Top 3 Ways to Sell Old Stock Online
24/01/2017 | Share:
Even the most organised and efficient online entrepreneurs will face a situation where they have old stock they’re finding hard to sell. Unsold stock not only limits your cashflow but may be costing you money in storage or warehousing too. We take a look at three of the most successful ways to shift your stock online.
Have a sale
Everyone loves a bargain, and online shoppers enjoy the ‘S’ word more than most. In an age when price comparison is a mere click away, genuine bargains don’t hang around for long. So if any of your items haven’t been sold within 120 days, it’s definitely time to get them moving.
Offering money off is a sure fire way to sell your unwanted stock. Generate demand by offering up to 70% off and use your mailing lists to alert your existing customers to their exclusive invitation to save money – employ any personalised data you have to mention sizes or colour which they’ve expressed an interest in before. Create FOMO (Fear Of Missing Out) by stressing the time limited nature of the sale, emailing them a few days before a flash sale, and publicise it heavily on social media.
It’s also a good idea to have a special sale section as a permanent page on your website, so bargain hunters who happen upon your site can take advantage of the discounts available. This is also the best place to advertise any seasonal stock you may have left over.
Bundling
Bundling is a great way to sell your old stock by grouping those items with other products and offering them for sale at a discount. You can either group the same item into multiple units, bundle complementary products together, or bundle items which aren’t moving as fast with ones that sell quickly. By bundling you’re enticing shoppers with a bargain – especially if they’re buying a top selling item and they think the additional item is great value for money.
Enticements
How does ‘Buy One Get One Free’ sound? Or ‘Free Shipping This Week’? Shoppers love a freebie and an incentive like this will entice them to spend in your ecommerce store. If your customers think they are getting something for nothing it will boost your sales and help you make a profit or at least break even.
If all else fails, consider donating your old stock to charity – whatever it is, there will be an organisation that can find a use for it, and there may even be some tax-efficiencies you can ask your accountant about.
