Making the Most of Unsold Stock
A number of retailers are in the same situation- sales are tight, and the inventory you've invested in keeps getting older. We get it! Try these avenues for keeping aged inventory moving.
This article was written by Sullivans: Elevating Spaces, Empowering Growth. We are a dedicated home decor company committed to curating beautiful environments. As passionate marketers, we carefully watch trends with a strategic mindset to collaborate closely with our customers, fostering lasting partnerships and helping them to drive growth.
Sales are tight and inventory keeps getting older.
Luckily, there are plenty of clever ways to make the most of your unsold stock and make a profit from it. Here are some ideas:
- Offer discounts to your regular customers. If you have an email list of returning customers, reach out to them with an exclusive discount offer for your overstocked items. This will help you cut costs and make sure that your loyal customers benefit from their loyalty.
- Create bundles. Bundling smaller items together can be a great way to get rid of unsold stock quickly. You can combine items that complement each other nicely, such as vases and stems in a premade arrangement.
- Restyle/reshoot/repost old inventory to make it look new. A few small changes or a fresh take on your product photography can help them seem brand new.
- Sell on Facebook Marketplace or local Facebook groups. It's an easy way to reach shoppers in your area and move some of that older stock.
- Try swapping inventory with other stores! If you have an excess product, why not see if there's someone with something that complements what you have?
- Pop-up shops are also effective ways to increase brand awareness while also moving excess products off the shelf. It's a win-win situation.
- Donate the stock. Donating unsold stock to charity is a great way to give back and get rid of excess inventory. Donations are also tax-deductible, so you can benefit financially too.
No matter what you do, there are always ways to make the most of your unsold stock and get something out of it. With a little bit of creativity and effort, you can turn your unsold stock into a successful venture.
Sell Unsold Items in Bundles or Kits
If you have a bunch of products or items that haven't sold in a while, you may want to consider selling them in bundles or kits. There are several benefits to doing this - not only can you bundle multiple units of the same product together to increase sales, but you can also combine existing items into kits and bundles to create something new and exciting for your customers.
A great example is offering sets that could include a vase and selection of stems sold together or maybe even a wreath that has been adorned with additional botanicals. You could even put together a "front door kit" for a discount when shopping buying planters, a wreath, a front door rug, or more. Buyers often prefer sets or bundles over single items as they are often offered at discounted prices. This allows them to save money while having the convenience of getting everything they need in one purchase.
By bundling items together, you make buying easier for customers while increasing the value of the unsold stock - it's a win-win!
Get Creative With Social Media Campaigns
Another great way to make the most of unsold inventory is to get creative with social media campaigns. Put simply, contests and giveaways are popular marketing campaign ideas, and you can use them as an opportunity to bring more customers in.
Not only will this help build brand awareness, but it also provides an effective way to drive customers toward your overstocked items. Plus, you can also look for partnerships with small micro-influencers or industry influencers who already have strong relationships with their followers.
It’s all about coming up with clever ways to get your products in front of the right people - for example:
- Partner with a local influencer to use your product in a unique way and allow them to do a giveaway for those who follow up on your accounts. They can even offer a discount on the overstocked item to help move through the inventory!
- Run a “Comment-to-Win” style giveaway on Instagram, where participants have to explain why they need that item in their life.
- Create a fun challenge such as “Share a photo of your room decorated with home décor (from your store)” and offer a prize for the most creative photo.
By getting creative with campaigns like these, you can quickly bring attention to your unsold stock, engage potential customers and generate more sales - all without breaking the bank!
Reducing excess inventory not only saves you money but also reduces the amount of time you spend managing your stock. With the strategies outlined here, you can make the most of unsold stock and turn it into something useful. Whether you're joining forces with other businesses, offering deals and discounts, or utilizing your store's online presence, there are plenty of ways to find ways to make use of unsold stock and turn them into profits.