Did you invest in more inventory than you were able to sell? If so, you’re going to love today’s episode where you’ll discover five creative ways to get rid of extra inventory.
When I first launched my t-shirt line I was very cautious about how much inventory I invested in because I was afraid that I might not be able to sell it all at the end of the season, so I only purchased what I thought I could sell.
However, the problem with this line of thinking was that I was constantly scrambling whenever an item was out of stock. Also, dealing with back orders was a nightmare. So after two years of running my t-shirt business, I decided to invest in purchasing A LOT of inventory so that I can approach larger stores and not have to deal with trying to get my products manufactured last-minute to meet demand.
Luckily, I was able to sell most of the inventory that I invested in, but I still had a few hundred t-shirts at the end of each season that I wasn’t able to sell.
Five ways to get rid of extra inventory
1. Run a sale on your website
This is one of the quickest ways to get rid of extra inventory and your customers will LOVE getting a great deal. Plan on offering at least 40% off your regular prices (50% is even better!) Promote your sale on your website, in your newsletter and via social media to get even more sales.
2. Sell your products on daily deal sites
Find a daily deal site in your niche and run a flash sale with them. Your products will be exposed to a brand new audience (even millions!) and you’ll be able to sell through a lot of inventory very quickly.
3. Sell your products on other websites
4. Do a product review/giveaway with influential bloggers and reach out to celebrities
This is one of the best ways to use your extra inventory to get publicity for your brand! Connect with influential bloggers via a service like MEDIA LEADS or reach out to celebrities by using a service like Contact Any Celebrity.
5. Put your products in monthly subscription boxes
Some subscription boxes have hundreds or even thousands of members. Participating in a monthly subscription box is a great way to turn people who try your products into paying customers.
What are some things you’ve done to get rid of extra inventory? Leave a comment below and let me know!