Very few things are as frustrating as having merchandise that doesn’t sell. You’ve spend money to add it to your inventory and if you let it sit, you waste valuable real estate on something that isn’t making you any profit.
It can be a cause of stress, particularly if there’s a lot invested in the product. If this is a reoccurring problem or if you have a lot of unsold merchandise, consider the following tips:
- Off the product significantly below the wholesale.
While anyone would rather simply put the product on clearance, a product on clearance can still take weeks to sell. If you need the item gone quickly, it may be worth it to cut your losses and put it up for a very low price, even at a loss of profit. The simple reason is that your time is also money and the longer you keep the item the longer you lose money on products that could have been sold in its place.
- Partner it with a hot product
In sales, you can often do a greater business with 2 than you could with one plus one. Take the item you have trouble moving and pair it with something people are buying and offer it at a low price. You may find this allows you to move the item faster that you could trying to sell it by itself or even on clearance. This will allow you to move the old inventory quickly and without taking a loss. You may even profit depending on how high the markup is on the second item.
- Sell it to an experienced liquidator
One of the reasons it can be hard to move inventory is that no store caters to every buyer. There is always someone somewhere that wants the item, but if you’re not able to reach them you can’t sell to them. A liquidator offers a valuable solution to this problem because they allow you to move the items in bulk and free up valuable space for items you will be able to sell. This allows you to start making money instead of lamenting the fact that items aren’t selling.
Retail sales are all about product movement. In order for you to continue to profit, product needs to sell quickly in order to free up space and keep inventory fresh. When you have items that are unsold, it’s better to sell quickly than to allow the product to continue to take up space in an area that could hold something more profitable. Our liquidators in Joplin, MO would love to help you with this problem. Contact us to see how we might be able to help you.