What do you do with all of your end-of-year inventory that won’t move? Let’s talk 10 ways to clear out inventory prior to year-end! Below are a few creative ideas to help move dead inventory that won’t carry over well into the new year!
BUNDLE IT UP:
Consider bundling items up for a discount! For example, buy the Charlotte floral top and get the match casual leggings for 50% off! Or put multiple items together and price them at one cost for all three!
A great way to move out old inventory is to do grab bags–these would be items that you pick for the customer for a set price, for example-under $100 retail for $45, over $100 for $60.
BUY TWO GET ONE FREE:
Consider running a buy two get one free sale, this will incentivize people to buy multiple items while having the lowest priced item free.
Photo:15th Avenue Tees
Offer items at a discounted rate for a limited time only. For example, from 8:00-8:30, get 20% off our most popular Christmas sweater, then move on to another item after that! This creates a sense of urgency and excitement! Cori with Sweetlees Boutique just did this and it was a major success!
SPEND X GET A GIFT:
Create excitement by creating a prize tree, invite your customers to spend a certain amount, and give them a free gift for purchasing over a certain amount! People love free things and it will be a tax write off! Check out this cute prize tree from Duke & Stella!
Photo: Laney Lu’s Boutique
Consider running a warehouse sale and putting specific items into priced bins! People can then pick multiple items at a discounted price! This creates excitement and allows the customer to feel like they have control over what discounted items they are purchasing.
GIVE IT AWAY AS A GIFT:
Consider giving that special customer of yours a special gift! If you have something in your inventory that simply hasn’t sold, yet you know one of your customers would just LOVE it, consider giving it to them as a simple appreciation gift.
LAST CHANCE FACEBOOK LIVE SALE:
Create that sense of urgency with timed sensitive sales on a social media live sale. Gamify the sale by keeping the items secret until the reveal, and limit the time a customer can make the purchase. FOMO is a real thing.
The more you buy the more you save. Buy one item save 10%, two items save 20%, three items save 30%, four items save 40%, and five items or more save 50% off. This can be done in addition to the current sale price or on its own.
Photo: Jetset Babies
If you have tried everything to move certain items and they are at the end of their sales life, consider donating them to a charity. This frees up floor space, clears your mind, and keeps you from investing any more money, time, or thought into selling these zero value items.
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