How do I manage excess inventory on Shopify?
Asked 2 years ago
I may have ordered way too much inventory for this month... My Shopify store now has excess inventory that I definitely know I won't sell based on my calculations. How do I manage excess inventory?
Monday, June 27, 2022
Excess merchandise is unfavorable for business since it detains cash flow and takes up valuable storage space. A vital aspect of any retail business is getting rid of surplus inventory. However, it's also an opportunity to boost your profits. So, here are 7 ideas for getting rid of your excess inventory:
- Place the products that need to be liquidated near the door for in-store retail locations and display them beautifully. This way, the customers can see them as soon as they enter.
- Discounting your product by 25% to 75% or offering deals like buy one and get one free are good ways to get rid of a product fast.
- Pop-up shops are a fantastic method to get your goods in front of new customers in the retail environment while swiftly getting rid of the inventory.
- Bundling up popular products with less popular ones is a great way to entice the customers and sell the extra inventory.
- You can offer products you want to liquidate as gifts with purchases over a certain amount.
- Market your upcoming sales and promotions through your social media accounts and emails.
- Use inventory management and forecasting software like Out-of-Stock Police by Egnition to manage your inventory and prevent overstocking.
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