5 Effective Ways To Sell Excess Inventory for eCommerce Stores
Excess inventory is a common issue faced by businesses, and its impact can be staggering. Did you know that nearly 8% of surplus stock globally ends up as waste, resulting in approximately $163 billion in lost inventory each year? This statistic underscores the importance of efficient inventory management. Excess inventory can be a significant challenge for eCommerce stores, tying up valuable capital and storage space. Knowing how to manage and sell excess inventory is crucial for maintaining cash flow and making room for new products. In this article, we’ll explore five proven strategies to help you turn excess stock into profit. Why Sell Excess Inventory is Crucial Selling excess inventory is not just about clearing out old products; it’s a vital practice that impacts various aspects of your business. Here are the main reasons why it’s important: Free Up Capital with Sell Excess Inventory Excess inventory ties up capital that could be better used elsewhere. Sell excess inventory to free up resources to invest in more profitable products or business areas. Implementing BigCommerce BackOrder from GritGlobal can help manage out-of-stock items efficiently, ensuring continuous sales and better capital utilization. By doing this, you not only free up capital but also ensure that your cash flow remains healthy and robust, enabling more strategic investments. Reduce Storage Costs through Sell Excess Inventory Holding excess inventory incurs storage costs, including warehouse fees, insurance, and handling expenses. Sell excess inventory to minimize these costs. By reducing these costs, you can improve your overall profit margins. Selling excess inventory is not just about making money back from old stock but also about reducing ongoing expenses that eat into your profits. Efficient inventory management, supported by tools like BigCommerce BackOrder, can help streamline this process. Improve Cash Flow by Sell Excess Inventory Converting excess inventory into cash can improve your business’s liquidity, allowing you to manage expenses and invest in growth opportunities. Improving your cash flow by selling off surplus inventory allows your business to remain agile and responsive to market demands. With better cash flow, you can seize new opportunities and ensure your business’s long-term health and success. Effective Strategies to Sell Excess Inventory Effectively managing and selling excess inventory requires strategic planning and the implementation of various methods. Here are some of the most effective strategies for moving your surplus stock quickly and efficiently. Bundle Products Creating product bundles is an excellent way to sell excess inventory. By combining slower-moving items with popular products, you can offer attractive deals that appeal to customers while clearing out stock. By creating product bundles, you can effectively move excess stock while providing value to your customers. This strategy not only helps in clearing out inventory but also enhances customer satisfaction by offering deals that make customers feel like they are getting more for their money. Offer Discounts and Promotions Running sales and promotions can attract price-sensitive customers and create urgency to buy. Consider strategies like flash sales, seasonal discounts, and bulk purchasing deals to entice customers. Offering discounts and promotions is a tried-and-true method to sell excess inventory quickly. These strategies help create a sense of urgency and attract customers looking for bargains, thereby efficiently reducing surplus stock. Utilize Digital Marketing and Social Media Highlight excess inventory on your website and social media channels to boost your marketing efforts. Effective email marketing, social media posts, and targeted ads can drive traffic to your sale items. With GritGlobal’s BigCommerce BackOrder, you can keep customers informed about back-ordered items and expected restock dates, maintaining their interest and trust. Effective digital marketing and social media use can significantly enhance your efforts to sell excess inventory. Engaging content and targeted campaigns can draw more attention to your surplus stock, making it easier to move these items quickly. Sell on Multiple Platforms Expanding your sales channels can increase the visibility of your sales of excess inventory. Use marketplaces like eBay, Amazon, and other online platforms to reach a broader audience. Selling on multiple platforms allows you to tap into different customer bases, increasing the chances of quickly moving your sell excess inventory. By leveraging the power of various online marketplaces, you can find buyers who may not visit your primary sales channels. Implement Clearance and Liquidation Sales Clearance sales and liquidation events are effective for moving large quantities of excess inventory. These sales can attract bargain hunters looking for deals, helping you clear out stock quickly. Implementing clearance and liquidation sales can be a powerful way to sell excess inventory in bulk. These events create opportunities to attract a different segment of customers, particularly those looking for the best deals, thereby helping you quickly reduce surplus stock. How to Prevent Future Excess Inventory Preventing excess inventory is key to maintaining a healthy and efficient business operation. By implementing the right strategies, you can minimize the chances of overstocking and ensure your inventory levels remain balanced. Improve Inventory Management Implementing a robust inventory management system can help track stock levels in real time, reducing the risk of overstocking. Accurate forecasting and regular inventory audits can prevent excess inventory from accumulating. By improving your inventory management practices, you can significantly reduce the risk of holding excess inventory. This proactive approach ensures that your stock levels are always aligned with actual demand, helping you avoid costly overstock situations and the need to sell excess inventory hastily. Analyze Market Trends Staying informed about market trends and customer preferences can help you make better purchasing decisions. By understanding what products are in demand, you can adjust your inventory levels accordingly and avoid overstocking. By continuously analyzing market trends, you can make informed decisions about what products to stock and in what quantities. This helps in aligning your inventory with customer demand, reducing the chances of having to sell excess inventory due to overstocking. Optimize Supply Chain Efficient supply chain management ensures that you receive the right amount of stock at the right time. Building strong relationships with suppliers and using data analytics can help optimize order
3 Reasons to Migrate from Wix to BigCommerce
Wix is among the ideal website builders for small-to-medium eCommerce businesses. It has over 200 million registered users worldwide and can be used in about 17 languages. But there is a good reason to migrate from Wix to BigCommerce. Today, the latter is thought to be the best eCommerce platform because it can be used by both large and small merchants. It’s cheap and has many tools to help you build and run your eCommerce store better. 3 Reasons to Migrate from Wix to BigCommerce Improved Search Engine Ranking Nowadays, many shoppers search for services and products online, which is why ranking on search engines is essential. This dramatically determines business success online. BigCommerce is a well-structured platform made with SEO in mind, as it uses SEO-friendly content and search engines to bring people to your site. It shines with SEO through Google-friendly URLs, accelerated mobile pages, ease of redirects, and more. That way, your eCommerce store is expected to be visible to millions of online shoppers, helping you attract more customers and boost revenue. Ease of use BigCommerce offers an easy and quick setup process to help you get started in minutes, reducing the time and money required. This powerful platform has many features and integration options that let your business connect the online store to large marketplaces and sell on the website, on Amazon, on Facebook, and so on. This platform can also adapt to a wide range of devices, with themes allowing for easy optimization of shopping carts, even on mobile phones. Robust Security Features BigCommerce is PCI-compliant and considered one of the most secure eCommerce platforms available. So, your business data will be safe with the newest and most advanced encryption technology. It has tools and features like SSL certification, password encryption, fraud protection, and more to help you keep your store and data safe. There is also an in-house team of security experts who always keep an eye on new threats and ensure the platform stays safe and secure. The Bottom Line BigCommerce is well on its way up and will most likely take over the eCommerce market. Migration to BigCommerce today will increase sales and improve the experience for your customers. So what are you waiting for? Make your move right now and see your eCommerce business grow. If you need additional help, contact us for a free consultation right now!
How to Begin WooCommerce to Shopify migration
If you are keen on a WooCommerce to Shopify migration, you are in the right place. Here, we will walk you through three common ways to migrate from WooCommerce to Shopify, with complete details to help you pick the most beneficial and best approach for your business. Let’s scroll down for more information! Manual Data Migration This approach is time-consuming but comparatively free and easy. Here is how to do it: Step 1: Export Your Data From WooCommerce Start by exporting your data, including your customers, products, and orders. Then, head over to the Products section on the WordPress admin panel. After a new window pops up, choose specific categories, columns, or product types you want to filter for the export. If you just want to migrate your entire data, you only need to leave the fields empty. You can also add custom data to the export in a specific field. After that, press the Generate CSV button, and the CSV file will be downloaded to your computer. Step 2: Import Your Products To Shopify Go to “All Products” and press the Import button. Then, head to “Shopify Admin” and import your CSV file. Click the CSV file and choose “Start Import.” After the import, your products will appear on your Shopify store. After exporting a CSV file manually, the product images won’t get migrated. So, you will need to upload the product images to Shopify file pages, and the URLs will automatically be generated for all your images. In addition, the manual migration process will miss some customer or product data. Using An Import App There are many services, third-party apps, and tools that can be leveraged to convert WooCommerce to Shopify. Using an import app will give you full control over the WooCommerce to Shopify migration, but it will cost you money. Hire An Expert The final approach to migrating from WooCommerce to Shopify is to get help from an expert or specialist. Nevertheless, this will cost you considerable money and time, but intensive knowledge is worth it. If you try to do it yourself without knowledge and experience, you will end up wasting your time and making plenty of mess. Grit Global can help you transition your WooCommerce store to Shopify without any hiccups. We have over 4 years of experience within the eCommerce industry and were awarded the BigCommerce Partnership for Innovative Integration in 2020. Our experts will gladly lend a helping hand for any aspect of your WooCommerce to Shopify migration process. The Bottom line Overall, both WooCommerce and Shopify are great platforms to meet your online store’s needs and requirements. WooCommerce is amazing for myriad tech-savvy users, but Shopify makes it perfect for those aiming at their store aspects without technical knowledge. So if you are keen on getting the best results for your business, make the WooCommerce to Shopify migration without hesitation. If you are ready to switch from WooCommerce to Shopify but don’t have the skills to do it correctly or the time to spend working on it, contact us for help!
