Paying attention to your sales and inventory stock is important for any business owner. You have to know what is selling and what is sitting on the shelves. Slow moving or not-moving-at-all items can be a challenge to get rid of, but we’ve got some tips to help move surplus inventory quickly. Plus, don’t forget to let your point-of-sale (POS) software help too.
1. Bundle It Up
Bundling items is a popular pricing method next to discounting. Consider putting some popular products with some unpopular products and make the total cost less than what the customer would pay if they purchased each item individually. You will lose a little on your profit margins, but not as much as if you didn’t move that slow-moving merchandise at all.
POS Tip – Don’t guess what is selling best or not selling at all. Remember you can pull stats from your POS to help you determine what to bundle.
2. Reposition Your Items
Sometimes when an item isn’t moving, it could be where it’s positioned in your store. Try moving it to the front, or adding it to an already popular display. Remind your staff to share info about repositioned items to customers as they greet them.
3. Strategically Discount
Discounting items doesn’t mean you have to give away surplus inventory for almost free, but 15% off can help get the product moving. If that doesn’t work, consider discounting by 5-10% increments till something works for both the customer and your wholesale cost.
POS Tip – It’s easy to modify prices and sales within your POS software. Bepoz has the ability to define price changes by date/time, product, price, or multiple units and mix and match where X is either a product or mix and match from a group of products.
4. Offer As A Freebie
Depending on the cost of the product, you might want to consider using it as a free gift with a certain dollar amount purchase. You could also use it as an incentive to receive customer data like an email address or completed short survey.
5. Tell Your Customers
Communicate with your customers about product promotions. Be strategic about these by promoting a few items that you know will get them in the store, along with maybe a couple items that aren’t great sellers. Sometimes your surplus inventory just needs more exposure. Be sure to utilize your social media platforms to get the word out as well.
POS Tip – This strategy can be implemented into your ongoing rewards or loyalty programs. With Bepoz you can vary the reward points by the day of the week, time of the day, category of product, and many other factors. You can also surprise your loyalty customers with rewards on certain products including surplus inventory.
6. Donate It
Sometimes it’s nice to be generous. Consider giving your surplus inventory away as a donation. It’s tax-deductible. You can also turn your charitable giving into a public relations event. For example, let your customers know that for every transaction that is more than ($$) a free (product) will be given away to (non-profit organization).
No matter how you manage to move your surplus inventory, whether it’s by discounts, repositioning, bundling products or some other form, be sure you utilize help from your POS. Give Bepoz a call to check out POS features and benefits through a demo.