{"id":3416,"date":"2022-10-24T01:40:41","date_gmt":"2022-10-24T01:40:41","guid":{"rendered":"https:\/\/new.rithum.com\/blog\/uncategorized\/how-to-unload-excess-inventory-in-productive-profitable-ways\/"},"modified":"2022-10-24T01:40:41","modified_gmt":"2022-10-24T01:40:41","slug":"how-to-unload-excess-inventory-in-productive-profitable-ways","status":"publish","type":"post","link":"https:\/\/www.rithum.com\/blog\/how-to-unload-excess-inventory-in-productive-profitable-ways\/","title":{"rendered":"Excess Inventory Management: How to Get Rid of Excess Inventory"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>

Hate leftovers? Even brands with the hottest products are bound to experience surplus inventory every once in a while.\u00a0<\/span><\/p>\n

Perhaps your forecasting is off or you ordered too much supply. Whether you have a solid <\/span>inventory management<\/span><\/a> strategy or not, there are plenty of profitable ways to recoup your investment.\u00a0<\/span><\/p>\n

8 Ways to Get Rid of Excess Inventory<\/b><\/h2>\n

At Rithum, we\u2019ve seen sellers come up with some remarkably inventive ways to squeeze as much value as possible out of each and every SKU \u2014 even when making way for new inventory. Need better ideas than the tried and true BOGO? Try these tips next time you\u2019re looking to free up warehouse space:<\/span><\/b><\/p>\n

Step Up Paid Search<\/b><\/h3>\n

Perhaps you already employed a basic advertising strategy to sell excess inventory. But with so many <\/span>advanced advertising opportunities<\/span><\/a> for reaching consumers on dominant channels like Google, Amazon and Facebook, digital marketing is still a strong option for locating new, purchase-ready consumers.<\/span><\/p>\n

You may have to get a little aggressive with your paid search campaigns, particularly after peak seasons. The trick is finding the right keywords based on current trends and traffic. Think like a shopper by bidding on terms like \u201choliday clearance.\u201d Or, select long-tail key phrases that correspond to your stock since they tend to cost less and convert more.<\/span><\/b><\/p>\n

Expand Marketplace Reach<\/b><\/h3>\n

Are you sure you\u2019re marketing in the right place? Different marketplaces meet different shopper needs. Consider all your buying personas and the corresponding niche marketplaces that could help you reach new audiences.\u00a0<\/span><\/p>\n

Case in point: eBay. This <\/span>popular marketplace<\/span><\/a> has changed a lot in recent years, and now offers tons of incentives through its Promotions Manager to help sellers advertise and liquidate goods. It\u2019s also a great place to bundle offers that go well together, particularly in the wake of peak seasons when you may be looking for ways to make the most of <\/span>holiday returns<\/span><\/a>.\u00a0<\/span><\/p>\n

Pro tip: Don\u2019t forget to sync your inventory across channels.\u00a0<\/span><\/i><\/a><\/b><\/p>\n

Focus on Fulfillment<\/b><\/h3>\n

Today, <\/span>42%<\/span><\/a> of shoppers expect a two-day shipping option for every online purchase \u2014 not just those on Amazon. Could lengthy shipping times and high costs be to blame for poor sales volume?\u00a0<\/span><\/p>\n

Sometimes, it\u2019s just <\/span>how you <\/span>position<\/span><\/i> shipping<\/span><\/a> that affects a buyer\u2019s decision. Whether you lower your threshold for free deliveries or use data to guide your pricing strategies, shifting the focus to fulfillment may be all you need in some instances to start seeing a pickup in sales.<\/span><\/p>\n

If that sounds too overwhelming, it may be time to consider <\/span>third-party logistics<\/span><\/a>. Working with a 3PL provider can put important details in the hands of experts who specialize in various aspects of order and inventory management.<\/span><\/b><\/p>\n

Try Automated Repricing<\/b><\/h3>\n

You want to stay competitive with other sellers \u2014 but who has time to manually monitor price variations across hundreds of listings? <\/span>Automated repricing tools<\/span><\/a> automatically adjust your prices to remain competitive and align with your goals. Choose from:\u00a0<\/span><\/p>\n