When it comes to inventory, the best way to manage it is to move it out at a profit. Although sometimes storing it for future use may be an expedient option, more often excess inventory takes up space you need for new merchandise, and seasonal items risk being out-dated by the following year. Here are some ways to free up that storage space and generate some cash flow.
Sell in Bulk
If individual items won’t move on their own, offer them in bulk for discount prices. Customers find it hard to resist offers such as buy-one-get-one-free or two-for-one. This enables you to obtain needed income for your inventory and move those old items out the door.
Hit the Streets
Identify those items that need to go away, set up a sidewalk display, and mark them down at a discount. If the weather precludes outdoor selling, set up a flash sale just inside. Ratchet up the shopper urgency by limiting the sales hours or making it weekend only. Be sure to announce your sale on social media and by email.
Offer Daily Deals
Present offers on daily deal websites to move your sluggish inventory. By offering your goods on daily deal platforms, you expose them to far more consumers than will ever go to your physical locations. Research the deals sites carefully to be sure the terms of service fit your needs.
Give Items a New Twist
If some items are moving slowly or not at all, consider changing their displays. Give the same old items a brand new look. Find a way to demonstrate the desirability of the products in their display environment.
Give It Away
Giving away merchandise that doesn’t sell and clutters your storage seems like a loss, but it can be indirectly profitable. The IRS allows you to deduct the value of qualifying donations at tax time, which means a smaller tax bill. Additionally, you generate good PR through your generosity.
Moving out unneeded inventory frees space and generates income. For advice on more ways to grow your business, contact Express Capital Financing.