Do you have old inventory in your warehouse that you don’t know what to do with? This is a common problem, especially for warehouses storing seasonal or trendy items. Given that this is the time of year to complete spring cleaning, it may be a good idea to try some new marketing tactics to get rid of those products collecting dust. Here are some special marketing strategies for clearing out old inventory.
Run Targeted Email Campaigns for Strong Leads
Email campaigns are great lead generating options that can help you clear out your old inventory fast. The idea here is to send out emails to customers who fit a certain profile – the profile of a person who would be interested in what you have to offer. If you have a stack of size 9 winter boots, you may send out an email to all your customers who have that size of foot. If you have a lot of plus size swimsuits in boxes, send out an email for a “big sale” you’re having before summer. As long as the emails go to people who would logically be interested in the products, they should prove successful.
Promote Your “Clearance” Deals
People are naturally drawn to the word “clearance,” even if it applies to new items at not-so-discounted prices. Run a clearance campaign for the items you have sitting around and watch as people start flocking in. You can do this online, in stores, at swap meets or anywhere else you may interact with customers. All it takes is a red price tag and a sign to catch people’s attention.
Hold a Surplus Auction
If you simply have too much old inventory to sell off piece by piece, you can hold an auction at your warehouse for the excess. Surplus auctions usually draw in big crowds because people know they can get good deals good products. You may attract people with small resell shops, online stores, or independent auction houses. No matter what kind of crowd you gather, you should be able to at least break even your merchandise with an auction.
Prevent Inventory Buildups in the Future
You may not always be able to predict when you’re going to have excess inventory, but it’s best to avoid it at all costs. Items that are sitting around eat up valuable space in your warehouse that could be better spent fast sellers. You can use an automated inventory management system to minimize the chance of excess inventory. This will order products for you based your past sales so you end up with the perfect amount of product every time.
Utilizing real-time inventory management software will also help you decrease the risk of housing surplus goods. You can keep track of what you have in your warehouse at any given moment and run promotions items that you think are starting to pile up. Get ahead of the game and clear out the inventory while the demand is still there, even if it is minimal. This will give you the best chance at turning a profit and clearing out space for new products.