Not only does excess festive season stock take up valuable storage space, it means that your online business has a certain amount of capital that is tied up in unsold stock; capital that can be used to better your enterprise in the New Year. When it comes to getting rid of excess stock for which you no longer have any use, there are a number of ways in which you can make your money back (or a portion of it, at least!).
When reviewing your ecommerce site, it is important to take into consideration that there are upgrades and tweaks that you may need to make to encourage a higher volume of traffic. One of these elements could be that of your online payment gateway that offers visitors a safe and secure shopping experience. However, if your capital is tied up in outdated festive season stock, these changes may seem impossible. To ensure that you are able to maintain a high-quality shopping experience for your customers, it is important to ensure that you make way for new products and better service offerings. If you’re wondering how to go about getting rid of excess festive season stock, here is how you do it:
Review Your Inventory
Before you can get rid of your excess stock, review your inventory and record the quantity of each product that you have available. Ensure that you record the retail prices of the products during the festive season, and the price which you paid for each item. Keep in mind that there may be a number of items that can be stored and resold the following year. However, it is important to remember that you will need excess storage space, that trends may change and that you may not be able to sell the products for the desired price due to a more competitive market. Once you have reviewed your inventory, you will be able to begin the process of getting rid of the stock.
Advertise Discounted Sales
Due to the festive season rush and the increased prices of the season, you will find a number of people who are looking to begin their festive season shopping as early as possible. Depending on the overall cost of each item, decide on staggered discounts on items. Begin at 10% and work your way down to 75% for items that are sure to sell quickly. Once you have decided on your discount prices, it is important to advertise the sales on your ecommerce site as well as on your social pages. By promoting the sale on all of your available platforms, you will be able to reach both existing and potential customers.
Negotiate Sales with Smaller Merchants and Organisations
If your excess stock inventory is more than you had expected, be sure to negotiate sales with smaller merchants and organisations. For example, search for smaller ecommerce sites that offer discounts on bulk products, or organisations that would be willing to buy bulk products for charity markets. Not only will this ensure that you get rid of your excess stock but it will ensure that you build bridges with a clientele that you would previously not have had access to.
Once you’re able to reduce the amount of excess stock that you’re carrying, you will immediately begin to see your capital grow. If an online payment system is one of the tweaks that your ecommerce site requires, be sure to contact PayU today for a no-obligation quote. Not only will this ensure that your customers are able to make secure desktop and mobile payments, but it will also bolster the reputation of your site!