3 Proven Tactics For Shifting Slow Moving Stock
As online business owners often our biggest cause for frustration can be slow-moving stock. Taking up space, tying up capital, and causing you stress.
The good news is there are lots of ways to move excess inventory or slow-moving stock. Today I am sharing my personally proven top 3 tactics to shift that stock out of the warehouse and into your happy customer's hands.
Ready to sell?
Lets' go!
1. Flash Sale
My fashion business, iland co, has a VIP club that gives all new members 10% of their first order. In addition to this "welcome to the club" bonus, I often announce a VIP sales only to this list and give them the opportunity to snap up a real bargain.
This is a great way of moving end of season pieces to make room for some new season stock. Often happy customers will buy a second kimono from me to gift to a loved one or friend during a flash sale or take the opportunity to grab that other piece they have had their eye on for a while.
Flash sales usually happy unannounced. You can run it for a few hours, a full day or a week if you choose.
Aim to make the Sale super appealing to customers and they will have the chance to purchase a bargain and you are able to shift some of your stock.
2. Bundles
Have you ever purchased a bundle? I have. Most of the time it's because the bundle is far better value in my mind that the individual product I was originally interested in. This can work REALLY well for your online store.
Do you have related products that would pair well together? Maybe cute top and classic denim jeans? Or some accessories that match a cute dress? Why not package these up as a bundle that is more cost effective for the consumer to purchase together, then order the pieces individually.
If you feel like you don't have products that you bundle well together, consider offering a "buy two get the third free" type deal for your customers.
Offer discounts if they order over a certain $$.
AND if you still don't think this is right for your target market, why no collaborate with a sister brand and do a join bundle. This could be a pair of swimmers and an amazing beach towel, or a long flowing dress and a great pair of strappy shoes.
3. Free gifts
The customer experience starts the moment they come across your brand and continues right through to when they receive their first order from you and beyond. If you have stock you need to move, and the above three tactics are not the right fit for you, I'd recommend using your excess inventory as thankyou gifts to your existing customers.
Perhaps offer a free product if they spend over a certain dollar value, or if you are feeling particularly generous, offer a thank you gift to all orders within a certain week or month.
This will provide the customer with loads of additional value and strengthen the customer + brand relationship increasing the chances of repeat sales in the future.
With a free gift - you can move your stock and the customer scores a high-value freebie. Win + Win!
These 3 tactics have been applied in my own business many times and have always produced positive results.
Do you have another tactic you have used successfully in the past to shift slow moving stock? I'd love to hear it! You can contact me here: [email protected]
