Having too much stock lying around is no fun for shop owners, particularly if you’ve got new exciting stock coming in and last season’s stock is taking up valuable floor space. Don’t fret – there are several creative and profitable ways to move out-of-date stock for good.
Refresh or re-merchandise
If an item isn’t selling, the problem might lie with the merchandising and not necessarily with the product itself. Simply repositioning items in store or freshening a display can work wonders for stock that isn’t selling. Options for refreshing old-looking stock include replacing worn price tags, refolding untidy clothing, creating new brightly coloured signage, and moving the stock from the back to the front of the store.
Throw a one-day-only sale
One of the best (and quickest) ways to get rid of dated stock is to throw a sale event. Hosting a one-day-only sale event is a great idea if you need to move a lot of stock as the ‘one day only’ notion can create a sense of urgency among shoppers and could potentially move stock quicker than a month-long sale for example.
It’s recommended to limit these flash sales to only once or twice a year as hosting regular flash sales can diminish the allure and urgency of what you’re trying to achieve.
This flash sale from clothing label Lover is a great example of creating a sense of urgency. Promoting the sale across Facebook also allowed them to use custom audience tools and target audiences specific to the sale area.
Sell bundle items
Another way to rekindle shopper interest in old stock is to sell bundled items. Next to discounting, bundling similar products together is one of the most popular pricing methods for retailers. Much like holding a two-for-one sale, bundling stock refers to grouping related products together – such as mascara with eye shadow or sunglasses and hats – and selling them for a cheaper price than what they would cost individually. You’d be amazed by how appealing bundled items are to shoppers and in some cases will seem to them like they’re getting one of the items for free.
Another option to make slow-moving stock more appealing to shoppers is to price bundle. As we can see from the example of Cotton On below, price bundling is often the extra incentive a consumer needs to make a purchase decision.
Offer product freebies
Much like selling bundle items, offering product freebies with other purchases is the perfect opportunity to sell off unwanted stock. This method is particularly beneficial if you accidentally ordered too much of one product or assumed that a particular item would be the pick of the month among your shoppers and turned out to be a big flop.
Offering free shipping for particular items is a great way to make out-of-season stock more attractive to shoppers. Free shipping works well for online retailers as well as offline retailers selling larger items such as furniture that need to be ordered in and delivered.
Whichever avenue you choose to explore, don’t forget to get the word out online to increase your chances of selling that stock for good.
And finally, if your store or stockists aren’t optimised for discovery by nearby shoppers, you are missing easy opportunities to move excess stock. Booodl can help with that.