As a business, having excess stock is a no. it takes space on the shelf and backroom. Worst of all it ties up capital and can prevent further investment and purchasing important things that are needed. However, to be frank, most of the businesses are overstocked already and need help to sell it off. This could result from sudden trend changes or making wrong forecasts of the market. Follow Jay Findling official account on Twitter to understand how to forecast your business future accurately.
To avoid owning too much inventory, you need to closely monitor your data so you can make proper decisions. If you already have excess merchandise here are ways to liquidate them according to Jay Findling, New Jersey Businessman, President & CEO of J Finn Industries.
Try Remarketing and Selling it Afresh
When you are not selling a particular product chances are that you’re your marketing strategies are not good enough. This is why you need to remarket, reposition and refresh you marketing strategies. Place them in a different position in the store. In addition, you can repackage the product to make it appealing.
Another selling effort that could work well is discounting your product. Lower the price gradually; say from 30% as you shrink it slowly depending on the market response. You can as well bundle items together and price them as a unit.
If you have low-cost products, you can choose to use them as freebies. You can utilize it to lure people in buying other items or join an email list.
Consider Liquidation Companies
J Finn Industries, LLC have a strong reputation in liquidating surplus inventory. You should seek to indulge companies that will sell your items much faster. Some buy the inventory from you and then sell it later. You should note however that some are picky and will only take certain products. There are high chances that you won’t get much profit by using this channel but you will free up your space and avoid expiry of your products.