Move Unwanted Inventory
In an ideal world, every item we stock would fly off the shelf with nothing less than amazing speed. Then there is reality.
All of us find ourselves with inventory we don’t need. Perhaps it is leftover sizes and colors from an item now discontinued. Perhaps it is items we never should have stocked in the first place (what were we thinking?). In any event, these are items that simply will not move in a timely manner if left priced and promoted “as is.”
Unwanted inventory creates a variety of problems.
- It ties up money that could otherwise be invested in merchandise, programs or services that do a better job of creating profits.
- It occupies valuable space.
- Its presence may confuse customers and inhibit sales by cluttering the number of choices available.
Assuming you don’t replace unwanted inventory with equally undesirable merchandise, any money you make from it may put you ahead. So how can you make this stuff simply go away? Here are three possibilities:
- First, the obvious: Lower the price. This is often all that is needed.
- Another possibility: Include the unwanted items as part of a larger package to increase the package’s perceived value. (This may be preferable to simply offering the package at a discounted price.)
- Third possibility: Look for alternative means of disposing of the unwanted items.
A dive store I know once found itself with an overstock of unwanted travel luggage. These were not dive-specific items, but rather fanny packs, camera cases, backpacks and duffels that would be of interest to any traveler.
To rid themselves of these items, once it became apparent they weren’t moving, the dive store took a booth at a local swap meet and offered these items at a discount off MSRP.
That’s all it took. What the store’s customers did not want the general public did, causing the unwanted merchandise to disappear in less than a day.
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