One of the problems a manufacturing company of any kind can have is overstocking, where they make more products but sell too little. Your main source of income is your product, and if that doesn’t sell, it means you’ve wasted time, resources, and money for nothing. What do you do now that you have so much in your inventory? Find a way to get them sold or at least out of your warehouse, of course.
Here are four ideas and suggestions you can try out.
Sell It Online
Your products may not be selling well in your physical store, but placing them online can provide them greater exposure to those who need them. Even the humble slit coil has a place in certain marketplaces that cater to specific products just like it.
All you have to do now is find one where your products will have customers who are ready to take them. It won’t be too hard to search for one. After that, your focus will be on delivering them to your new buyers.
Sell It at a Discount
If you think that price is a bit of a problem for your stock, then maybe a well-planned discount is in order. You can try putting a direct cut on it, or you can use the discounted version to sweeten the deal for your customers who buy a certain amount of your other items. There are still buyers out there who prioritize the amount of money that they will save on items they buy and hunt bargains as a result.
Turn Them Into Freebies
If you’re not into making money from your old stock anymore, but would also like to sell your new ones, then instead of a discount, you can make a giveaway. Depending on the kind of product you sell, you can bundle them with certain others, such as those that sell well or those they can complement. It might not make you an income from your excess stock, but it sure can help sell your other items and free up your inventory.
If you’re in a rush to get rid of your extra products, then why not just give them away in bulk? If you let them stay still in your inventory for any longer, they might lose any chance of being sold or even used. Also, since you’re in the US, you can get a tax reduction by simply donating your excess stock. You get to help those who need your product but can’t afford it, and you help your own company as well.
You don’t have to let your excess product stock stay to rot in your inventory. There are many ways for you to sell it or get rid of it that will still be beneficial to you. You just need to first be prepared to earn a little less than how you would if you sold them normally. After that, you can exercise your creativity, resourcefulness, and good judgment in coming up with a scheme for your product.