Ian
There is no business house in the world that sells every single piece they get from the wholesaler. And in any retail store, online or offline,space matters. Especially with raging rents that people have to pay
for storage. So, every bit of space counts.
Technology
to the rescue
Managing
and preempting inventory issues can be aided by modern technology.
Online stores today get in touch with wholesalers only if a shopper
expresses interest in a product. This is a proactive method through
which you can reduce your unused inventory in the future.
Offers
and discounts
Nothing
works like offers and discounts to get rid of unused inventory.
People are tuned in to consider products if there is a discount.
Apart from offering discounts on old stock, you can also club it with
new product sales. You can offer old stock as freebies in an order
for new products.
This
also encourages consumer spending. You can popularize sales and
promotions by giving out coupons for unused inventory products.
Off
Season Sales and Flash Sales
Organize
a day or two of heavy sales with heavily slashed prices. Give out
huge discounts on unused inventory. Offer free shipping on these
sales. Nothing works like a flash sale to whet a consumer’s
appetite.
Liaise
with other retail sites
If
you can’t sell it through your site, liaise with other sites. Try to
sell via another medium.
Sell
Overseas
If
there is no means to sell it at home, you can sell it overseas. There
are several avenues through which your unused products can be sold in
other countries.
And,
of course…
There
is always the option of donating your unused inventory to charity.
Image: Quikr
