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
Reach out to other websites that have a built-in audience, like OpenSky.com or Overstock.com. These sites make it easy for you to sell your inventory and you'll get paid once your products sell.
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!
Hey, these are great suggestions! During my first season I didn’t realize how important marketing was. I ended up with most of my inventory still hanging around long after the season had ended. I figured if I wasn’t going to make money on it, I could at least do something positive with it. I donated the remaining stock to a thrift store in NYC called Angel Street. Not only did the proceeds go to charity, but I was able to see how my line performed in a Brick & Mortar.
That’s a great idea, Kimberly! Thanks so much for sharing!
Love this! I didn’t realize there were so many deal sites! Thanks so much! This is so helpful.
So glad it was helpful!
This is such a good topic for product entrepreneurs and one that is very hard to predict, no matter how long you’ve been in business. I thought the kids version and adult version would sell equally in my business, but I ended up with twice as much of the kid version and completely sold out of the adult size. I could never have predicted that. No matter what you do, it seems like you either have too much or too little. I’ve tried to just learn through trial and error.
Great ideas for getting rid of inventory! We’ve had our best luck getting rid of tshirt inventory at retail/art shows selling them at $10 or 3 for $25. People were buying 3 just because. Crazy what a good sale will do to people!
Great idea, Mary! I did that, too, and it worked really well!
Some of my left over inventory were purchased wholesale and not made by my company like my pearl necklaces. Would I still be able to sell on daily deal sites?
Very helpful & best small business advice to get rid of excess stock. You can also setup a clearance sale. This could be the best opportunity to flush out any stock that hasn’t sold in the past 3-6 months.