Written by Catherine LeBlanc, Marketing Communications Manager
More than likely, you have some old inventory lingering around your store that you wish you could move out. Not to mention, you probably placed orders for new products during show season. Well, now’s the time to make your plans and get ready for those shipments to arrive at your store. But before you bring that new stuff out onto your selling floor, have you thought about what to do with that old merchandise? Try these 5 Fun Ideas to bring new life to that old merchandise, boost some revenue, and clear those shelves for your new products.
- Floor Change | Try moving those products around and freshen up your displays. Doing these little changes helps your customers see the products in a whole new light. See if making this minor change does the trick for your store.
- Bundle It Up | Before you do any discounting, try bundling products together into a gift basket or gift bag. Plus, sell them at a slightly lower price than if they were sold separately. By bundling, you can move larger groups of inventory and still make some good margin all at the same time.
- Discount & Flash Sales | Create a special table or display of discounted products and make it worth their wild by going 50%, 60%, or even 70% off. Of course, you’ll have a little loss, but it’s better than sitting on this inventory and not recover some of those dollars. Or try a Flash Sale where you offer a special discount on certain products for a short period of time. It’s really fun doing a Flash Sale and it creates that sense of urgency and excitement with your customers.
- Gift with Purchase Promotion | Ever try a Gift with Purchase promotion? Here’s a promotion where customers who purchase say $100+ in your store, can select a gift from a particular table or display of your old merchandise. This could be a great way to increase your customer purchasing level and get that stuff out of your store.
- Donate That Stuff | If all else fails in selling off your old merchandise, try donating it to a local charity or organization. Many times, charities or organizations look for items and giveaways for their upcoming events. Reach out to your local charities and offer up your merchandise. Plus, you might be able to get a tax deduction, but check with your accountant first.
Excess inventory is going to happen, right? So try these tips and see if what works for you and your store. Make notes along the way and write those ideas down so you can reference back to them again. The idea is to find what works and make a plan to conduct this type of clean up at least twice a year. Good luck and happy selling!