Does your business have a backlog of inventory that you just can’t seem to sell? It may seem like you’ve tried everything to get these products moving, but nothing works. If this is the case for your business, try these five creative ways to move old and slow-moving inventory. These tips will help you get stale products moving so that you can make room for new and exciting inventory in your warehouse.
Have a Sale or Offer Discounts on Items
One of the most effective ways to move old inventory is to have a sale on these items. Customers are more likely to try a new product or stock up on something they already have if they can get it for a fair price. You can take advantage of several different types of sales to encourage these products to start moving, such as clearance sales, flash sales, discounts on specific items, and seasonal sales.
Try a New Marketing Strategy
If you can’t seem to sell a few specific products, try shaking up your marketing strategy rather than trying the same old techniques. For example, if you run an online website, try taking new product photos. Blurry and hard-to-read product photos might be responsible for the lack of sales for a specific product. You can also use high-quality images in your physical and digital marketing, such as flyers or emails, no matter whether you have an online business or a physical one. Add these photos to a new print, text, or email campaign to bring these products to your customer’s attention.
Create Product Bundles
Bundling related products is a terrific way to move a group of products quickly for a small discount. Creating product bundles is another way of offering a sale on products, but instead of targeting a specific product, you take a small amount off each item in the bundle. This helps customers feel like they’re getting more bang for their buck. They will also be more likely to purchase a bundle of products that fall under the same category.
Display Old Products More Prominently
If you have a backlog of old products that you need to sell, don’t place them at the back of your store or in low-traffic areas. Try creating a prominent display near your store entrance or along a high-traffic aisle. If you plan to have a discount on any of these older items, consider adding them to your store’s clearance section or starting an “On Sale” display to really grab customers' attention. Make sure to utilize a retail display sign holder to bring attention to your clearance section.
Create Purchase Incentives
If customers don’t seem to take advantage of any of the above strategies, you could always try using older items as purchase incentives. For example, use some of this inventory as a free gift opportunity for customers who spend over a certain amount. For example, you could include a free branded water bottle or another item when a customer spends over your goal amount.
To see piles of inventory collecting dust in your warehouse is disheartening for any business; start working through the piles with these five creative ways to move old and slow-moving inventory. And for all your signage and display needs to make this happen, shop at The Global Display Solution.