How to Get Rid of Dead Stock? Try Four Creative Ways

 


In eCommerce and retail, dead stock is referred to as the inventory that does not sell and does not have a high chance of selling down the road. The seasonal items are usually classified as dead stock. For example, the New Year goodies lose their importance on the 2nd of January and the Christmas decors on the 26th of December.

Upgrading inventory management is perhaps the best way to avoid having dead stock. Although barcodes are considered beneficial when it comes to scanning, with RFID inventory solutions, one can successfully identify the products which are no longer in demand. Now how to get rid of them?

Mentioned below are a few creative ways to repurpose the dead stock. Please check them out right now.

1.      Clearance Sales

Organize a sale event where you will list all the dead stock and make them readily available in your stores. Promote huge savings to the customers. You may not be able to acquire the profit margin you desired, but at least you are receiving some cash flow. You are also freeing the space up for new and better products.

2.      Free Gift

Give away the dead stock as a free gift with purchases. Doing so escalates the overall value and gives the consumers hardly any reason to object. You can also surprise the consumers instead of informing them about the offer beforehand. This paves the way for positive experiences and hopefully increases the chances of future transactions.

Whether you opt for the surprise and delight path or use it as a marketing strategy, providing free gifts is an excellent way of compelling people to buy items, which ultimately contributes to the conversion rates.

3.      Product Bundles

Just like the free gifts, product bundles can be utilized for intensifying the value of the orders. Product bundles basically mean grouping multiple products together, generally having a common theme, and provide them for a single price. The bundled price is less than the price the consumer would be required to pay if he/she bought the items individually.

Planning on using product bundling to eliminate the dead stock? If yes, pair the excess products with the top-selling products. You may not be able to make a profit, but at least you have space on your shelf for other more beneficial things.

4.      Closeout, Wholesale, Liquidation

Do you not want to manage the dead stock on your own? If yes, please entrust someone else for a discounted price. A few routes you can explore are:

·         Wholesale- This will work if the reason you have dead stock is not because the merchandise is problematic.

 

·         Closeout Liquidators- Such companies, purchase the concerned product in bulk and sell them in their shops for a low price.

 

·         Consignment Stores- They take your items and pay you a share of the proceeds when and if the items sell.

Dead stock is not great for businesses, so the sooner one loses them, the better. At times, the excessive dead stock is a sign of substandard products. Did it undergo quality assurance procedures? Look out for the reviews by customers who have purchased the product to pinpoint the reason. Reassess the suppliers in case the issue is with the manufacture.

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