Knowing what to do with surplus inventory is a problem most business owners and eCommerce managers face at some point. All those products still piled up in your storage space are costing you time, and money that could be better spent focusing on the next season’s top-selling products. But remember, all retailers and eCommerce brands face excess inventory from time to time, and knowing how to get rid of old products is an essential part of any operation. With some smart choices, the stress of excess inventory will soon be a thing of the past. As a matter of fact, this article will give you 5 super effective ways to sell excess inventory for BigCommerce stores.
Create bundled deals
Ever come across an enticing bundle deal when shopping online? Did it catch your attention? Sure it did. Bundled deals are a great way to shift products that are otherwise just accumulating dust. It’s a win-win – your customers grab a bargain and you shift those hard-to-budge items. But how can you create the best bundle deal out there?
The best bundle deals leave everyone feeling satisfied. Instead of lumping your customers with a bundle of deadstock, combine your older products with enticing new ones to attract new customers. Try to bundle multiple products of the same (or similar) type. For example, a bundle of bath products, or a gaming bundle combining one new release with a collection of older games.
This method helps you engage more customers and liquidate your assets. Especially around the holidays, shoppers are looking out for these bundle-style offerings as they make excellent gifts. Here are some promotional ideas to get your new product bundle flying off the shelves at full velocity.
- Combine older and newer products
- Combine popular and less popular products
- Curate bespoke product collections
- Offer a free product with your bundle
- Run a prize promotion or giveaway
Refresh your marketing and display strategy
Another great way to get that stock moving online is with a marketing refresh. Whether you’re outsourcing to a third-party marketer or have your own marketing team in-house, it’s important to communicate your amazing offers with some savvy marketing strategies. That could mean anything from a killer email marketing campaign to strategic product placement on your eCommerce website. Just make sure that you’re placing those offers where your customers will find them (and buy them).
Think outside the box and offer your customers something that your competitors are not. How about curbside pick up operations, for example, or free delivery?
Make sure you don’t only focus on your eCommerce store. Get the message out on your website, social media channels, newsletters, and emails. Post about it, tweet about it, Instagram it, and don’t forget to include some enticing images for more conversions.
Highlight them on your website
Highlight the products you need to shift on your website. The key is to drive attention to these items in whatever way possible. It could be by placing a promotion on your homepage, highlighting items as ‘last chance to buy, or ensuring they show up near the top of search results.
You could even offer free shipping on these particular products. A combination of visual appeal and enticing promotion is the best way to draw attention to your excess inventory online. Remember your customers don’t know that these products are your nemesis.
Good website design can shift products. Aim for attractive color schemes, high-quality images, and creative, informative content that sells itself. Adding new keywords and descriptions alone can work wonders.
Refer: Bigcommerce cross sell
Make use of your social media and digital marketing campaign
Don’t forget about content marketing and social media. The right blog post, tweet, Instagram picture, LinkedIn post, or email could be enough to pick up those sales.
Of course, you shouldn’t dismiss the power of a good old-fashioned email marketing campaign. With enticing SEO-optimized content, the perfect offer, and a killer CTA, you’ll get your customers buying up all your excess inventory in no time at all.
One company that has got this right already is Solo Stove. This outdoor lifestyle retailer has experienced some serious business growth in recent years with a 50% increased conversion rate year on year. And a big part of their success comes from targeted emailing.
Implement a discount strategy
Eventually, you’ll need to start discounting to sell excess inventory and free up shelf space. If you want to move your stock super quickly, why not try holding a limited-time flash sale? There’s nothing like the fear of missing out to drive people to action and get people spending.
Of course, there’s no need to slash your prices all at once. Instead, you could practice incremental discounting starting with a small reduction of five or ten percent, and gradually increasing the reduction as time goes on to 20%, 30%, etc. Once you find your reduction sweet spot, you can add more stock at that price.
Don’t let surplus inventory bog you down any longer. With the right strategy, you’ll be able to sell your excess inventory and reduce the surplus in the future. With prior planning, and the right tools in tow, you’ll have your business under control from front to backend, and make that hard-to-move inventory a thing of the past.