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Retailers 7 EASY Ways to Get Rid of Excess Stock and Free Up Cashflow.

Have you too much stock on hand?

Not enough cashflow?

Need ideas to clear through and free up cashflow and stockroom space for new lines? Do you want to free up the cash in those slow-movers to buy new, better-selling items for spring AND reduce stock level to free up space on your shop floor and your stockroom.

Here are 7 proven tips for getting rid of surplus stock:

      1. Refresh, re-merchandise, or re-market (When an item isn’t selling, the problem might not be the product itself. In some cases, the issue may lie in how you’re marketing or positioning the
        merchandise). Be strategic in your marketing.
      2. Discount the items (but be strategic about it). One particularly useful markdown at this time of the year is a “buy-one-get-one-free” (BOGOF). Doing this promo accomplishes two major goals:
        • Deep discount (up to 50%) encourages customers to buy (Cashflow).
        • Moves twice as much STOCK to lower reduce levels(Lower Stock Levels).
      3. Bundle items (Consider grouping certain products together and selling them for a slightly
        lower price than if bought separately. This will allow you to move merchandise without having to take such a big hit on your profits).
      4. Offer them as freebies or incentives. Buy this, get that free!
      5. See if you can return or exchange them to your suppliers where possible and get credit.
      6. Sell them to on online marketplaces or to liquidation companies. (Cashflow)
      7. Donate – Donate your surplus stock to charity, and PR opportunities as a result. (Marketing)

But remember: the best way to deal with excess stock is to avoid having it in the first place. Know your data and your numbers. What are your slow selling lines?

Stay on top of your stock data, and pay close attention to how stock is moving in your store.

This will help you forecast demand and plan accordingly.

Get those tills ringing!