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Top 9 ways to manage excess and surplus stock
Every experienced seller faces the challenge of dealing with excess stock, raising the essential question: how do you sell off surplus stock efficiently?
Whether it's due to tough competition, decreasing demand, or the need for more money in the business, managing surplus stock is a problem that all shopkeepers encounter. In this article, we will discuss some effective methods to smartly sell overstock.
Disposal
Before discussing specific strategies, it's crucial to consider disposal, where you pay to get rid of your excess stock.
While this might seem intimidating, especially if you've invested a lot of money, sometimes it's the best choice. If you're facing accumulating fees for long-term storage, disposing of the stock becomes necessary. You will likely save money by paying to have your stock destroyed. As your stock will be racking up storage costs, and taking up space that profitable/well selling stock could have taken up.
Despite the initial disappointment, there are tax advantages to keep in mind when writing off unsold items.
Get something for your stock
Another way to get rid of your stock is by using a liquidation company. Stock clearance liquidators usually will pay you, and cover the transport from you, to their warehouse.
One of these stock liquidation companies is pinkliquidation.com , you can get a quick same day decision on your stock by filling out the sell your stock form.
Click here to fill out the stock selling form, and sell your stock today.
Amazon's Liquidation Program
An Option to Explore, Amazon introduced its Liquidation Program in 2021, allowing sellers to work with other companies to sell their remaining stock. Sellers usually receive around 5% of their usual selling price, minus fees…… Yes, there are fees on top of that.
Though the returns might not seem significant, this method often works better than other options. It’s similar to the previous method (Selling to a stock liquidation company), although when liquidating with amazon, you do not know what you are going to get for your stock until you have already sold it to them.
If you wanted to know what you could sell your stock for, before committing to sell click here
Different Sales Avenues
Merchant Fulfilled ASIN on Amazon: Create a new Merchant Fulfilled ASIN with a lower price, bundled in bulk. If it sells, process a Merchant Fulfilled order without the need for relabeling or resending items.
Bulk Sales on eBay: List several items together and sell them in bulk. Use multi-channel fulfillment directly from Amazon for efficient shipping.
Amazon Outlet Deals: If your items meet specific criteria, consider using Amazon's outlet section to sell your remaining stock. This method can yield results similar to Lightning Deals.
Promotions on Social Media: Run a promotional campaign on social media, offering a significant discount. Share it with Amazon Influencers and Associates, potentially reaching a wider audience.
Amazon VINE: Enroll your product in Amazon VINE for increased visibility and potential additional sales. While this involves giving away items, the exposure can be invaluable.
Charitable Donations: Think about donating surplus stock to charities. While the tax benefits vary, the positive impact on your community and reputation is invaluable.
Act Swiftly
Avoid Delay. Procrastination can lead to increased costs. Many business owners store their items incurring substantial monthly storage fees. To avoid this, make decisions promptly, either by selling or disposing of the stock. Don't delay the process.
Conclusion
Accepting reality and selling off remaining stock is a challenging but necessary part of running a store.
Every business owner has faced losses due to unsold items. It's a shared experience that connects sellers globally. Remember, how you manage your remaining stock defines your business's resilience.
To sell your stock today click here and fill in the stock selling form.