Liquidating old and surplus inventory can be a difficult task for any business owner. There are several factors to consider, such as how to get rid of the excess stock with no risks, how to minimize losses, and how to make sure the process is efficient.
Fortunately, there are several ways to liquidate old inventory from liquidation stores. Some businesses may opt to sell their excess stock and liquidation pallets at a discount, while others may choose to donate it or return it to the supplier. The most important thing is to find the method that works best for your business and your products. Here are 10 smart ways to get rid of excess stock:
1. Rent a Storage Unit
You can rent a storage unit to store your excess inventory until you’re ready to sell it. This is a great option if you have a lot of inventory and need a place to keep it safe and secure.
Another benefit of using a storage unit is that it can be used as a tax deduction. So it is a win-win situation for all.
2. Sell it Online
If you have excess inventory taking up space in your brick-and-mortar store, try selling it online instead. Listing items for sale on websites like eBay or Craigslist is a great way to reach a larger audience and get rid of your unwanted merchandise.
3. Have a Sale
Having a sale is a great way to get rid of excess inventory and move old merchandise that’s been sitting on your shelves for too long.
You can advertise your sale online, in-store, or through local print and media outlets. Be sure to promote your sale ahead of time to attract as many customers as possible.
4. Return it to the Vendor
If you have excess inventory that’s still under warranty or within the return period, see if you can return it to the vendor for a refund. This is a great option if the merchandise is still in good condition and you don’t want to go through the hassle of selling it yourself.
5. Give it Away
If you have excess inventory that’s unusable or unsellable, consider giving it away to a local charity or non-profit organization. This is a great way to clear out your storage space and help those in need.
6. Use it as Trade-In Credit
If you have excess inventory that you no longer need, see if you can use it as trade-in credit towards the purchase of new merchandise. This is a great way to get rid of old inventory while simultaneously stocking up on new items.
7. Sell it at Cost
If you’re struggling to get rid of excess inventory, try selling it at cost. This will help you clear out your storage space and get rid of unwanted merchandise without taking a loss on the sale.
8. Bundle it with Other Items
Another great way to get rid of excess inventory from liquidation stores is to bundle it with other items. This is a great way to move old merchandise and increase sales of new items.
For example, if you own a clothing store, you could bundle together several items of clothing to create a “new outfit” that’s discounted.
9. Use it as Display Items
If you have excess inventory that’s still in good condition, consider using it as display items in your store. This is a great way to free up storage space while simultaneously promoting your products.
10. Destroy it
In some cases, the best way to get rid of excess inventory is to simply destroy it. This may seem like a waste, but if the merchandise is damaged or otherwise unusable, it’s often best to just get rid of it. Destroying excess inventory is also a good way to deter theft.
Conclusion
There are several different ways to get rid of excess inventory. The best method for you will depend on the type of merchandise you have and your overall goals. If you need to get rid of your excess inventory quickly, selling it to a liquidator is often the best option.
If you’re looking to make a bit of money off of your old merchandise, selling it online or having a sale is usually the way to go. And if you just want to get rid of the stuff and don’t mind taking a loss, giving it away or destroying it are both viable options.
Whatever you do, just make sure you get rid of that excess inventory so it doesn’t continue taking up valuable space in your store
