If you’re not getting a car off your lot within 60 days — which should be the absolute maximum amount of time it sits there — you’re doing something wrong. This is one of the most popular ways to sell obsolete inventory after the discount method. SELLinventory.com has been in the liquidation business for over 30 years. Buyers who have been eyeballing a product will jump on the chance to buy that cable-knit mustard sweater at a discounted price, and others who have perused your items in the past but failed to buy, now have more incentive to do so. It might seem like a good idea to drop by on a whim and act as “fashion Santa” and hand out free clothing. There is no guarantee they will, but at least you floated the idea to them without demanding a post. We completely understand that you’re trying to get rid of your excess inventory for a number of reasons, whether it is to clear space, get rid of items that didn’t sell, or to free up your cash on hand. Unfortunately, this might put some limitations on what, how, and when you can sell. How it works 1) Send a list of the inventory you’d like to sell: Set your starting bargaining price for selling your inventory in bulk and your bottom-line price for lots before it’s worth more to donate it. Sell it all at once so you can invest in what is profitable. Also, each website has its own rules and fees, which you need to carefully read before involving into the affair. If you need to clear out your retail business’s clothing products, another way to move product is to collaborate with a photographer. If you feel you can move the inventory piecemeal with a more drawn-out sale, set a firm price for the entire lot -- your competitor can still make a profit from the item he wants to sell, discounting or donating the rest. Based on your valuation, you’ll receive 1-3 custom selling options. If you have the means, then by all means, get some meaningful social media juju by paying for product promotion. You’ll be able to pick a price an payment style that makes the most sense for your business. For example, all orders over $75 will get a free hair accessory with their purchase. With enough money from an inventory liquidation, you might have enough to regroup and start another venture. How To Sell All Your Old Inventory In A Single Transaction, Thrivident Helps Independent Cycling Retailers Thrive, 1903 Westwood Avenue, Suite B, Richmond, VA 23227. The best solution is to sell excess inventory. If you have data on a specific shopper’s preferences then use it to create a personalized approach. Related: How to take photos that will help you sell your goods. In that case, use that creative noggin of yours. Above, we’ve presented you with the most effective ways to sell excess stock. Chances are, though, you won’t always have clothing products that perfectly align with a random holiday. There’s no obligation and no fees for an appraisal. Take new pictures to give your products a fresh look. By ordering way too much than you can sell, you end up with overstock items. To get started please fill out the form to submit your inventory for review and one of our consultants will get back to you within 2 business days. By donating, your company would get involved in. © 2019 www.azcentral.com. Or simply get rid of it with maximum benefit for your business. A request has failed and is being retried. However, you need to have a strategic approach when it comes to discounts. Firstly, the inventory should be packaged and undamaged. Inventory liquidators are excess inventory buyers, who take the stock straight from the merchants. Being socially responsible is a very powerful tool for improving your brand image and perception. He has worked in the corporate and nonprofit arenas as a C-Suite executive, serving on several nonprofit boards. Whether its excess, underperforming, damaged returns, obsolete or short date food, we can buy it, and end your inventory problem today! You’ve put in the work. The photographer should be able to handle the majority of the shoot the day of, however, being prepared with a checklist for a retail photoshoot on your end will keep things moving smoothly and efficiently. A clearance sale typically cues people that your prices are going to be seriously discounted. Instead of just doing a giveaway on your own platform, team up with another company or influencer to do a partner or group giveaway to help sell old inventory. Get in touch with your local hospitals to see if they can accept new clothing items. Related: How to work with brand influencers when you don’t have a budget. Categories of excess inventory we purchase includes, but is not limited to: food, chocolate, candy, confectioneries, olive oil, dressing, canned fruits and vegetables, coffee, condiments, cereal, pasta, snacks, paper products, housewares, detergents, electronics, furniture, apparel, hair accessories, handbags, hosiery, plastics, health and beauty aids, seasonal, pet supplies, gifts, general merchandise, craft, candles, bed and bath, garden, luggage, sporting goods and many more. Next, you want to be sure that the supplier wants to keep you as their customer. If you are ready to walk away from your business with a loss, you have more options for liquidating your inventory than if you need to maximize your revenues. Jay and Jon were fantastic to work with and bring a wealth of knowledge, as well as a large professional network. Be sure that your case is persuasive. Other reasons include canceled orders, weather changes, or economic fluctuations. The biggest retailers have great options for moving old inventory without disrupting the selling of their most current and profitable products. Bundle items you think will be able to sell at any price with your more attractive items to encourage more sales. How to Sell Your Inventory When You Are Closing. When it comes to the photoshoot, prepare ahead of time what clothing items you will be photographing and what extra items you need to style your key items with. You can approach a blogger by saying you’d like to send them product and if it suits them, you would love to see them post about the item on their platform. In addition, most of the surplus items we buy are able to be directly installed in facilities that need a low cost replacement to keep their plants up and running. Below, we reveal the best ways to sell excess inventory. UNLOCK YOUR CAPITAL FROM UNDERPERFORMING STOCK, NOW. You can’t just sell the excess inventory because there’s low demand for it. Try to remarket your products that are not selling well. We have a proven history of sellers who have come to us to sell their excess merchandise. In addition, most of the surplus items we buy are able to go right back into facilities that need a low cost replacement to keep their plants up and running. You have served your customers and community with purpose. "If you have consumer goods to liquidate, you might consider a daily … If you have a low-cost item — pins, hair accessories, nail polish or keychains — offer your customers a product incentive. You could have another sidewalk sale. New or Used, Current or Old, you can make money as well as go green. You could have another tent sale. The depiction, description or sale of products featuring these names, trademarks, brands and logos is for identification purposes only and is not intended to indicate any affiliation with or authorisation by any rights holder. Maybe the problem lies in the poor marketing of the products. - as the season changes, so does your product line. And after all, even if you make very little profit is the least of the problems of having excess inventory. Most clothing stores sell excess inventory clothing to such organizations. Disposing of obsolete inventory could be your most profitable sale. If there aren’t any local markets near you or if none of them fit your brand, bop around town to find a business or location to collaborate with. By donating, your company would get involved in corporate social responsibility, which plays an important role in your brand. If you operate in a high-end market, offering steep discounts may do more harm than good. We’ll do a full appraisal on your inventory. Instead of selling single items, to help you clear out old retail inventory, consider creating bundle packages. Keeping the extra inventory on hand would be way more pricey than selling it cheap. You can use the old inventory as an incentive for customers to bring their friends. Otherwise, you’d have little chances of returning or exchanging the inventory. Rather than selling your inventory to big-box discount stores who advertise and market your brand at a tremendous discount on a national or global platform, sell to a professional and reputable liquidation company, such as SELL inventory. Keep reading to find out the best way to get rid of extra inventory at a maximum. With the steady rise of influencer marketing, there are certain Instagram public figures who will require a fee in order for them to wear and post about your product. Even if you know someone you knew back in high school who has a decent following and gets great engagement on their posts, it could be worth it to send them a direct message and see if they’d be willing to sport and post about your product. Subscribe to the Intuendi Blog Newsletter! Giveaways range in duration. Make sure to notify them a few days before to build anticipation. You need to find a way to get rid of it. Use pop-up promotions to let people know about the hot sales they don’t want to miss. Selling locally will also help drive more traffic to your store and enlarge your customer base. They can get rid of all of their old inventory in a single transaction using RAs or liquidation services. You could re-merchandise. All product names, trademarks, brands and logos used on this site are the property of their respective owners. But it is extremely costly and bad for the company’s cash flow. It’s one of the most effective discount types because it carries a psychological effect. Many small businesses sell their excess inventory to third-party websites. You can contact your suppliers and discuss with them all the options of returning or exchanging the products. What’s in Stock for Wine & Spirits eCommerce, What to Expect in eCommerce after Covid-19, What is Fill Rate and How It Affects Your Business. Group items that would complement each other — for example, a sweater and a beanie or a pajama set with slippers — or offer one item in different colors as a “buy … Run a competition. And after all, even if you make very little profit is the least of the problems of having excess inventory. Maybe it’s the cold weather, the cozy sweaters or the idea of being snuggled up by the fire sipping hot chocolate, but the phrase “cuffing season” (known as the period during the transition from autumn to winter where proud single people have the tingle of desire to have a significant someone for the season) can apply to people, and this case, products. Determine what your inventory is worth retail, wholesale and as a donation write-off. Be strategic and savvy when it comes to selling excess inventory. Depending on what the inventory is and what condition it’s in, your vendors might be able to resell it to other customers. Shanna Fujii is a colorful wordsmith published on GoDaddy, Bloguettes, Creative Market and more. The Advantages of High Inventory Turnover, How to Deduct Inventory When You Close a Retail Store, How to Get Rid of Average Costing in QuickBooks Reports, U.S. Small Business Administration: Liquidating Assets, Nolo: Collect Bills and Sell Off Inventory Before You Go Out of Business, Intuit: How to Liquidate Your Surplus Inventory, Advantages of the Consignment Method of Payment, Retail Method of Accounting for Inventory, Privacy Notice/Your California Privacy Rights. Another great advantage of donation is that you’ll get tax deductions. Regardless of what type of inventory you are looking to sell, SELL inventory is ready to help you with all your inventory liquidation needs. We’ll be honest, selling your items at a heavily discounted rate can feel a little discouraging because you’re not making as much money as you could have or your products weren’t as popular as you originally thought they would be.