Keeping excess inventory is a huge risk for a business. The fact that it is not generating any income and gradually losing its value cannot be ignored. With minor exceptions the wise thing to do would be to convert the excess inventory to useful assets. Let us discuss a few ways in which this can be done.
Working with an asset liquidator is the go-to choice for getting rid of excess inventory profitably. They buy your excess inventory and then sell it at a discount. However, you should always be aware of the value of the items you are selling before you start the negotiation. Also, there is the cost of transporting the inventory to the seller. Inventory liquidators are the best when you need money quickly, but always be wary of the risks. Losing your brand value is another risk associated with using inventory liquidators.
Another way to sell is through online third party sites. As the e-commerce industry is on the rise, more and more people are turning to this platform of selling excess inventory. This method also has the risks associated with selling to liquidators but is definitely easier and more accessible.
A great strategy to sell products to customers is by bundling products. Several products can be bundled together with popular products and sold at an overall discount. This motivates the customer to buy the bundle as they perceive it as getting more value for their money. This helps get rid of a lot of merchandise at once. Other ways include encouraging bulk purchase by offering two for one and buy one, get one free offers.
Then there are a few methods to not waste your excess inventory when push comes to shove. Who doesn’t like free stuff?
Repackage your excess inventory and give it out for free to your regular customers. Don’t forget to make a big deal out of it. This helps move your excess inventory, boosts public image and acts as a marketing strategy for the firm. This can also be turned into a referral service with milestone rewards.