How to liquidate existing inventory?

One of the struggles I see with wholesalers is trying to sell the stale inventory so they can start buying fresh ones for the season. With 2020 just around the corner, it’s the perfect time to start getting rid of the old/bad/excess inventory with these markdown strategies.

Check out the training I did on Facebook here

Your current inventory is just MONEY sitting there. Get rid of it so you can re-invest the same back into your business with these ideas.

How to liquidate existing inventory?

• Re-style the product — It's all about showing how your product can be used differently than what you’ve shared before.

  Example - If you are selling clothing, you can show how a particular top can be styled in different ways that you may not have mentioned before. Just doing this can help you so much because you'll not only SHOWCASE how the product can be used differently, but it'll also give you CONTENT to share.
  
  

• Special Promo — Creating Bundle deals is another way to sell your inventory. Buy 1 get 2nd at 20% off or take extra 10% when you shop 2 or more products etc. Enticing them with deals that are hard to refuse.
  
  

• Selling on marketplaces/channels like — Poshmark, Offer up, eBay, Depop, Mercari, Vinted etc.

  Selling on multiple channels does have a lot of advantage but it has it's drawbacks too like, having to monitor the inventory like a hawk so you don't end up selling one piece on multiple platforms. If you have more than 1 quantity for a certain product, go for it. If not, sell the products you have multiple categories & list the single product on platform that's getting you more sales.
  
  

• Local Consignment shops - It'll help you get a new pair of eyes on your products.
  
  

• Collaborating with other brands - You can collaborate with other brands that complement your product, create bundles & divide profit.
  Example - If you sell footwear & someone sells dresses, you can do a bundle & sell them together.

  Whatever you plan, be sure to check your numbers, fees etc. so you not selling them for a loss.
  
  

  People are still shopping for Christmas & if you want them to shop from YOU & purchase the inventory before it goes stale, you've got to get your products in front of the right customer.
  
  

  Here are some ways you can do it -

• Gift Guides - Create your own gift guide. Mix your product collection with other brands that complement with them.

  Going back to the example of clothing, if you are selling dresses, add products like hair accessories or scarf to your collection, maybe headphones or even jewelry.
  
  

• Pinterest board - Other than creating a gift guide on your website, you can create a similar Pinterest board & start adding things. The 2nd place people search after Google is Pinterest. So leverage that sh*t like crazy!
  
  

• Email marketing - Sharing content with your tribe. During the start of the training I talked about re-styling the products to create NEW content & showcasing different ways your tribe can use the product. Turn that into a freaking BLOG & re-purpose that content via Email. Share the ideas with your tribe & then a subtle mention of the product in the end.

Customers love to shop but hate being sold to.

Content will give you an opportunity to to sell to your customers in a way that's organic & more a FYI or recommendation than in their face.