03 Dec 10 Ways to Clear Out Inventory at the End of the Year
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!
GRAB BAGS:
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
TIMED DISCOUNTS:
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
WAREHOUSE SALE:
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.
LADDER SALE:
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
DONATE IT:
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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