Getting rid of fall and winter inventory may pose a problem for small-business owners who have an excess amount of product leftover from the chillier seasons. Selling all your items may seem like the ideal solution, but store owners might be hard-pressed to move inventory at the same price it could have sold for during the appropriate season.
Thankfully, there are other ways you can get rid of products that may no longer be in season or popular among your store’s visitors. If you’re searching for unique ways to move products, look no further.
1. Put it all on sale
It may seem obvious, but simply lowering the prices of your products may inspire more customers to purchase them. But merely slapping on a clearance sticker might not do the trick. You want your customers to know the item is still valuable, but emphasize that the only thing affecting its price is the time of the year. Consider promoting an "Off-Season Sale" on your social networks and printed materials, noting that the sale is a great way for people to get products several months in advance of next winter.
2. Bundle with other items
Another way to easily move your inventory is by bundling it with other products. Looking to quickly sell scarves or gloves? Bundle them and sell them as a pair. Alternatively, if you’re trying to get rid of edible items, like coffee grounds or cookies, consider handing them out to any customers who purchase a similar item from your brand. Keep a stock of these items near the cash register so you can easily hand them out to paying visitors.
3. Donate what you can’t sell
Can’t seem to sell what you’ve got? Still can’t move those three or four items that have been on the shelves for months? It may be time to donate those products to local charities or nonprofits who can put them to good use. Giving your inventory to a noteworthy cause will not only make you feel good, but you’ll be able to deduct your charitable gifts from next year’s taxes. This is also a great way to get your company’s name out in the community, as you’ll establish your brand as a kind and giving entity.
4. Upcycle stale stock
More creative small-business owners may be compelled to revamp products that just don’t seem to be as popular as you anticipated. If you’ve got a large stock of product that’s seemingly gone stale, try hitting up Pinterest to find creative ways to upcycle your items. Best case scenario – you’ve managed to create a new product that can turn a profit among your customers. Worst case? You can tear the products down to their raw materials and collect art supplies to be used during your next creative holiday display.
5. Store for next season
Next winter may seem like a long way away, but if your items can be used season after season – meaning they are not dated or worn – store remaining products and sell them again next year. This is a great solution if your store has extra storage space or if you ordered too much of a particular product you just can’t seem to move.
6. Contact the community
Reach out to other businesses or organizations in the area who may find use from your products. If the store down the street may be able to sell your items in conjunction with its own, you could have just helped two stores increase their profits. Alternatively, speaking with other small-business owners may give you more ideas on how to move old products. There could be a number of creative solutions you haven’t had a chance to explore yet.