Sometimes, you might have more items in your store than you can sell. There are a few ideas to keep in mind for your overstock inventory so that it’s not wasted. Before you do anything with the excess, you need to determine exactly how much you have and how much money you’ve invested in the products so that you can get the finances of the business in order.
There are sometimes ways that you can refresh the overstock inventory that you have instead of donating it or writing it off in another way to get it out of your store. Look at the marketing ideas related to the inventory, changing some of the displays and the ways that customers can see what you have to offer. Place the items in a different location in the store where you know customers will walk past the items. Make large signs that promote the inventory instead of keeping everything on a shelf and hoping that people will stop and look at what’s there.
Offer discounts on overstock items. However, don’t offer too much of a discount if the items are already on sale or on clearance as you don’t want to end up losing money in the process. You can also promote the items online so that customers have other ways to purchase them if they are unable to get to the store or if they don’t live in the same city as where the store is located.
Create bundles of smaller items that you need to quickly sell. This is a good option to consider if you have a lot of various items that are simply left over after a large sale or a selling season. If you know that you’re not going to lose a lot of money on the overstock, then consider offering some of the items as an incentive or a free item when customers purchase a certain amount in the store.