Liquidating surplus inventory: smart ways to get rid of excess stock

Clip Strip Corp. Pro Tips, Store Owners Leave a Comment

Too much of a good thing is a problem many retailers struggle with.  That’s why it’s so important that you have strategies in place to move excess stock.  It takes up space in your stockroom and on your shelves and worst of all, it represents money you could be spending on other priorities.

Here, we’re going to offer you some tips about liquidating surplus inventory:  smart ways to get rid of excess stock.

Keeping track of inventory on hand is a key function of a healthy retail business.  Knowing what’s in your stockroom can tell you when it’s time to move some of it out the front door.  Regular tracking helps you avoid letting too much of a good thing take up residence.

Tweaking your merchandising.

Excess inventory may result from sales forecasts that didn’t pan out, or bad timing for a particular item, but that’s not always the case.  Sometimes, items you believed would move faster than they did just need a little tweak to get them out the door.

Positioning is one way to make that happen.  A simple fix is moving the slow-moving inventory to another position in the store.  This may be as simple as moving it to a different shelf, or organizing it differently in relation to other, similar items.

This approach is especially useful for items you have faith in.  If you genuinely believe that your efforts haven’t presented the inventory at its most attractive, trying a different approach based on your perception of its value is a good way to go.

Strategic discounts.

Once you’ve refreshed your merchandising, it’s time to consider strategic discounts.  Incremental discounts, accompanied by online and in-store promotions can move the stock.  Start low and build the discount in increments.

Offering consumers an opportunity through a limited time offer or sale is an attendant strategy that alerts your customers to the discount.  A “flash sale” or “one-time offer” can turn the heads of your shoppers.  They may have seen the item and liked it, but wanted another price point to be offered.

This strategy demands a little planning and strategic promotion.  Break out the balloons and streamers.  Put a table out on the sidewalk.  Offer shoppers an experience, like a solo harpist, or Spanish guitar player.  The bigger you go, the more buzz you create and the more likely you are to get that excess inventory out of your store.

PRO-TIP:  Strategic discounts and sales events should be applied sparingly.  When customers get too accustomed to them, they’ll begin to lose interest and wonder if your business isn’t going under.  Frame your events as celebrations of your retail outlet that invite valued customers to participate.

They’ll probably bring their friends, if you mount something exciting and high-value.

Clip Strip Corp. is a leader in POP merchandising supports and in-store displays.  We create consistency and professionalism for your in-store marketing, refining the shopping experience for customers.

Contact us to find out how we can support your business with outstanding POP merchandising.

Sharing is caring...

Leave a Reply

Your email address will not be published. Required fields are marked *

8 − four =