We would do things differently, as a wholesaler, than you would do is a retailer. That's because we don't have a retail store front where people can come to browse our products. That means our marketing and inventory control has to be a little tighter. As a retailer, you have a few more options than we do.
Re-Market the Inventory
Our first suggestion is that you consider re-marketing the excess inventory. Some retailers call this repurposing; it is essentially the same thing. As an example, you may have a few dozen pairs of sunglasses you purchased for your winter inventory still hanging around. They are not selling now that spring is here, but that might only be the result of seasonal trends.
Try building a special display in a rather visible space for marketing this inventory in a new way: it is inventory that has to go in order to make room for incoming stock. Car dealers do this all the time. You can even mark down the products to give your customers further incentive.
Create a Bundled Package
In a few previous blog posts, we have mentioned the idea of selling sunglasses as part of a bundle. You can bundle multiple pairs of sunglasses together to create a family pack, for example. Or bundle the excess inventory with something completely different. For example, buy a pair of sunglasses and get a bottle of suntan lotion and a hat along with it. Bundles are actually quite effective for moving large volumes inventory in fewer transactions.
Offer Them Online the Bulk Dealers
If you are willing to sell your excess inventory as an entire lot at a slightly discounted price, there are online dealers who might be willing to snap them up. Sure, you will not make as much profit this way. But a little profit is better than no profit at all. Consider cutting your price by half of your original markup to make the sale. Then list them on a site like eBay. You might end up being surprised how quickly they go.
Donate the Excess Stock
One last suggestion is to donate the excess stock to a local charity, school, organization, etc. Donations are good for tax write-offs and marketing purposes. They also help worthy organizations in your local area. Being that you are dealing in wholesale sunglasses, a good place to start would be any of the summer camps on tap from June through August.
Looking Toward the Future
We have given you a few suggestions about how to deal with excess inventory. We hope you find them helpful. Beyond that though, you should also start looking toward the future. What we mean by that is sitting down and trying to figure out why you ended up with excess inventory to begin with.
In retail, excess inventory is something you cannot afford. Excess takes money out of your pocket and ties it up in overhead you might not be able to dispose of profitably. So do your best to honestly assess what you have left over and why you still have it.
It could be that your excess inventory is just one of those things you couldn't control. But if you realize you could have done things differently, implement the changes before you place your next order.
