It happens to every retailer. Sometimes you make either order too much of something, or simply order a product you think your customers will buy, but they just aren’t interested. Having a surplus of unwanted merchandise can hurt the aesthetics of your store, take up valuable storage or retail space, and become a financial burden.
However, there is good news! When you end up with excess merchandise that simply didn’t garner the interest you thought it would, there are a variety of ways you can salvage the expense and liquidate surplus from your store.
It could be as easy as the product not getting noticed in the location it’s in. Maybe you need to move it to a different location to catch the shopper’s eye. You can also consider double, or even, triple-exposure by setting up an additional rack for it somewhere else. Don’t forget to feature it in your window display!
Remerchandising is not only a great way to liquidate surplus, it also gives your overall store a fresh feel and causes return customers to break their routine and find new products.
Offering discounts is another key way to liquidate surplus from your store. If items aren’t selling, put them on sale. You don’t have to discount them drastically at first, but don’t insult your customers by offering too little either. Consider something like 25%-30%, so you can still re-coop your investment and keep a minor profit.
You can hold a special sale event aimed at a particular surplus item and advertise it widely. If you have a lot of surplus inventory backed up, try holding a storewide sale. You can market it as a limited time offer, such as, “This weekend only! 25% off everything store-wide.” If necessary, you can offer deeper discounts on the things you really want, or need, to sell.
Be creative when you need to liquidate surplus from your store. Bundle those items you need to move with items that are moving. Make sure, however, there is a likeness. For instance, if you have a sporting goods store, you could bundle a slow-moving fishing rod with a reel that is highly popular. You can even add a bonus fly at a discount and even add bait to the bundle for free. Make sure to draw attention to the bundles through both in-store and external advertising.
If you haven’t already, consider looking into online trading businesses such as eBay. Online sales can boost your bottom line with minimal additional work, making it an easy way to liquidate surplus from your store. This is a great place to offer bundles, as well.
Say you have a store for pet supplies and pet-related gift items. Pull together a few items representing a particularly popular breed of dog, such as, a bulldog. Combine a coffee mug featuring a bulldog, along with a tapestry bag, and a trinket box, also picturing a bulldog. Add in some doggie treats and list all the items as one bundle with a starting price just below the regular combined retail price. You can do this in-store, too. The outcome may surprise you.
If you have an abundance of low-priced items that just aren’t selling, consider a give-a-way. You could use a price amount, such as, a free gift with every $50 or above purchase. Going back to the fishing reel, customers will receive a free fishing cap (the slow seller) with any reel purchase at or above a certain price.
There are a variety of ways to liquidate surplus from your store and still make a profit. However, if you still have too much, you can consider donating it to charity, while getting a tax write-off.
How G.A. Wright Can Help
G.A. Wright can help manage your surplus merchandise. Our team has decades of experience in almost every type of retail business, and we excel with our promotion program. Just check out what our clients have to say.
When you contact G.A. Wright, we match you with one of our associates who will be the best fit for you and your business. We have helped businesses like yours throughout the US, Canada, and beyond. We will analyze your store and inventory to help you make strategic business decisions and get your business back on track. We also offer employee training for better customer engagement, helping you create more and happier return customers.
Fill out the form on our contact page if you are interested in learning more about reducing inventory, liquidating surplus, and increasing the number of return customers for your store. One of our representatives will get back to you in short order!