1. Offer a Promotion
This is the easiest method of clearing overstock. If you operate an e-fulfillment service, offer discounts online based on spending a certain amount for a limited time. This method is easy and can help clear space quickly, but be sure to price appropriately.
2. Combine Products
In-house pick-and-pack fulfillment can also help liquidate overstock. Mixing products into bundles can offer consumers and other businesses a variety of interesting purchase options.
3. Provide Freebies
“Charity” can be a dirty word in the business world, but placing a free gift from your overstock in orders can do a lot to show appreciation to clients and stimulate new interest in your company. You can also use overstock to make a donation to a good cause that can help forge community relationships.
4. Broker a Deal
Consider where your stock comes from as well. Your merchandise fulfillment is based on receiving products from supply chain services; those same services may be interested in reallocating your overstock or a joint venture to sell it to another client. You can also attempt to find retail outlets that might be interested in purchasing your overstock.
5. Get Help
When your overstock is so big that you cannot sell it all off, consider hiring an inventory liquidator to help. These people specialize in distributing your overstock to retail areas that specialize in each item’s brand or type. Just remember not to take the first deal that comes along; research who will be the best option to assist you.
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