Too Low Rankings. Too Many Closeouts and Overstock Products.

The silence in your warehouse is deafening. No forklift beeps of orders fulfilled, no joyous packing frenzy; just mountains of overstock merchandise, closeouts, dead stock and excess inventory gathering dust, each item a silent reminder of online sales rankings plummeted. Too much competition on Amazon and other online platforms leads to high expectations being met with slow sales and abandoned inventory sitting in the warehouse. This slowdown in sales is an opportunity to ignite your fire and resurrect your sales. Overstock, excess stock, closeouts, and discontinued products? They're not liabilities, they're opportunities waiting for you to breath new life into them. Here's the battle plan:

The Inventory Audit:

  • Know your enemy: Categorize your overstock stock. Group liquidation inventory and excess items by product type, popularity, and profit margin. Discontinued products need separate analysis for potential repurposing or liquidation. You will have to take a hard look at why you have excess merchandise that isn't selling. Is it due to canceled orders? Are these old products sitting in your warehouse from Covid? Did you purchase too much inventory and now have dead stock taking up space in your warehouse? Once you determine why you have this inventory for liquidation, you can make a plan on how to reduce inventory levels.
  • Brutal honesty: Assess the condition of your goods. Damaged or outdated items need triage: salvageable ones can be repaired or repackaged and sold to closeout buyers who may be able to buy the entire inventory and distribute it to closeout companies that specialize in buying housewares closeouts, lawn and garden excess inventory, discontinued products due to changes in your business, etc. Others might be better off donated as it may be the only way to dispose of old inventory nobody wants. Keep in mind, just because you have liquidation stock for sale doesn't mean there is a buyer. If you are downsizing your warehouse or moving warehouses and need to offload inventory that is popular, this may not be a problem. However, if you have old merchandise to liquidate and it is not something buyers want, you may have to consider donating everything for free.
  • Price point reckoning: Re-evaluate your pricing strategy. Are you overpriced? Could strategic discounts or bundles ignite demand? Remember, sometimes a lower price tag means faster movement and frees up valuable space. Closeout pet products and overstock inventory of pet apparel can be bundled together as one way to sell dead stock. Another example would be if you have excess inventory of lawn and garden products and abandoned stock of housewares, you can make a package and offload them together. Closeout companies that liquidate inventory will look for opportunities like these where they can create packages and buy the largest amount of inventory possible. Small lots can be more challenging to dispose of.

Rethink, Repurpose, Rebrand:

  • Creative metamorphosis: Can discontinued items and excess stock be revamped or combined to create new offerings? Think upcycling fashion into accessories, repurposing furniture, or bundling related products into thematic packages. Anything you can do to make your closeout opportunities more appealing will help you in the liquidation process. Selling overstock inventory does not have to be difficult; sometimes the more creative you are the easier it is to find closeout buyers.
  • Channel surfing: Expand your reach beyond your usual platforms. Explore online marketplaces, social media sales, or brick-and-mortar consignment shops to tap into new audiences. One way to find inventory liquidators is to do an online search looking for overstock buyers in the industry. Try search terms like these: closeouts, closeout buyers, inventory liquidators, where to liquidate old products, downsizing warehouse, going out of business, closeout websites, closeout brokers, selling overstock inventory, buyers for closeouts, etc.
  • Content is king: Invest in compelling closeout product descriptions, high-quality photos, and engaging storytelling. Highlight the unique value proposition of any excess inventory, closeouts, abandoned inventory, overstock products and discontinued items, emphasizing their quality, affordability, or potential for transformation. The more you can do to effectively advertise the inventory you are trying to offload, the better you will be. Closeout products that come in color retail packaging will be easier to offload, and you should let your buyers know the difference between selling liquidation inventory in good color packaging, versus selling bulk inventory. Retail stores today prefer retail ready inventory, making these liquidation products much easier to get rid of.

Marketing Blitz:

  • Clearance clarity: Announce your overstock clearance with targeted promotions. Flash sales, limited-time discounts, and bundle deals can create a sense of urgency and excitement. Most closeout buyers respond to limited time deals where they have to act quickly. Inventory liquidators do business in a competitive market, so they understand if they don't act quickly the best deals may be gone. Buying closeouts requires liquidators to quickly review, assess and act on their instincts to make quick decisions before missing out on anything.
  • Influencer alliance: Partner with relevant influencers to showcase your repurposed creations or highlight the hidden gems within your closeouts. Their authentic recommendations can reach new audiences and build brand trust. Most people love getting a deal. Closeout opportunities and liquidation inventory offer overstock buyers opportunities to get something for less than it normally sells for. Closeouts and overstock inventory are generally offloaded for costs below what they would normally cost to import them. This allows the closeout broker (also known as inventory liquidators, closeout buyers, overstock inventory buyers, etc) to unload inventory quickly at a deep discount.
  • Social media: Leverage social media platforms to your advantage. Run targeted ads, host live sales events, and engage with your audience through interactive content. Remember, the more engaging your presence, the higher the chance of conversion. In today's retail environment, customers that have the most success selling closeouts, abandoned inventory and liquidation opportunities are the ones that have learned how to promote excess inventory using social media. During Covid, they seemed to have figured out how to reach the most customers at the lowest cost, often resulting in lines out the door waiting for them to open the store. By promoting new closeouts and overstock inventory opportunities, they have trained their customers to get in early before the best deals are gone. Selling closeouts this way is better than any radio or print media an ever perform. If you just bought a large inventory of closeout pet products, or closeout housewares items you can actually show them and demonstrate them using social media videos. This is something inventory liquidators could never do with print or radio advertising. And the cost of selling excess inventory and overstock is a fraction of what it used to be.

Embrace the Phoenix Principle:

  • Data-driven decisions: Track the performance of your clearance efforts. Analyze what's working and what's not, adapt your strategies accordingly. Learn from your mistakes and iterate quickly to optimize your sales. Getting rid of excess inventory and selling off closeouts isn't rocket science, but it does take effort and you have to pay attention to what is and isn't working. If you have a warehouse filled with dead stock you have to do something. If you are keen to clear stock from your warehouse you have to figure out the best way to offload everything without taking too much of a loss. Closeout buyers and inventory liquidators may be the best option for you if you are shutting down operations, moving warehouses, downsizing warehouses or completely closing your business. If you have canceled orders or small quantities of products for liquidation, you may be able to do it on your own with the use of closeout brokers and social media.
  • Customer is king: Prioritize excellent customer service throughout the process. Clear communication, responsive support, and hassle-free returns will build trust and encourage repeat business. Whether you are selling closeouts, offloading excess inventory, liquidating older products or shutting down operations, you have to offer excellent customer service. The customer experience remains key, regardless of your particular circumstances.
  • Never give up: Remember, Rome wasn't built in a day. Persistence and a positive attitude are key. Celebrate your successes, learn from your setbacks, and keep your focus on the bright side: transforming your overstock inventory and liquidation products into cash.

Overstock and discontinued inventory might seem like retail kryptonite, but with the right mindset and strategic approach, you can offload dead stock and turn it into hard cash. Embrace the challenge, unleash your creativity, and watch your online sales rankings soar. Remember, old inventory sitting in the warehouse collecting dust is the worst use of your warehouse space. By liquidating inventory to overstock buyers you can free up space, make room in the warehouse for new products, and turn old inventory into cash.

Merchandise USA has been in the inventory liquidation business almost 40 years. We buy closeout pet products, closeout housewares, overstock inventory of hardware, toys and sporting goods. We can help you with the liquidation process if you have to offload lawn and garden closeouts, home goods overstock or any excess inventory of consumer products. If you have liquidation stock due to shutting down operations or moving your warehouse, we can help you. Wholesale liquidation companies are not all the same, so consider contacting Merchandise USA if you are getting rid of overstock inventory, closeouts and abandoned freight. We liquidate overstock inventory of all kinds.