Overstock is a commonplace problem for many companies, but what’s not as common is knowing how to deal with it, and that’s ok. We have the answer to any questions you have about overstock, and in this blog we’ll go over what you need to know to sell overstock inventory quickly and get some cash to invest into something more profitable.
How Can I Tell When I Have Overstock Inventory?
Being able to tell when you need to consider your inventory overstock is important, and it mostly comes down to its value to the company. Overstock is best known for taking up room in storage despite not being valuable to the company, which is best calculated with how much money it will make the company compared to the costs that the overstock will take up in storage. An important thing many people miss out when calculating the costs is that it can have indirect costs too. This is because there will be new stock that can’t be kept because your overstock is taking up the storage space that it needs, meaning you miss out on new profitable stock and therefore lose out on money due to overstock.
What can I do to Sell my Overstock Inventory?
Overstock can be sold in many ways as, unlike other stock, overstock is still in demand and able to be sold with relative efficiency. Knowing your market is key to be able to sell your overstock as this stock is still likely to be able to sell to regular people instead of having to sell it all in bulk, though sometimes if you have mass amounts of overstock, bulk sales would likely still be a requirement to get the best value.
Change in Marketing
Sometimes, it’s not the product that’s the problem, it’s that people aren’t enticed enough to buy the product. Reviewing the marketing of your overstock can sometimes give you your new hit product, some things to look out for are colours, theme, and feeling. These three things must align with who would enjoy the product, you don’t see dark and posh packaging on kids toys.
Sales
Sales are a great way to get more sales, they’re able to make current customers buy more and even bring in new customers that may stay loyal to your company. When hosting sales, it’s important to remember all the small strategies that you can do that have big turnovers. Bulk sales are a great way of hosting the exact same sale but managing to get customers to buy more products, examples of this you may see are ‘Buy X Get Y Free’ sales which are quite commonplace but still give good results. Clearance sales can be good too, as they give customers the fear of missing out as when the products are sold they’re not coming back. This is very good at making people want something they otherwise wouldn’t, a good trick to use in many things.
Marketplaces
If sales don’t work for the position your company is in, then marketplaces could be something to consider. Marketplaces are very good if you know who to market to, as they have massive groups of people coming though both online and in person marketplaces that, if you know how to market to people well, are all potential customers to your business. The important part is deciding where to try sell your overstock, as different marketplaces attract different communities, so pick one you think will have the most amount of people that will take your stock.
Auctions
Now this is a great option for when you really have too much stock, the first being auctions. These have much quicker ways to sell, but unlike prior options these take a much bigger chunk out of the cash you get back so it’s best to reserve it for when you really need stock gone fast. With auctions, you lose a lot of the choice on what price you give as it comes down to what people collectively decide rather than you having the say, so be careful when deciding what your floor price is going to be on how much it should be worth, and see if you can set a reserve price.
Sell to a Liquidation Company
Like auctions, stock liquidators are a route for when you need stock gone quick, but they have many upsides that other routes have that auctions lack. This is the case because instead of having to just hope you get good value, you’re able to agree on a certain price with the company. Here at Pink Liquidation, we recognise people's need to get stock gone quickly and devote ourselves to achieving this with an enthusiastic team. We guarantee that we can pick up your stock within 24 hours of agreeing a price, something no other liquidator can even compare to. Simply press ‘sell your stock’ and give us your contact information so we can get to moving your overstock.