherwise existed. For example, many shirts from a winter fashion collection could be applicable for a ‘see the new year in’ trend. The same clothing is being sold, but the idea has shifted. People are less inclined to purchase new winter clothing in January, because they know it will soon be Spring. However, framing these items in this new light makes them seem fresh, and part of a new and updated collection. You’re not deceiving the customer, just reframing the promotion around the item. This could be potentially very lucrative.
With these tips, you’ll find your stock shelves transforming into recovered capital.