Are you dragged down by deadstock inventory?
It is, after all, a constant visual reminder of inventory that hasn’t moved. It takes up both physical and mental space in your life.
Still, there’s value there. The key is unloading your deadstock inventory—with the least time spent and the most money made. Here are a few strategies to get you started.
Return It
This isn’t always possible, obviously, but it should get your first look. Be prepared to pay a restocking fee. And remember going forward to negotiate flexible return agreements when you first form a relationship with a supplier.
Reduce It
Yes, it hurts, but offering a significant price reduction has a way of moving product quickly. Another option is to offer coupon codes that trigger a discount.
Finally, see if you can get creative and find a way to bundle your deadstock inventory with other fast-moving products.
Refresh It
It could be that your original marketing efforts fell flat. If you sell your product online, try taking a new picture of the product and rewriting your title description to attract more buyers.
It’s also important to consider keywords that your potential customers use to find your product. With a little online research, you should be able to come up with customer-attracting keywords that could move your product more quickly.
Just Get Rid of It
If you’ve exhausted all other means, it may be time to donate your deadstock. You can write it off and—more importantly—free up resources to move your business forward.
Warehouse Management and Self Storage Units
There are instances in which the above options won’t work for you. Maybe your business is making Santa suits, for example. You don’t want to try to unload those in April. Same goes for bikinis in December.
Or maybe you simply have too much of a product. With time, you know it will sell for a good price. You just need a little more space—maybe six months or so.
There are times when self storage can be the ideal solution. At StorageMart, we offer affordable self-storage units for businesses that can be rented on a month-by-month basis and are clean and well-lit. Check out our storage unit size guide or rent a unit online today.
You’ll be freeing up valuable warehouse space—and perhaps also giving your deadstock inventory the time it needs to spring back to life.