Business Management, Inventory

Effective and Quick Ways to Sell Overstock Inventory

An overstock inventory translates to a loss of revenue that may be within or beyond your control.

An overstock inventory translates to a loss of revenue that may be within or beyond your control. This is typically the result of reducing quality to meet consumer demand, overreacting to changes in demand, failing to forecast sales, business pivots, and a poor inventory management system. But there are also economic fluctuations and weather changes that cause businesses to lose control over inventory management.

The cost of having to carry an overstock inventory can potentially cost businesses millions annually — save yourself with the quick and effective ways of selling overstock inventories before it depreciates and loses their value completely.

Remarket the Product

Your marketing strategy plays a key role in how the audience perceives your products. Try altering your marketing strategy to reduce your excess inventory. You can change the product placement online, take new pictures to promote product use in a different context, and insert keywords in the title and description for search engine optimization.

If you haven’t set up your business online already, an overstocked inventory is a great motivator to set one up instantly, as it allows you to reach a broader audience.

One of a Kind Promotions

If the product isn’t moving from the inventory, it’s best to pair it with the bestseller to sell more of that certain product — this is known as product bundling. The products may also be offered for a lower price than when purchased individually to not take a hit of profits, but still get the slow-rolling stones moving. Alternatively, you may encourage customers to buy more by incentivizing customers to purchase units for a great deal — for example, ‘buy one get one’ or ‘get 50 percent off on the purchase of five pieces’.

There are also options for clearance sales, seasonal sales, and flash sales that have a psychological effect on the consumer as it triggers a sense of urgency.

Automate Your Inventory Management to Never End Up with an Overstock Inventory Stock Again

If you haven’t already, switch to AltheaSuite, the best manufacturing and inventory cloud based inventory management software for maintaining the desired inventory levels for each product. We create stock transfer requests, scan product barcodes, and track inventory flow.

It’s highly likely that you’re still making lousy trades without AltheaSuite’s features like custom alerts, live reports, real-time analytics, simplified workflow, barcode scanning, shipping labels, purchase orders, vendor lists, product lists, point-of-sale, eCommerce compatible, and inventory levels. This is the best POS and ERP software (Enterprise Resource Planning software) for inventory management for industries that deal in furniture and home decor, wholesale and distribution, apparel and textile, industrial machinery, retail store, wire and cable, construction, electronics, salon and spa, and eCommerce. Sign up for a free trial of AltheaSuite to get started instantly.

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