Six Tips For Moving Dead Inventory
You made a mistake and bought inventory that NOBODY wants, not even at a severely discounted price. We get it. Hey, we messed up and didn’t post last month’s blog (shhh, don’t tell). But we can help with moving that dead inventory out the door.
This is the world of retail and you can’t always predict how things will play out. You can try your best, and usually you can buy your merchandise pretty well or you wouldn’t still be in business. However, here and there you take a risk and bring in an item that just doesn’t work for your customers.
Move on past it.
Don’t let your dead inventory sit out there on the rack and torment you. Just move it out of the store. Drop the price and clear it out. There is no reason to have that cash tied up in your inventory and not have it moving out the door.
No one will buy it, even on clearance?
Then let’s get creative:
- Bundle it with other items. If the other products are great and the customer feels like they are getting a value for the “package” then they may take all of it.
- Have a ton of this inventory? Post it on eBay. Note that you won’t want to do so under your store name and get a reputation as selling things marked down on the site. You can discreetly do so under a separate brand name. Maybe there isn’t a market up north for bathing suits in November but down in Florida there is a year round need.
- Have a warehouse sale
- Find a way to repurpose the items, perhaps as part of a Pinterest craft project that can grab the attention of your customers
- Give consignment a whirl. Consignment shops love new-with-tags merchandise and it’s a way to flow additional money into your register, even if you have to wait a few months to get paid.
- And if all else fails, donate it
Everyone makes mistakes. The faster you can address it and get the cash flow moving, the better for you and your confidence and the success of your store.
And if you want to try and be even more proactive about your assortment, give us a shout to talk about how we can better help you manage your inventory to have less misses, and more hits out of the park.