Clearing Out Old Products To Make Way For The New
If you are running a business, such as an store or website, where you keep an inventory of goods, then you know that some items just don't sell as well as others. That might mean that you have lot of unsold inventory in the end. Unsold inventory can cost you money in many ways. Not only did you lose out on the cost of the goods, there's cost of storage space where you could be stocking more profitable items. Here are some tips for moving some of that inventory that you've had for a while.
Increase the product's visibility:
Perhaps there's nothing wrong with the product, but it's not very visible or not a lot of people know about it. Try placing the product more prominently in your store or on your website. Another idea is to pay for more advertising and advertise in places where the product has never been promoted before. If you have an online store, you can increase visibility simply by mixing up or changing site keywords. You can create software or apps that suggest the product when people purchase a related item.
Use the product as an incentive:
You can promote the product by giving it away for free through your own contests, as a prize for another organization's contest or as a promotional giveaway. Give some of the inventory for free to people who are most likely to mention or promote your business. Try giving away the product as an incentive for buying a related product or group of products or offer it for a low additional price when a related product is purchased. A buy-one-get-one free offer is another kind of incentive to help promote the product.
Have a sale or sell as bulk:
One of the most common ways to move unsold inventory is to put in on sale. A good way to do this is to have a special store-wide sale in which the item is placed where it is most likely to be noticed. You can advertise it as a special holiday sale or an end-of-the-season sale. In addition to having a traditional sale, you can offer discounts for those who buy in bulk or lots. You can sell large lots of items to stores that specialize in selling things as a discount such as dollar stores.
Inventory that is sitting around is actually costing you money by taking up space that can be used for new or more popular items. Having a discount or giveaway may not only increase the chance that you will move those items, you may also attract loyal customers who will purchase other things or come back to see what's new.
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