Owning too much physical inventory can lead to increases in storage costs, obsolescence, and a shift in consumer preferences if held too long. Fortunately, there are many things that your business can do to get rid of your excess inventory so that your business isn’t at risk. If you have products that you’re unable to sell in your brick and mortar store, or ecommerce shop, then here are 5 ways to earn income from your old business inventory.
Sell it online through major ecommerce sites
Groupon, Amazon, and eBay are all online locations that you can sell your business products quickly, to get rid of excess inventory. On top of it, these sites also help brand your business and make consumers aware of what your business sells. If your business doesn’t offer products and services using major online retailers, now is a good time to begin. It’s very simple to start up online stores using these three websites, and the fees are minimal. You can also use these sites to drive more traffic to your store or website, so that your business makes more sales.
Trade inventory for things your business needs
When business owners have excess inventory, they often look to companies like Sherwood Integrated Solutions who offer corporate barter services. Barter companies take your underutilized business assets and exchange them with other companies that need what you offer. You can also use companies like SherwoodIS.com to trade inventory for digital marketing and services your business needs. It’s a great way to get your website completed, perform marketing for your shop, and more, without directly paying for the services.
Use bulk sales to offer a discount to customers
Bulk sales are a great way to move excess inventory and give customers an incentive to purchase. You can give steep discounts to move your inventory using tiered pricing. To do this successfully, check out Alibaba. They do bulk sales perfectly because the minimum order is high and the price covers the cost of manufacturing.
Bundle your products to provide extra value
People love to purchase bundles of products, so why not offer a package deal to your customers? Take products in the same category and provide a small discount when all items are purchased. Offer these bundles for special holidays or flash sales. They’ll move quickly because consumers feel like bundles provide additional value and by selling multiple items at a time you’ll get rid of your old inventory.
Offer rewards for purchases from your business
If you have items that you’re unable to sell, the best option might be to give them away to your customers. Offer rewards to customers when they spend a certain dollar amount in store or online. Customers love reward programs and it builds loyalty with your business. This system of giving your customers rewards is a win-win because you both increase how often your customers purchase with you and get rid of any items that you’ve had trouble selling.