One of the best things about having overstock and closeouts is it gives you an opportunity to reduce prices and make a big push to get rid of inventory. Every customer loves a deal and if you are shutting down a warehouse or just wanting to sell excess inventory, you can jump start your sales and create excitement with a good old fashioned liquidation sale. Everyone loves a bargain and just like in a retail store, once your customers start buying excess inventory, they may continue adding on more from your regular line.
We all have overstock for one reason or another. Maybe you imported too much inventory for a special customer that isn’t so special anymore, so now you have to get rid of closeouts. Maybe you lost a key salesperson who you could always count on to sell excess inventory so now you have to get aggressive about your overstock. As long as we are in business we will all have closeouts to get rid of; and overstock inventory is just a part of the game. But you can treat it as a way to entice both new and regular accounts to begin buying excess inventory from you.
On the other hand, if you are closing your business or shutting down a warehouse, you have an opportunity to create a lot of excitement with a going out of business sale or a moving warehouse sale. Customers love taking advantage of great deals and if you will be marking down inventory to cost or even below cost, you can definitely jump start sales and clean up a bunch of dead stock. Remember, old merchandise at a new and reduced price can be as good as new merchandise.
If your regular customer base doesn’t respond, there are closeout companies that specialize in buying overstock and surplus inventory at steep discounts. If you want to sell excess inventory in bulk or get rid of a lot of inventory at one time, this is often a good option. If you are shutting down your warehouse or want to close your business this is also a possible way to get rid of inventory quickly.
Slow moving inventory is a headache and something we all have to deal with. But if you can see it as an opportunity to get a bunch of sales quickly, you may be able to sell even more than you thought possible.