When your inventory gets full, that is something every retailer dreads simply because not only are they going into further losses, but also these products are taking up shelf space which then ties up the capital because of the surplus stock available and prevents you from investing in your business. Which is exactly why you need to pay attention to the sales and the data of the inventory regularly in order to keep a track on how exactly the products are moving in order to make smart purchases and the right marketing decisions. Knowing what exactly is in your inventory also helps you to keep a track of the products you have in your inventory which will help you from buying more stock for your store. Many big wholesale liquidators like Quicklotz, have used social media marketing to boost their sales through websites.
Even then, in spite of keeping a track of the merchandise in your inventory, often excess inventory problems arise because of various factors that you could not possibly control which could be as the change in trends or the demand forecasts that you analyzed or calculated thoroughly did not pan out as the way you expected it would have. In any case, marketing strategies do not have to be complicated because often, the best marketing strategies are the ones which you are able to write down on a page and when it is easy to understand and explain, it is usually easier to execute as well.
What your marketing strategies need to have:
- You need to make sure that you are attracting new customers.
- Maintaining and gaining new orders from your already existing wholesale customers and having a loyal customer base.
- Making sure that there is an increase in the sales revenue from your wholesalers.
So, what are the marketing strategies to boost your wholesale liquidation business sales?
Using the oldest trick in the book, add in sales
Sales could be in the form of clearance sales, flash sales, seasonal sales and so much more! You do not have to tell your customers that the products that you are selling are because of excess merchandise and no one is buying them. Often, offering attractive discounts helps in attracting new customers and helps in selling the products in your inventory. Make sure that the promotional message you are sending out there is attractive and people are coming in as well.
2. Bulk discounts help too
While a lot of stores provide bulk discounts to their customers. Confused? Have you heard of buy one, get one free (BOGO) sales? Those come under the category of bulk discounts as when the stores often have an excess inventory, they often hold buy one, get one free sales which help in selling multiple units at the same time for a great price. Moreover, the more creative you are with your promotional message, the more attracted your customer is going to be and bulk discounts is one of the best ways to promote customers to buy more products than they would have usually bought which helps in reducing the stocks in your inventory.
3. Selling your products online
If you have not started selling your products online, now would be the best tome to sell your products online especially with the fact that now you have an overstocked inventory which will motivate you further to set up an online store or business in order to sell your merchandise. You need to understand that just because of the fact that there is not a demand for the products in your local market, does not mean that there would not be a demand for the products you are selling somewhere else.
4. Utilize in store promotions for your stock
Using the in store promotions and traffic helps in promoting the liquidation of the sale items. Even organizing the sale items on display in a location that would attract the attention of the customer helps in promoting the sales of the product. The whole idea and concept behind this is to create a fear of missing out, or simply creating a need for the products.
5. Advertising on your store website
If you have not already created a business website for your store, it is definitely time that you did. You could advertise clearance sales, flash sales or even seasonal sales on your website and it also makes it a cost effective way for the promotion of the liquidation of your overstocked inventory. It also helps in informing customers about your business and helps in broadening your customer base as well.
Another way of boosting your wholesale liquidation business sales is by bundling the products as a group. You can always bundle a more popular product with another product that does not seem to do as well, and you could add promotional messages as flash sales, or a special sale or even a limited time period sale which would help in creating a fear of missing out on the sales and would encourage the buyer to purchase the bundles. This would also help in reducing the stock in your overstock inventory and help in clearing out the merchandise.
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