How to Make the Most of Excess Inventory

Excess inventory doesn’t have to affect your business negatively.

Whether you keep stock in warehouses, shops, or both, your space is valuable, and there is rarely any room for excess inventory.

For any business supplying physical goods, you’ll know that no two products that you stock will have the same turnover rate. Goods that usually sell at a slower pace than others will likely turn into excess inventory.

No matter how defined your inventory planning, all retailers will experience unexpected changes in inventory.

Here at Bray, we have provided some tips for making the most of excess inventory:

Offer bulk discounts

Everyone loves a bargain. Pairing a bestseller with slower inventory and selling them at a discounted price is a great way to keep even the slowest items moving off the shelves. Consumers love to spend money if it means they’re getting something for free or cheaper than usual.

Use excess inventory as an incentive.

Use your products or services as an incentive to get consumers to encourage their friends to buy from you. Offers such as ‘Get one free product when you refer a new customer to us’ will work wonders. The clothing company, Next, encourages customers to invite friends. But it doesn’t stop there. Once that friend has spend over £40, Next offers £20 off yours and your friend’s subsequent purchase.

Refresh your marketing

If a particular item is not selling, consider doing some kind of remarketing tactic, or put some ad budget on it. If you have a website set up, place the item on your homepage, or make it a featured item. 

You could also place it in multiple categories around your website, or use it in a blog post to display the product. Run tests on where it is on the site and take it from there. 

Sell it online

Why not sell your excess inventory to liquidators who will sell them on your behalf? It is a useful B2B marketplace where your stock is listed in an auction. By auctioning your excess inventory, you could sell the products for a higher price. Make sure to understand the value of your inventory before selling at auction and stick to a price before you go to a liquidator.

If you don’t have enough to sell to a liquidator, try selling on third-party sites such as eBay, Facebook Marketplace or Gumtree. Selling them at a lower price will encourage customers to purchase them on the third party site where it’s cheaper compared to your store. As long as it sells somewhere!

Donate to benefit others and yourself at the same time. 

If you have tried these methods and cannot seem to shift the products, why not donate them to organisations to raise your visibility? You could give products to schools, public libraries or even local events in the community. Not only are you helping those in need, but you’re also promoting your business in a positive light to potential consumers.

get in touch

Are you making the most of your excess inventory? Bray Solutions offer quality warehouse storage to allow you time and energy to focus on other aspects of your business. Contact Bray Solutions via  01780 784875 or email: info@braysolutions.co.uk.

A Day in the Life at Bray Solutions

A Day in the Life at Bray Solutions

Bray is a bustling company, & we have many teams doing different things. From our DC team to our stock control team, no day is the same. 

Our complete third party logistics services include:

3PL

Fulfilling orders so your customers receive what they want when they want it.

CONTRACT PACKING

Reworking your products to the highest quality following your specifications

TRANSPORT

We hold accounts with many major national and international couriers.

STORAGE

Warehouse storage options that give your business time and space to grow.

Bray Solutions

Lakeview Office Suite, Kings Cliffe Road, Wansford, Peterborough, PE8 6PB

Phone: +44 (0)1780 784875
Email: sales@braysolutions.com

Bray Solutions. The UK's leading 3PL (third-party fulfilment), warehousing storage, contract packaging, transporting goods and logistics company. Click to find out more about Bray or to read their blog full of warehousing news.
Bray Solutions. The UK's leading 3PL (third-party fulfilment), warehousing storage, contract packaging, transporting goods and logistics company. Click to find out more about Bray or to read their blog full of warehousing news.
Bray Solutions. The UK's leading 3PL (third-party fulfilment), warehousing storage, contract packaging, transporting goods and logistics company. Click to find out more about Bray or to read their blog full of warehousing news.
Bray Solutions. The UK's leading 3PL (third-party fulfilment), warehousing storage, contract packaging, transporting goods and logistics company. Click to find out more about Bray or to read their blog full of warehousing news.