How do I manage excess inventory on Shopify?

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:

1. 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.
2. 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.
3. 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.
4. Bundling up popular products with less popular ones is a great way to entice the customers and sell the extra inventory.
5. You can offer products you want to liquidate as gifts with purchases over a certain amount.
6. Market your upcoming sales and promotions through your social media accounts and emails.
7. Use inventory management and forecasting software like Out-of-Stock Police by Egnition to manage your inventory and prevent overstocking.