Earning Money through Overstock Inventory
Overstock inventory is the stock that the business was not able to sell at the right time. This inventory is not defective, and it is not returned from the customers because it has never been sold out. The main thing that brings the overstock inventory is when the supply of a product exceeds its demand. It would have been a result of poorly managing stock. There should have been someone checking and advising the company on how much to buy depending on the on demand. It also could be that they speculated the wrong demand. In businesses, it is inevitable to have losses. Below are some of the stuff you can do to make money from the overstock inventory.
One way is to sell it to a liquidator. The inventory liquidators will buy your excess inventory and then sell it and in most cases at a discounted price. Ensure that you have a rough idea of how much you want to value your stock before you negotiate with the liquidators. Consider is the product is brand sensitive and get to know the different ways you will use not to jeopardize the brand. Discuss the one who will cater for the transportation of the inventory. This is a great way to earn money fast from overstock inventory.
Considering selling overstock inventory online is the other factor. If you fail to get a liquidator, the other option is to sell the stock through a third party site look for sites that assist in selling overstock products, and they will help you out. Apart from this, you may give your customers bulk discounts. Offer to give the customers one extra product when they buy two of the same. This will increase the rate at which people will buy that product.
Another thing that is almost the same with giving bulk discounts is bundling. This is where you take several products and sell a group of them at a discounted price. The buyers will take this as getting more value for their money. This will assist your overstock inventory too much faster. Offering steep discounts for the products also works wonders. Then a product is placed with a high discount the customer is attracted to buy it. This should, however, be dome in a short period so that you cannot do it so regularly. When you get used to this, it might become difficult for you to sell anything at the full price.
Overstock inventory can also be used as rewards for loyal customers. Products that cannot be resold like fruit baskets, flowers and other perishable products can be used as rewards for either new or long-time customer. You may also turn this inventory to gifts of references. You may offer to give the product for free for anyone who brings a new customer to your shop. Finally, you can give the overstock merchandise as a donation for the purposed of marketing. If the products cannot be sold, then donations will raise the visibility of your business. This will work to your advantage.