Managing a running inventory requires skills and attention to detail. Having excess inventory or old and surplus stock can act as a giant hurdle in your business growth. Most successful liquidation businesses and e-commerce sites follow a systematic marketing strategy to keep rolling their sales.
If you are finding it challenging to get rid of excess inventory or encourage customers to buy liquidation pallets, you need to tweak your strategy. Follow the ten smart ways to boost sales and minimize the load of excess inventory.
1. Re-merchandise and Remarket
If you are finding it hard to sell your surplus inventory, then try refreshing your display and remarketing the products. This means repositioning products to make your display more appealing. Switch the arrangements and freshen up your merchandise. Create new attractive price tags. You can also take high-quality photographs for your website.
2. Bundle your Products
Bundling products is another best technique for boosting sales. You can group similar products and lower the price of the bundle. This will not only give an amazing incentive to the customer to place bulk orders and buy liquidation pallets, but also make your liquidation store one of the best ones in the market.
3. Run Giveaways
Giveaways are the most common sales techniques, followed by the best wholesale liquidation company. This method helps generate quality leads, promotes products, and increases conversions. You can choose any low-priced item or product collection to host a giveaway. Use a strong call to action to encourage customers to register for the contest.
Giveaways are great incentives to gain wider reach and get quality customers for your liquidation business. So, implement this method in your marketing strategy.
4. Promote Discount Offers
The next best way to get rid of excess stock is to offer discount deals and flash sales. Discount deals have a good psychological effect on the customers, it creates a sense of urgency. Moreover, it creates a fear of missing out and encourages the customer to buy liquidation pallets and bulk products.
5. Motivate your Employees
Sometimes, the marketing downfall happens because of demotivated employees. Therefore, make sure you keep up the enthusiasm and motivate your employees. Organize interactive team meetings, discuss new insights, and make your employees a part of your business. Besides this, organize fun team-building events, weekend picnics, dinner parties, and more to take away their stress and help them build friendships with other colleagues.
6. Return to the Merchandise
If nothing else is working for you, try to return the merchandise to the retailer for credit or new stock. This is a great opportunity to switch your stock that has been taking up a lot of storage space. If you have strong relationships with vendors and retailers, then definitely go for it. You’ll be surprised to see how it works out for your business.
7. Cross-Promote on Other Sites
Cross-promoting your products on third-party sites like eBay and Amazon is an amazing way to get rid of your surplus inventory. The best wholesale liquidation companies follow this method and it works like a charm. Although it may take some time to sell all the products you list on these websites, but with the benefit of having an established audience, you’ll be able to sell the majority of your products.
8. Look for Best Wholesale Liquidation Companies
Another way to sell your overstock is to partner with different liquidation companies and offer them good deals to buy liquidation pallets. The only drawback of this step is that you might not get a huge profit because liquidation companies often buy bulk products at lower prices. However, it is the best way to get rid of overstock in a short time.
9. Strengthen Online Marketing
Online marketing is the fastest way to boost your liquidation sales. Ramp up your website by posting appealing photos of your products. Use keywords in the product title and description to increase visibility online. Besides looking after these metrics, the best wholesale liquidation companies also pay attention to analytics and traffic flow to your website. Identify your weak metrics and strengthen your marketing strategies to boost sales.
10. Donate to get Tax Deduction
Lastly, donate your inventory to charity to receive tax write-offs. Research on how tax deductions work in your state/ country and follow the guidelines. Partner with any organization and offer them your excess inventory as a token of love. It’ll not only benefit you but also benefit others in need.
Excess inventory can become an enormous burden on you if you don’t get rid of it quickly. Not only does it occupy your storage space but also decreases your profit. The above ten ways will guide you to boost your sales and get rid of your surplus inventory. Not just that, you can implement these steps in your day-to-day marketing strategy to get amazing results.