This Episode: 10 Ways To Sell Down Your Stock Levels
It is really important to bring your inventory levels down as low as possible before the end of the year because you want cash. Cash is king, particularly during a pandemic. So, today, you’re going to discover 10 ways that you can start to strategically bring your inventory levels down. BONUS: 5 of those ways require no discounting of your merchandise at all!
If you have any ways that you use to lower stock levels that I haven’t shared here, please put them down in the comments section below. I always love to hear from you!
Thank you!
Not as fun of course, but don’t forget, there are some items which should just be donated/ written off.
Sometimes you just have to know when to throw in the towel.
Their is a time and cost involved to mark down and deal with ‘blow out specials.’ Not to mention the possibly negative impact it can have on your store’s image (selling old junk…) vs. just moving on and doing a better job of selling ‘the good stuff.’
I appreciate these tips. Thank you! This week, I will focus on bundles and adding clearance items to my website.
Moving slower sellers to a jump out at you location really helps. I call it touch and sell!
Absolutely! Thanks for your comments Lynne!
Bob
We do wrapped mystery games, just put general type, ages, number of players. We also have mystery bags at two price points that we mark boy, girl, or teen/adult and age range for kids bags. We’re having a stocking stuffer sale right now, we give them a stocking and take 10% off anything that fits inside
Great ideas Linda! Thanks for sharing!
Bob
If you sell marked-down items online and folks want them shipped, should you always charge for shipping or would you recommend shipping for free at a certain $$ level?
It depends how far you’re marking them down and how much you want to move them. In general, I go with the “when it’s time for them to go do everything you can to make them go.”
Bob
We carry lots of toys, so at our weekly team huddle we discuss what needs to come out of its packaging so we can bring that product to life. Our sell-through has increased on almost every one of those products!
When we have overstock of items like “stocking stuffers” for example, we run specials like Buy One Get One 20% Off to move more of those particular products that people generally want multiple of.
Great Ideas Jamie! Thanks for sharing!
Bob
Thanks Bob,
A great mix of new ideas and fundamental best practices. Timely as always. A must listen.
Not paying taxes on carry over merchandise is even more relevant this year as PPP forgiveness, at least how it is being viewed currently by the IRS, whether it is forgiven this year or not, is essentially income.
Thanks for your comments Marc. Always appreciated!
Bob
Thank you Bob
I really like the idea of the closed Facebook group just for sales. Perhaps the members could be notified 2 days before a sale is going to begin. When a sale is going to begin on Friday members could get the deal starting on Wednesday.
Great idea Trish!
Bob
Thank you!