15 Aug Holding on to Past Failures – Tips on Moving Out Old Inventory!
Inventory should be working FOR you rather than AGAINST you! Join Sara Burks, The Boutique Hub’s Director of Education and Partnerships, to learn some key steps to take in moving out old inventory!
Why Is It Here?
We can become complacent when it comes to old inventory. We are quick to buy new and that can get us in trouble. Because it ties up our cash, space, and energy. We have a problem but what got us to the problem…is the real problem.
Develop A Plan
Extra inventory, onesies, and specific sizes are the current problem. However, let’s go back and figure out the steps that let up to that to figure out why that’s the problem and how we found ourselves in the situation. In business, you are either winning or your learning. When you make a sale you are winning. Life is great. When you don’t make a sale you are learning. Educate yourself to become a better buyer and avoid costly mistakes.
You can avoid the enormous task of moving large quantities of old inventory quickly by setting aside time each week to check what isn’t moving. There are typically two reasons why you are sitting on old inventory: you either had them shipped at the wrong time or impulse buys. Both behaviors negatively impact your business and lead to excess inventory that ties up our cash and space.
Create A Call-To-Action
As a general rule, you want to be selling and adding to your sale rack to keep your store from looking like a garage sale. Here are a few creative ideas to help you move that old inventory out the door!
- Bag sales
- A $5-$10 add-on rack sale. If your customer purchases a certain amount, they can purchase anything on the rack for $5.00.
- If you have an abundance of items in one size, run a report to find your customers who purchased items in that size. Segment your email list and send out an email blast.
- Organize your sale racks from spaghetti straps to jackets so items do not get lost.
- Make sure that your best selling items are front and center. This is true whether you own a brick and mortar or online store.
Again, if we have excess inventory it’s on us. They say that you have to ask yourself 5 questions about the same thing before you get the answer. Go look at your extra stuff and ask yourself:
- Why is it here?
- Why is it a bad fit?
- Was it the vendor?
- Was it the wrong color?
- Did I get it in the wrong season?
- Did I get it in at the wrong time?
- Did it have a bad placement in my store?
- Did I do a try on session and have someone smaller and larger than me try it on too?
Learn from your mistakes and use them as an opportunity to become savvier!
If you want to cut the overwhelm, maximize your traffic, revenue, and time join Sara Burkes at Retail Bootcamp!