Overstock into Sales Formula or How to Sell on Overstock
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Hundreds or even thousands of retailers work hard for their business to grow and trying to better the bottom lines. Thus, we made a decision to sound and speak about some tricks how to deal with a slow marketplace overstock management and how to sell on overstock.
Each of the retailers sooner or later faces a slow-moving products problem. Of course, this happens not of propos of nothing. There are some sorts of goods that you need to sell on overstock, but on some reason are they in your store for longer period than you want them to be, regardless your skills in marketplace inventory management. Those reasons are: your being overstocked, product being outdated, trends being changed. But no matter how the product got into the category of “low-level”, it is basically inventory real money, it takes some place in the store where more successfully sold products could be, and shows to the target audience that nothing fresh and interesting does not appear here.
So, what we want to reach to you with is some ideas how to sell on overstock formula, or simply put, turn low-level sales into dynamic ones.
· Selling online
If your local market lacks product demand, there is a good opportunity to sell on overstock, and this is online selling of a product. eBay or Amazon are often used by retailers for the purpose to get a huge audience of buyers. As a variant, others use platforms based on location, which help them get more traffic from the local customers to their online store.
Cost is an eternal partner of online selling, and every retailer should remember that. In each location there are several sellers who you will encounter with, because they sell the same goods as you do. And this can greatly influence the purchase in a negative way – you’ll have to drive your prices down. Also, don’t forget about listing fees, as there is always a possibility of making refund, paying cost of delivery or having some items returned. Study thoroughly your vendor agreements. Some of them include strict points about direct selling online to buyers.
Sometimes it happens that there is an item in your stock that is not interesting for customers, and they don’t buy it. In such case you should get creative and try to reuse “dead” product to attract new buyers to your shop and successfully sell on overstock. It could be either a cut-price article or a free gift for every tenth buyer, or kind of a “thanks!” goodie bag for a customer who takes a friend to shop in your store.
It would be good to have all your deals promoted through emails to your customers and channels of social media. Make pairs of the product with some special sales or a part of a promotion of new product just to attract some additional attention of the audience. Of course, we perfectly understand that presenting the product for free is a full loss of money for you, but on the other hand, if you manage to get more customers interested in your product, then such loss will bring mort profit to you and will be repaid a hundredfold.
· Bulk discounts
If there is a quantity discount offer for your customers who want to buy some amount of your inventory while you want to sell on overstock, it would be of great advantage for the image of your store. Having decided to buy wholesale, you get a quantity discount. Use the same way when you sell on overstock: if your product shows poor performance results, offer your buyers a bulk discount. For instance, it could be 30% off 3 items. Such bulk discounts make an encouraging effect on the customers, and result in more purchases, though it seems the buyers were not intended to do so.
Don’t forget about resellers! They are very fast in taking advantage of buying large amount of an item and then will just resell it in your market. That is why if you see that a buyer asks for a huge amount of the same item, find out his intentions, because he may turn out to be your new competitor.
· Items bundling
If your item is slow moving, why not trying to pair it with some other product that is greatly popular and is flown off from the shelves. It’s good to choose the items that can be complementary ones. Just to exemplify it: the flip flops that you sell on overstock are very slow in selling. So, the solution is to offer 35% off a flip flops pair if a client buys a swim suit.
Stick to the rules of marketplace inventory management. Place your items not far from the register, to make selling on overstock easier. Mark it with some bright sign like “The Week Pick!” Provide your staff with two or three features of the product; ask them to excitedly tell about those features to the potential buyers to get them interested. Everybody loves discounts and different kinds of deals, and “No” seems to such a hard word to say when you realize that you have just a moment to grab all advantages of the offer.
· Resale issues
If you are a kind of retailers who prefer cash for the goods from overstock, there is B2B market. There retailers may resell the inventory, performance of which was poor, to other businesses that have target audience for this low-level product. Merchandising of selling on overstock with a sole transaction is a perfect step to minimizing efforts and reducing your headaches about how a slow product to sell on overstock.
· Selling price
Have you thought over the reasons why the product is “dead” and low-level? The buyer is ready to pay for that, but is it possible that you have overpriced it? So, it’s time to think about price reducing and assess the customers’ response.
Emphasizing a product is a very simple process; due to the marketplace inventory management just put it in a new place. It is really a good practice to change product’s location and present it as completely new and fresh. When it comes on top of customers’ mind, the product turns from “dead” to “new” one.
Use “landing”, meaning area that is right inside the front door. It is the perfect place to put pictures of the “badly-sold” product. If you place it in front-and-center, as the rules of marketplace inventory management say, that will be a good chance to be noticed by customers and be purchased.
Take a product that is sold slowly and make a display on a shop-window for at least two weeks. When somebody buys an item, ask if they bought it because of the window display or some other reason. Marketing research should be obligatory made by a seller, to find out if a display makes any influence in your traffic increase – this is one of the golden rules of marketplace inventory management. So, don’t forget your challenge - to sell on overstock efficiently!
Your staff must have good knowledge of every product. Especially of that slow-moving one. Figure out its features and advantages; focus the staff attention on them. Announce your staff that they should pay their and customers attention to the product.
· Sales & bonuses
Yes, we mean bribery in order to sell on overstock. But this can really work. Do the following: inform your staff that the team will get a bonus if they increase sales of the “dead” product. This is a good target for them; it increases skills of team-work, betters creative ideas and – what’s the most important – helps to get off the ground “dead” product sales. We can assure you, that this strategy has always showed brilliant results and never failed.
· Staff opinion
Sometimes it happens that product has no good sales because it’s not favorite for the staff. To improve such situation and to sell on overstock more efficiently, ask the staff about the reasons why product is sold so slowly. Get feedback from every staff member and inform that any prejudice may have bad results for sales. As far as your employees have great control on what product to recommend to the buyers and what product to sell better, you have to talk to the staff about “dead” product issue and ask for their cooperation to sell on overstock.
· Shop signs
Signage always draws people’s attention to some specific products and gives all necessary data to the customer without asking for help. Start a signage program in order to to get rid of “dead” product and sell on overstock all of it. The advantage of this program is in easy getting to the product without waiting for attention of the shop-assistant.
This is a brilliant place for your slowly moving goods. Provide the product information, pictures of it, pricing policy on the first page. And then, to help selling on overstock, start enticing the customers to look through the catalogue on your website and shop there with their coupons.
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