Many industrial businesses might find themselves in a position where they are sitting with excess stock. There are many reasons for this. During COVID-19 overstocking certain non-essential items, poor purchasing decisions, or even simply poor uptake might have led to these instances. While it can be avoided during planning and purchasing stages, once left with surplus inventory, the trick is getting rid of it.
Here are seven proven ways to get rid of surplus inventory or old, excess stock.
1. Refresh, Remarket or Remerchandise
Sometimes old stock needs a little makeover to help it shine again. Often a different marketing approach will help move product, or simply refreshing packaging and remerchandising it will help it appeal to your market more effectively. Position surplus inventory towards the front of your store to place more focus on it or rethink your marketing campaigns and target audience.
2. Put Surplus Inventory on Sale
Look at your numbers and knock the price of old stock back a bit to help it move a little quicker. Be reasonable in this approach as you still need to make a profit or at least cover the cost of the product. Run a flash sale to help spur customers into action with a little bit of urgency to fuel their actions.
3. Create Discounted Product Bundles
Discounted product bundles work really well for creating a better sense of value for money. Next to discounting, bundling is the most popular means of moving merchandise. Combine bundling and discounting, and you have a recipe for success. Combine products that have relevance to one another to make the offer even more attractive.
4. Use Low-Price Old Stock as Free Gifts
Take a look at your lower priced old stock and give it away as a free gift when customers make another more substantial purchase. This also creates a better sense of value. You could even position it as a buy two, get one free or something similar.
5. Make Use of Online Marketplaces
Industrial Clearance is your support structure in this instance if you have surplus inventory in the industrial sector. We will host and sell your industrial stock on our online marketplace offering the lowest prices for our customers, but still enough of a deal for you to turn a profit. Other industries have similar online marketplaces that can be used.
If you are desperate to move your surplus inventory, and there is substantial money involved, consider liquidation. Sell your stock to merchants who make it their business to take on old or excess stock in these situations. They might want to make personal selections from your range.
7. Make Donations for Tax Benefits
Last but not least, donate your excess stock and take advantage of tax benefits. This is a win-win option as you will be assisting a charity and you can enjoy tax deductions at the same time.
One last reminder, where industrial clearances on surplus inventory are concerned, get in contact with us and we will give you the best price on your old stock.