Dealing with Unused Inventory
There is no business house in the world that sells every single piece they get from the wholesaler. And in any retail store, online or offline,space matters. Especially with raging rents that people have to pay for storage. So, every bit of space counts.
Technology to the rescue
Managing and preempting inventory issues can be aided by modern technology. Online stores today get in touch with wholesalers only if a shopper expresses interest in a product. This is a proactive method through which you can reduce your unused inventory in the future.
Offers and discounts
Nothing works like offers and discounts to get rid of unused inventory. People are tuned in to consider products if there is a discount. Apart from offering discounts on old stock, you can also club it with new product sales. You can offer old stock as freebies in an order for new products. This also encourages consumer spending. You can popularize sales and promotions by giving out coupons for unused inventory products.
Off Season Sales and Flash Sales
Organize a day or two of heavy sales with heavily slashed prices. Give out huge discounts on unused inventory. Offer free shipping on these sales. Nothing works like a flash sale to whet a consumer’s appetite.
Liaise with other retail sites
If you can’t sell it through your site, liaise with other sites. Try to sell via another medium.
If there is no means to sell it at home, you can sell it overseas. There are several avenues through which your unused products can be sold in other countries.
And, of course…
There is always the option of donating your unused inventory to charity.