Sell Out Slow Moving Inventory
Table of Contents:
- How to Move Slow Moving Inventory: Strategies for Small Business Owners
- 1. Refresh Product Photos
- 2. Run Flash Sales and Promotions
- 3. Rewrite Product Descriptions
- 4. Bundle Products
- 5. Hold Giveaways or Gift with Purchase
- 6. Consider Liquidation or Resale Platforms
- 7. Partner with Influencers
- 8. Use Contests and Raffles
- 9. Donate and Get a Tax Write-Off
- Conclusion
- FAQs
- Watch the full video below.
How to Move Slow Moving Inventory: Strategies for Small Business Owners
Managing slow moving inventory can be frustrating for business owners. Sitting on unsold products not only ties up your finances but also takes up valuable space. Luckily, there are effective ways to move slow moving inventory and make room for new products. Here, we’ll explore practical strategies to help you turn stagnant stock into revenue.
1. Refresh Product Photos
Why New Photos Work
One simple yet impactful way to re-engage your audience is by updating your product photos. Even if your original photos were good, a fresh look can attract more attention. When customers see newly styled images, they may think it’s a new product and be more inclined to click on it.
Tips for Updated Shots
Take lifestyle photos that show your products in use or experiment with different layouts and angles. This approach makes the product feel new and exciting.
2. Run Flash Sales and Promotions
Try Limited-Time Offers
Running a flash sale can create urgency and drive quick sales. Instead of permanently marking down prices, try a limited-time promotion that focuses on the slow moving items.
Choose Discounts Wisely
Your promotion can cover only certain products or your entire inventory. This approach helps clear out stock while giving customers an incentive to shop.
3. Rewrite Product Descriptions
Add More Detail
If updating photos doesn’t work, consider revising your product descriptions. Ensure that they are informative and highlight key features. Many customers skim through photos but may read descriptions if they need more details.
Make It Informative
Avoid overly creative storytelling without essential product details. Include measurements, fabric types, and uses so buyers know exactly what they’re purchasing.
4. Bundle Products
How Bundling Helps
Pairing slow moving items with bestsellers can increase the appeal of less popular products. Customers might be more willing to purchase a bundle that includes a sought-after product along with one that hasn’t been selling well.
Offer Discounts on Bundles
Providing a small discount for purchasing a bundle encourages buyers to spend more while helping you clear out slow moving inventory.
5. Hold Giveaways or Gift with Purchase
Boost Brand Awareness
Hosting giveaways on social media can create buzz around your business and move products at the same time. Use slow moving items as the giveaway prize to increase their exposure.
Incentivize Higher Spending
Offer a gift-with-purchase promotion, such as “Spend $50 and receive this item free.” This motivates customers to hit the spending threshold, helping you sell more and move unsold inventory.
6. Consider Liquidation or Resale Platforms
Work with Liquidation Companies
If other strategies don’t work, reach out to liquidation companies that buy unsold stock. Keep in mind they may negotiate a lower price, so weigh the pros and cons of this option.
Explore Third-Party Resale Sites
Listing products on platforms like eBay or Poshmark can help you sell items that aren’t moving on your main site. While profits may be lower, it’s better to recoup some costs than none.
7. Partner with Influencers
Leverage Influencer Promotion
Send products to influencers for brand promotion. Ensure the item represents your brand well, as this exposure can generate new interest and sales. Using slow moving inventory for these promotions makes sense when you already have stock you need to move.
8. Use Contests and Raffles
Engage Your Audience
Hosting a contest or raffle can drive sales while moving older inventory. Sell tickets for the raffle and offer the slow moving product as the prize. This way, even if the product isn’t highly sought after at full price, people may take a chance for a smaller fee.
9. Donate and Get a Tax Write-Off
Donations for Tax Benefits
If you’ve exhausted all other options, consider donating unsold items. This not only clears your inventory but also provides a potential tax deduction. Check with a tax professional to ensure you qualify for the write-off.
Conclusion
Slow moving inventory can be a challenge, but with these strategies, you can clear space and recoup costs. From updating photos to partnering with influencers and running promotions, there are plenty of ways to move slow moving inventory and keep your business thriving. Stay proactive and experiment with different methods to see what works best for your business.
More tips to grow your business and be sure you scale can be found here.
FAQs
- Why should I update product photos?
- New photos can catch the attention of customers and make items seem fresh.
- What is the benefit of bundling products?
- Bundling pairs slow moving items with popular ones, increasing the likelihood of a sale.
- How can contests help move inventory?
- Contests and raffles engage your audience and encourage participation, making it easier to move unsold products.
- Are donations a good idea for slow moving stock?
- Yes, donating items can provide a tax benefit while clearing out your inventory.
- What should I include in revised product descriptions?
- Highlight essential product features, measurements, and benefits to inform customers better.
Watch the full video below.
Be sure to like and subscribe!
Key Timestamps in this video:
00:00 – Introduction
Discussing how to move slow-moving inventory during tax and stimulus season.
00:11 – Refresh Product Photos
Retaking pictures and styling items differently to give them a fresh look.
00:31 – Run Sales or Promotions
Offering flash sales, markdowns, or specific promotions to attract customers.
01:01 – Rewrite Descriptions and Add Videos
Updating product descriptions with detailed information and including videos.
02:00 – Create Product Bundles
Pairing slow-moving items with best-sellers to encourage purchases.
02:32 – Offer Freebies or Giveaways
Using old inventory for social media giveaways or as gifts with purchase.
03:01 – Explore Liquidation Companies
Selling excess inventory to liquidation companies while negotiating fair prices.
03:32 – Collaborate with Influencers
Sending slow-moving items to influencers for brand promotion.
04:01 – Hold Contests or Raffles
Using raffles to generate excitement while earning from ticket sales.
04:33 – List Items on Third-Party Platforms
Selling on platforms like Poshmark, eBay, or Mercari for quick inventory turnover.
05:01 – Donate for Tax Write-Offs
Donating unsold inventory to charities and using it as a tax deduction.
06:13 – Closing Remarks
Encouragement to move inventory, take advantage of the season, and start earning.
You may find these helpful as well: