It’s that time of year again! As the holiday season approaches, it’s the perfect time to clear out old inventory to make way for the new. However, old inventory can be tricky to move, and neglecting it can tie up your cash, space, and energy. Whether it’s because you had items shipped at the wrong time or made impulse buys, you need to develop a plan to overcome this issue. In this blog post, we will share tips on how to move out old inventory before the holiday season.
Develop a Plan
The first step in clearing out old inventory is developing a plan. Conduct an inventory audit to determine what you have in stock, and create a system to track your inventory. Once you have an accurate picture of your inventory, assess what items have not been selling. Determine whether it’s a matter of timing, fit, color, season, vendor, or placement, and learn from your mistakes. Understanding why the inventory is not moving is critical to developing a successful plan.
Create a Call-to-Action
Once you’ve identified the root cause of why the items aren’t selling, it’s time to come up with some creative ideas to move them. One idea is to hold a bag sale. Charge a flat rate for a bag or a box and have customers fill it up with as many items as they can fit. Another option is a $5-$10 add-on rack sale. If a customer purchases a certain amount of items, they can purchase anything on the designated rack for $5.00 or $10.00. If you have an abundance of items in one size, segment your email list and send out an email blast to customers who purchased items in that size, offering them a special incentive to buy now. Finally, organize your sale racks, so everything is easy to find and prominently displayed.
Use Discounts and Special Promotions
Another way to move items out of inventory is by offering discounts and special promotions. This can be a great way to incentivize customers to purchase items that aren’t selling well. Consider offering limited-time deals on specific items or offering a percentage off sales that meet a minimum purchase requirement. You can also offer free gifts with purchases or free shipping on orders that meet specific criteria. This can help you clear out inventory and attract new customers.
Maximize Product Placement
To maximize product placement, organize your best-selling items at the front of your store, where customers are most likely to see them. If you sell online, make sure your best-selling items are prominently displayed on your website’s homepage. You can also use social media to promote your best products and encourage customers to buy from you.
Learn From Your Mistakes
Finally, it’s essential to learn from your mistakes. Analyze why you generated excess inventory, and use that information to avoid making the same mistake again. The excess inventory issue could be a result of buying at the wrong time, buying too much stock, or buying the wrong product. Use this opportunity to become more knowledgeable and experienced in forecasting demand and planning product lines.
Clearing out old inventory can be a challenging task. Still, with careful planning and creative initiatives, you can move them out and make room for new stock. Utilize discounts, promotions, and maximize product placement to sell your excess inventory. Learn from your mistakes and make adjustments to avoid wasting valuable resources in the future. Act now and prepare for the holiday season, and you will see the benefits in the expansion and growth of your business!