Top Tips For Dealing With An Overstock
How do you store your inventory – physical stores, multiple warehouses, or both? The point is, you're talking about some valuable real estate, these physical spaces used for product stocking/inventory. This is one reason that a lot of companies are concentrating on preventing an overstock situation or trying to cover the lost expense of overstock.
Planning Supply and Demand
It's ridiculous to think that you can accurately plan supply and demand. It's a guessing game at best. It is more reactionary than proactive. No matter what you do, your available inventory is going to experience unexpected changes. Effective inventory management relies heavily on the proper tools.
With that in mind, in order for you to make the most of your excess inventory, we’re going to offer you a few quick tips.
Tax Reduction Through Donations
This is not your first choice or preferred method of dealing with overstock. But when all else fails, it is a viable option.
Though tax laws are constantly changing, and you’re going to want to check with a professional before you rely heavily on this option, you may be able to enjoy a tax deduction by using your excess inventory as a donation to a nonprofit organization.
"On Sale Now!"
Does your company have a Facebook page? It should! Social media is important for effective company management in this day and age. On your Facebook page, start building up anticipation through a social media campaign (or bulk emails) regarding a "one-time only sale". This will, of course, involve your overstocked items.
This is a great way to get your products into the hands of a targeted audience and off of your shelves. These usually range from 12 month, six-month, three-month, and month-to-month options.
Incentives – Use Overstock Products
"Buy now and you can receive a free gift!" This offer attracts a surprising number of new and returning customers. Guess what the free gift will consist of… That's right, your overstock items. Once again, an offer like this can go out through bulk emails or be posted on your social media page for extra exposure.
Got too much of something? Offer super attractive discounts if your consumers buy in bulk. This will help clear your shelves and impress your clientele at the same time. People love it when they think they're getting a really good deal and they will likely return for more of them.
There are services that will buy bulk items from your company and, on your behalf, sell them. They are known as inventory liquidators. To help clear out excess inventory, more and more retailers today are using these types of services.
Need Help with Your Overstock?
For centuries, businesses of all sizes have been dealing with excess inventory. Fortunately, there are ways, when moving this kind of inventory, to get creative without having anything to lose. Combinations of tactics and multiple strategies – depending on what works best for your company – can be the solution. Infinity Remarketing Services, LLC deals with overstock on a continuing basis. We also handle returns, shipping modes, investments, and much more. To speak to one of our experts and find out how to deal with overstock, returns, etc., contact us today.