For many of the sellers, a slow-moving inventory is a very common nightmare. However, you can get rid of your slow-moving inventory and still make money.
Let’s take a look at the five effective ways to turn your slow-moving inventory into cash.
5 EFFECTIVE WAYS TO DEAL WITH SLOW-MOVING INVENTORY
1. MARKETING STRATEGIES
When an item isn’t selling, the problem may not be with the product itself. In some cases, it’s based on how you’re marketing or positioning the inventory.
You need to evaluate your marketing strategies, figure out your target audience and check your copies.
Try using new keywords in the product title and description. Write a product description that sells. Post the high-quality and attractive pictures of products.
Also, creating urgency and scarcity can be useful to increase sales of slow-moving products.
2. ANCHORING
The best way to sell an item is to place it right next to a premium item.
A study published by The Wall Street Journal talks about a retail company Williams Sonoma that leveraged the anchoring technique to sell its slow-moving product.
This company introduced a similar, but marginally better, bread maker for $429 and placed it right next to the $275 bread maker in a print ad. And, the sales of the $275 bread maker increases.
Try placing a premium version alongside the normal version and see whether it helps.
3. BUNDLE
One of the most effective ways to sell your slow-moving products is to go with bundling.
You can bundle slow-moving products with fast-selling products or combine multiple slow-moving items as a single purchase. Make sure that you combine complementary products.
By bundling up with fast-moving items, you can attract more customers because they are probably interested in your main products.
4. LOWER PRICE
Lowering your price is an old yet effective way to get rid of your products fast. Remember, your goal is to get rid of slow-moving products.
Offer a deal that your customers can’t resist. Moreover, in case if you find that products are already in some of your customers’ carts, then it’s easy for you.
5. DISCOUNTS
There are several ways you can offer your products for discounts.
You can go by making the stock clearance sale, reach out to your shoppers via email and social media to inform them about the clearance sale.
Another one is flash sales which can give consumers the fear of missing out. Make your shoppers aware of your limited-time sale a few days before.
CONCLUSION
It’s easy to give up on merchandise that’s not moving but try implementing these strategies to make great sales from the slow-moving stock.
Also, if you’re selling on Amazon, don’t forget to sell restricted categories and ungate it by The Funnel Guru.
