When a business has products that exceed the market demand or sell too slowly, this creates excess inventory. Put more simply it refers to having too much stock and not enough purchases. This is also know as having closeouts or overstock inventory. This lack of inventory control can create financial burdens for businesses by increasing purchasing, labor, and maintenance fees. To prevent excess inventory from affecting business operations, it's essential to understand how to get rid of this stock efficiently. Liquidating inventory is not exactly a science, but there are some good tips that can help you. When carried out successfully, this would free up storage space and reduce costs associated with managing the inventory. Utilizing closeout websites and liquidation buyers is a good option.
When expired or redundant products have to be thrown away, this can lead to significant financial losses for the business. Liquidating inventory, even for pennies on the dollar, is a better option than throwing inventory in the trash. There is a large network of buyers for closeouts and overstock inventory both by selling to brick and mortar stores or by selling to closeout websites. Fresh produce, medicine, beauty products, and other time-sensitive items can easily turn to excess and unwanted inventory. if they are not being managed correctly in line with market demand. In order to get rid of inventory that is taking up space in the warehouse, you can list on many different closeout websites. Examples of these include Amazon, Walmart.com, Zulily, as well as many independent smaller closeout websites.
Aside from liquidation companies there are B2B sites where you can sell excess stock at no cost to you. Two of these sites include liquidation.com and overstock.com. You can also try eBay (a popular and well-known e-commerce site) where you can create a business sellers account to sell overstock. However, read the small print as there might be fees associated depending on what type of eBay store you want to open and how many items you want to list at a time. Getting rid of dead inventory is important to keeping a profitable bottom line, and liquidation buyers can help you sell closeouts and overstock inventory that is not moving as quickly as it should.
By utilizing inventory management software, businesses can find the balance between having enough products on hand to meet customer demand, while avoiding these excess inventorycosts. These tools allow businesses to plan their inventory based on accurate forecasts, receive automated notifications to assist with re-ordering, and perpetually track stock volumes to ensure the balance is always being maintained. If you are shutting down a warehouse or closing your business, these tools can be even more effective because you can use them while winding down the business. Selling dead stock can be as important as moving your regular goods because it frees up warehouse space and improves cash flow. Closeout buyers that specialize and liquidate overstock inventory can help you. Closeout websites where you list your product directly on seller sites is also a good option.
Having excess or slow-moving inventory is never ideal. When inventory isn’t sold you lose out on potential profits, the value of stored products decrease as time goes by and you cannot bring in new inventory. Companies in liquidation for sale may look back and determine that part of their problem was they didn’t move enough slow moving inventory when they had the chance. Liquidating inventory is a necessary part of running any wholesale closeout business. No matter how smart you are with your business, there will be times when certain inventory simply doesn’t find a home.
Having a special closeout sale is probably the most common way to get rid of overstock. There are three types of sales that pop up the most – flash, clearance and specific items sales. Flash sales emphasize urgency, whereas clearance sales occur at certain times of the year (usually every three to six months). Specific items sales only offer discounts on specific items, services or types of customers. It is suggested that sales should only be offered intermittently for short periods of time. If sales are scheduled more regularly and in a predictable pattern, research suggest that it might make it more difficult in future to convince customers to buy at full price. Excess inventory buyers know how to take your dead inventory and sell it in another market where it has more value. This can be in deep discount stores or on closeout websites. There is an entire industry where excess inventory is sold for profit, and dead inventory finds a home with surplus inventory buyers.
When selling on closeout websites, enhancing online product listings can give customers a new perception of the product. You can highlight specific uses based on recent trends or events to prompt a customer’s need for the product. Closeouts often still have valuable product features, and just because someone is getting rid of old inventory doesn’t mean there aren’t product qualities that have value to closeout buyers. Consider changing the current description, details, and photographs to show the items in their best light and demonstrate how they can better meet the customers’ needs. A simple image change may be all that is needed to catch customers’ eyes and prompt a purchase. Many closeout websites will give you the option of making a video and showing off the merchandise being liquidated.
Merchandise USA is a closeout buyer specializing in housewares, sporting goods, home décor, toys and all consumer overstock inventory. We are reliable liquidators who can help if you are liquidating your business, shutting down a warehouse, or just looking for closeout brokers and overstock buyers.