Small retail stores often struggle with moving excess inventory, and that issue has been exacerbated by the shutdowns we’ve experienced over the last year. While larger stores likely have the option of returning their goods to the manufacturer, specialty retail shops are usually not that lucky. So, what to do with all these products? Here we take a look at ten ways to clear slow-moving inventory from your retail shelves.
Bundle With Popular Items
Bundling is something that phone and cable companies have had tremendous success with, but it can work just as well at your retail shop. Bundle together your slow-moving items with more popular items and offer a discount.
Offer Steep Discounts
There are many people out there that simply cannot resist a good deal. Offering your overstocked items at a steep discount can help you move them quickly and get people in your store to purchase other products.
Everybody loves free stuff and giveaways can be leveraged to create more business. You could offer items as free gifts for certain purchase amounts or simply give them away at the door for holidays and other occasions.
Host A Fundraiser
An outside the box idea is to host a fundraiser and auction off your items with a portion of the proceeds going to a worthy cause. With the current landscape, it may be a good idea to host this type of event online.
Donate To Charity
If the items you sell would fulfill a need for those less fortunate, it is a great idea to donate them to charity. Not only are you doing a good deed for your community, it can also be used as a tax write-off.
Take It Online
There are a variety of ways to move inventory online including websites like Craig’s List and eBay, however, it may be worth the effort to set up your own ecommerce store. With so much of retail sales happening online these days, now would be the time to capitalize.
Focus Your Marketing Efforts
Put the full force of your marketing initiatives behind moving your old inventory. Post product demos and descriptions to your social media pages and use in-store signage to draw attention to these products.
Run A Raffle
A raffle can be a great way to draw in customers and in some cases, you may end up making more money off of your products than you typically sell them for. Be sure to include more popular items in your raffle to encourage participation.
Social Media Photo Contest
Social media photo contests can bring a great deal of engagement to your social pages and help you increase your following. Using your excess inventory as prizes for the winners is a win-win situation for your small business.
Sell To A Liquidation Company
As a last resort, retail businesses have the option of unloading their old inventory to liquidation companies at a very discounted rate. You are not likely to make any money or even recoup your costs, so this is best used when you simply must clear your shelves.
We’ve funded investments over the years that have saved stores from closing their doors and funded investments that have helped successful stores exceed their goals.
Improve your bottom line with a retail store cash advance from Quikstone Capital by making investments that increase revenue.