What To Do With Excess Inventory

If you run a brick and mortar retail business, excess inventory is one of the necessary evils of running your shop from season to season. Certain items don’t sell as much as others and suddenly you’re spending money on storage for these items to make room for this seasons stock. As overwhelming as this can be there are several ways to deal with excess inventory that can help you save on warehousing costs as well as make a profit.

  1. Offer unsold items as gifts – Use excess inventory to help promote higher selling items. “Buy this popular item and receive this overstock item for free!” Or, “Spend $100 dollars and get this excess item for free.” Find an option that you’re comfortable with.
  2. Donate your excess inventory – This may seem counter productive as you’ve already spent money on this stock. However, by donating items you can’t sell you’re making a positive impact on your local community. Not only that, but shutterstock_248810284by making sure you maintain records of your donations, you should get a nice refund come tax time.
  3. Try online – If you can’t sell items on site at your store, making items available online opens up the market and casts a much wider net. There’s a market for almost everything on the internet. Where people who walk in to your business may not want certain items, shoppers online may be searching for what you have to offer. However, if you don’t have the time or patience to manage website sales…
  4. Liquidate – Professional liquidation companies are in the business of buying excess inventory and are accustomed to selling items in niche markets. They’ve spent years establishing relationships with buyers and are better equipped to move your unsold stock. They will buy your excess inventory in bulk and remove the items for you. This minimizes your financial hit and saves you on the cost of storing the items.

For more information on services offered by Ideal Trading Liquidation Company like, excess inventory, liquidation, estate sales, small business liquidation, and appraisals, please visit our website here.