The latest statistics show that there are around 33.2 million US small businesses. This makes up for about 99.9% of the businesses in America.
The majority of businesses have some kind of inventory management in place. This includes moving inventory around to make sure everything gets sold.
This is an important part of meeting customer demands and running a successful business. You don’t want products sitting in a warehouse for too long.
Keep reading to find out how to start moving inventory when it is slow.
Table of Contents
1. Remarket Certain Items
One of the best things you can do with slow-moving products is to remarket them. They may need a bit of a refresh or a makeover to fly off the shelves.
This often includes putting more effort into marketing those items. For instance, if the product is a face wash, put it in the most popular section of the aisle.
You could have several sections of the store where it is available. You could also use different signs and endcap displays to attract more attention.
The most important part of this is grabbing the attention of the customers. This is a merchandising technique that helps certain products stand out more.
There are plenty of instances where good products may not be selling. One culprit of this is that people simply aren’t noticing them on the shelves.
2. Create Bundles
Another great option for moving inventory includes creating bundles. Everybody loves a good bundle, especially if it helps them save money.
You can also tackle slow-moving products with one solution at the same time. Gather several slow-moving products together to create bundles.
If you are struggling to sell those bath salts, bundle them with some soap. Or you could bundle slow-moving skin care products with makeup products.
There are a lot of options for bundling products to get them out of the warehouse. This is also a great option during the holidays when people are looking for the best deals.
You can offer bundles at a discounted price, while still being able to make a profit.
3. Have Discounts
One of these popular merchandising techniques includes offering discounts. One of the first things you can try for moving inventory is to cut the price.
Sometimes simply reducing the price is enough to get products going. Other times, you may need to offer discounts as a greater incentive.
You could do something like buy one get one free to encourage more purchases. Or you could take a percentage off if they buy another product.
This may not work for all products, but it has a good track record. It is ideal for products that people often buy and consider to be a necessity.
For instance, a customer will be more likely to take advantage of this deal if it were toothpaste. Buying two tubes of toothpaste and getting one for free sounds like a great deal!
4. Use Inventory Software
Something else you should do is have retail inventory software in place. This is a preventative step that helps you to keep track of your inventory.
Everything will be organized so that you do not buy products that aren’t selling. It will also show you when certain products are hanging out in the warehouse for too long.
This is a great way to find out what your customers prefer and what you shouldn’t buy more of.
5. Return or Exchange Items
If you have a good relationship with your vendors, there is another option to try. You may be able to return or exchange certain items for credit.
You could use this credit to buy different items from that vendor to try out in your stores. This is something that is beneficial for everyone and helps your relationship with your vendors.
You will be given the opportunity to try something else to see if your customers prefer that. Keep in mind that this isn’t always an option, as it does depend on the vendor.
6. Try Online Options
If product promotion doesn’t work, you could try online resources. Some items don’t sell well in stores but fly off the digital shelves when listed online.
If you have an online store or website, this is the best place to do this. This will give you access to customers all over the world, rather than locally.
Keep in mind that there may be some manufacturer restrictions involved. Make sure the products can be sold online and that you can cover shipping costs.
7. Find the Problem
When you notice slow-moving inventory, you need to identify the problem. Analyze the products and find out what is going on.
Sometimes the solution is as simple as displaying the product differently. Some products may be pushed to the back or may not stand out against other products.
If the product is clothing, it may have gone out of style recently. There are a variety of reasons why products stop selling dramatically.
Once you identify the problem, you will be able to address it more efficiently. This will help you save time and hopefully get the inventory moving.
Moving Inventory During Slow Periods
If you have inventory, chances are you have experienced slow times. Moving inventory during these times can be difficult, but there are a few steps you can take.
You may want to try offering discounts or bundling different products together.
Did you enjoy reading this article about retail inventory? Keep reading for more business and technology-related content.
Last Updated on March 30, 2023