You could also identify cross-merchandising opportunities.
Use that information when deciding where to place your slow-movers. Pay attention to your retail analytics and the flow of traffic in your location, to figure out which areas of your store are frequented by shoppers. You could, for example, display them towards the front of your store and then have the same products at the back. This means having those items in more places in your shop. According to her, if you’re dealing with slow-moving inventory, it’s a good idea to double or triple-expose your merchandise. This handy tip is from retail expert Christine Guillot. Double or even triple-expose your slow-movers to sell old inventory
LIQUIDATION SALES HOW TO
“But if you have an item that you think could be a good seller, and your current images or marketing efforts aren’t doing it justice, then this can be a good strategy.”īonus resource: Need additional tips and examples on how to refresh, remerchandise, and remarket? We’ve got you covered with this instructional video.Ģ. A marketing refresh “can increase your cost in the item so be careful,” she says. Vanessa warns that retailers should be smart when implementing such tactics. “We will re-photograph an item for the website, we will post a blog about the uses and advantages of the product, or we will display it differently in our brick and mortar store.”ĭo note that while re-marketing a product can pay off, it may require you to shell out funds. “Make it look new and fresh for your staff and customers–customers who may not have even seen the items in the previous location.”įashion retailer Vanessa Cooreman Smith of Flourish Boutique shares that they sometimes “re-market” slow-moving items in their stores. “Freshen the display, move things around, create new, brightly-colored signage and replace worn out price tags,” she advises.
Retail management consultant Judy Crockett says that this could be an excellent way to freshen up your merchandise. Put them in a different area in the shop or switch up their shelf arrangements. One thing you can try is to reposition them in your store. Try to refresh your marketing and merchandising efforts when it comes to your slow-moving or old inventory. In some cases, the issue may lie in how you’re marketing or positioning the merchandise. When an item isn’t selling, the problem may not necessarily be the product itself. If you’re looking at a surplus of merchandise in your store, there are several steps you can take to liquidate them: 1.
Perhaps there was a sudden change in what’s trending, or your demand forecasts didn’t pan out as well as you hoped. Still, excess inventory problems can sometimes turn up because of things you can’t control. At the same time, staying on top of inventory counts enables you to get a handle on the merchandise you have so you can prevent having too much stock in your store. You need to keep an eye on how products are moving so you can make the right purchasing and marketing decisions. That’s why regularly paying attention to your sales and inventory data is so important. In addition to taking up precious backroom or shelf space, surplus stock ties up capital and can keep you from re-investing in your business or buying things you actually need. Having too much inventory is pretty high up on the list of no-nos for retailers. The retail inventory tools and solutions to use in order to stay on top of stock control.How to avoid having surplus inventory to begin with.How to creatively sell and market excess stock.Quick take: This post will showcase the many ways to handle surplus stock.
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