SOS Bookkeeping understand that excess stock is predicted to be one of the big challenges of 2023 for retailers around the world. It’s been a stock rollercoaster for the past few years: supply chain problems made it hard to get deliveries, then as stock started rolling in, customers started tightening their purse strings.
If you have surplus inventory from 2022, here are 6 smart ways from SOS Bookkeeping to maximise its use in your business:
- Run sales and specials – A strategic sale on excess stock could be a way to win new customers. A lower price cuts into your profits, so make sure you deliver a superb shopper experience so you have the best chance of converting one-off bargain hunters into repeat customers. A flash sales event can be another way to boost interest in your brand.
- Refresh, reposition and remarket – Repositioning a product can give it a second chance to catch a customer’s eye. Can you move the product’s position in your store and freshen up the display? If it’s online, could new photography or SEO copy help give it a second chance?
- Bundle it up – Bundles can be a great deal for customers, and an excellent way to shift excess inventory. Match up overstocked products with in-demand items and sell them together at a lower price – you maintain a reasonable profit and shoppers appreciate the value. You can also offer multi-buy discounts on items, such as 10% off if you buy two, 20% off if you buy three or more.
- Try a promotional giveaway – Use surplus stock to create promotional giveaways on social media and in-store. You can use a giveaway to attract new shoppers, grow your promotional database, and raise your profile. For instance, it could be ‘go in the draw to win this prize pack’, or ‘get this free gift when you spend X’.
- Make a donation – Depending on the type of stock you have in oversupply, it might be possible to donate it to a charity – your free products support those in need and your business can get a PR boost.
- Liquidate – If you really can’t shift your excess stock to shoppers, you may be able to find a corporate buyer. Local surplus stores, liquidators and auction houses may be willing to buy your overstocked inventory. Buyers will expect a hefty discount off the retail price, but it can be a fast way for you to shift excess product and free up space for new merchandise.
If you would like to discuss your business needs. Call SOS Bookkeeping on 01 849 5131 or email shane@sosbookkeeping.ie For the latest business/practice news, taxation/financial resources and our Newsletter, visit https://sosbookkeeping.ie/