Surplus inventory can sometimes turn up due to factors beyond your control. Perhaps your demand forecasts didn’t pan out as you hoped they would, or maybe there was a sudden change in the market trend. Whatever the case, having excess stock is a no-no for any retailer or business.
In addition to taking up space in your storage room, surplus inventory ties up cash flow and prevents you from re-investing in your business. That’s why staying on top of your inventory is crucial, as it prevents your goods from deteriorating in value. In turn, it helps maximize profit opportunities.
So, how can you quickly get rid of your excess stock? This post will discuss some ways on how to liquidate inventory. It will also provide practical tips for faster inventory liquidation.
7 Ways to Quickly Liquidate Your Surplus Inventory
- Offer in sales or at discounted prices
One of the most popular ways to liquidate inventory is to do it the old-fashioned way. Consider offering something customers can’t ignore, like discounts. You may want to sell certain items at 20%, 30%, or even 50% off. Alternatively, you can offer a “buy one, get one” deal to encourage buyers to avail of the sale.
Another method is to offer bulk discounts during the holidays when customers are likely to purchase multiple items. This can help move large volumes of excess inventory, speeding up the liquidation process.
- Sell online
Having an online store allows you to reach more potential customers, increasing your chances of liquidating your surplus inventory. There are ecommerce website builders you can use to set up your virtual shop, such as Shopify, Wix, and BigCommerce. Creating an account with these platforms is simple and easy, not to mention they include powerful features that let you track your sales data.
You can also choose to sell your products on third-party platforms like Etsy, Amazon, or eBay. Or, you can try using location-based platforms like Facebook Marketplace, Craigslist, or OfferUp to attract more local traffic. If you’re in for a more robust solution, WordPress has a comprehensive range of ecommerce tools as well.
- Bundle the items or sell in bulk
Product bundling is another way to liquidate your excess inventory instantly. You can pair popular products with regular ones and then sell them for a cost lower than their individual prices. You can also offer special edition bundles for holiday promotions, where you pack multiple items and offer them at a marked-down price.
Alternatively, you can sell the excess inventory in bulk. Since bulk items come with discounted rates, retailers are more likely to buy your surplus goods. This will allow you to liquidate your surplus merchandise without taking a big hit on your profits.
- Use as rewards, giveaways, or incentives
Providing incentives encourages buyers to increase their basket value in exchange for special perks. To offload excess inventory without losing a substantial amount of revenue, consider creating a promo and offering the surplus products as rewards. For instance, for every purchase worth $100, the shopper gets an extra item or two for free.
You can also come up with a “Shopper of the Week” feature where you offer surplus products as rewards. This helps liquidate your excess inventory faster while still bringing in profits.
- Consider pop-up shops
Often described as temporary retail, a pop-up shop creates a sense of urgency and exclusivity, driving action by prompting customers to take advantage of the limited-edition products. While it may sound daunting, setting a pop-up shop isn’t that difficult. But just like launching a regular store, you need to thoroughly plan if you want your pop-up store to be profitable.
When deciding on a location, be sure to consider the demand in the area. Ideally, you should look for a place with a strong market. Shopping malls are often the first choice because they give you access to the best kind of traffic—people looking to spend their money.
Mobile pop-ups are also possible, enabling you to sell your products in locations where buyers frequent and helping you maximize your market reach. Perfect for retail businesses, pop-up shops are a great way to introduce your products to new customers and quickly sell your excess inventory.
Donating can be an effective way to generate brand awareness. Depending on the product, you can send your remaining inventory to your local homeless shelter. For instance, the National Association for the Exchange of Industrial Resources (NAEIR) takes and redistributes donations to schools and nonprofits across the country.
Apart from letting you help others in need, donating likewise allows you to avail of tax deductions. Plus, it’s a strategic approach to building a positive reputation for your brand.
- Sell to excess inventory buyers
Another way to liquidate your surplus merchandise is to sell them to liquidation experts, such as Surplus Inventory Buyers. Since they specialize in taking excess stock out of merchants’ hands, you can be certain that your remaining inventory is properly liquidated. This will free up storage space for your new products and help you maintain a healthy cash flow.
Liquidate Your Excess Inventory, Maximize Your Profits
Liquidating your surplus inventory helps facilitate your business’s cash flow, helping you maximize your profits. It also frees up storage space, allowing you to bring in new products for increased revenue.
If you’re looking to liquidate your excess inventory, consider selling them to Surplus Inventory Buyers. We handle the whole process—from pricing your assets to arranging for a pickup. Get in touch with us to know more about our inventory liquidation services!