Maximising Excess Stock in 2023: 6 Smart Strategies for Retailers
Excess stock is anticipated to pose a significant challenge for retailers worldwide in 2023. With fluctuating supply chain issues and cautious consumer spending, effectively utilising surplus inventory becomes crucial. Here are six smart ways to make the most of your excess stock and optimise your business:
1. Run Sales and Specials: Strategically discounting excess stock can attract new customers. While it may reduce profits, delivering an exceptional shopping experience increases the chances of converting bargain hunters into loyal repeat customers. Consider organising flash sales events to generate additional interest in your brand.
2. Refresh, Reposition, and Remarket: Repositioning a product can give it a fresh appeal. Explore options such as rearranging its position in-store or updating online imagery and SEO copy to capture customers’ attention once again.
3. Bundle Products: Create attractive bundles by pairing overstocked items with high-demand products. Offering these bundles at a discounted price benefits both your profitability and customers’ perception of value. Additionally, consider implementing multi-buy discounts to incentivise bulk purchases.
4. Try Promotional Giveaways: Utilise surplus stock for promotional giveaways on social media and in-store. These giveaways can help attract new shoppers, expand your promotional database, and raise brand awareness. Examples include “enter to win this prize pack” or “receive a free gift with a minimum purchase of X.”
5. Make Charitable Donations: Explore donating surplus stock to charitable organisations, benefiting those in need while also generating positive PR for your business. Depending on the type of stock, this approach can contribute to community support and brand reputation.
6. Liquidate: If other options are not viable, consider selling excess stock to corporate buyers such as local surplus stores, liquidators, or auction houses. While a substantial discount off the retail price is expected, this method provides a swift solution to free up space for new merchandise.
Efficient Inventory Management Solutions
We offer expertise in stock management, surplus inventory optimisation, and guidance on potential tax advantages associated with stock donations or write-offs. Contact us to discuss how we can help you effectively manage your inventory.
Reach out to us today. We look forward to assisting you.
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