Are you looking for a way to give your business revenue a boost? Your inventory may hold the answer. If your excess inventory is collecting dust on shelves or in a warehouse, moving it around can inject new life into your revenue numbers. Here are four ways to help reinvent your excess inventory.
1. Bundle it
One option is to bundle your inventory and sell multiple items together at a singular price. This can get products that have been gathering dust off the shelf and out the door–all while generating a profit. There are several ways to approach bundling, including:
- Combining older or slower-selling products with newer or faster-moving ones
- Bundling multiple units of the same items
- Grouping items that are commonly used together
Here’s an example: If you run a salon, and have a hot-selling brand of styling gel, you could package it with the overstock of shampoo and conditioner you’re struggling to get rid of.
To make a bundle enticing–generally speaking, the total price of the bundle needs to be lower than the cost to buy each item individually. Just remember: Keep profit margins in mind so you’re not unnecessarily sacrificing revenue.
2. Offer it as an incentive
Upselling can be a simple and effective way to increase revenue. The idea of an upsell incentive is to use one item to convince your customers to buy a second, more expensive item. In an upsell, you can use the extra inventory to offer products as a bonus–or as a “gift with purchase” when a customer meets a certain requirement. For instance, the customer(s) may need to spend $50 or $100 to get the freebie. This way, you get the revenue benefit from the sale–and you get to move more inventory in the process.
Upselling with incentive works best when customers feel like they’re getting a high-value freebie or bonus. When you create an incentive campaign, remember to weigh the value of what you’re giving against what you’re asking customers to spend.
3. Create a timeline
Marking items down can attract bargain-hunting customers. But, it helps to have a plan if you want to run a sale with maximum impact. Just sticking items on a clearance shelf may not cut it–especially if you have a lot of inventory to move. A better option might be to hold a “flash sale” online or door-buster sale in-store. These kinds of events can create a sense of urgency among customers who don’t want to miss out.
Remember: Timing matters for sales. Have them too often and they might lose their impact.
4. Change up your marketing
Sometimes, sprucing up how you promote excess inventory can boost sales. Simple techniques to vary how you market your inventory may include but aren’t limited to:
- Relocating items to a different part of your store
- Redesigning product displays
- Updating product photos in your online store
- Adding new keywords or descriptions for products sold online
- Placing them somewhere new on your site
- Writing a post about it on your business blog
These are all ways to showcase excess inventory in a new light. The payoff can be a healthy revenue boost if repositioning inventory results in a sales comeback.