No business wants shelves full of stock so to maximise sales you need to know what’s selling and what’s not, what trends are influencing sales at different times of the year, and have a plan what to do with unsold stock.
5-step guide to selling all your stock
1. “Smell what sells” – as English business magnate Alan Sugar would say, monitor what sells like hotcakes and what’s gathering dust and organise your stock into A class, B class and C class items according to their level of popularity. Take into consideration seasonal holidays, events and even weather forecasts, which could influence the popularity of products e.g. winter coats, gardening tools, tents. This enables you to order the right amount of each product so you don’t have extra stock or miss out on sales, saving you money and increasing your profits.
2. Update item descriptions – make the product descriptions marketable, give shoppers a reason to buy e.g. “with summer around the corner…”, and think of seasons and events. Both product and shipping information should be clearly explained in detail, as this has been found to improve sales.
3. Adjust prices – review and adjust the prices of your items according to their popularity, stock level and your competitors’ pricing. This will help you sell your excess stock and least popular items whilst giving your products a competitive rate.
4. Make offers – if one item tends to be bought with another regularly, package them together in a special deal or offer the second item at a discount if they buy the first. Alternatively offer discounts on excess stock, either cutting the price on single items or if the shopper spends over a certain amount, or pair them with a popular item at a reduced rate. Giving discounts is a great way to entice customers to buy more.
5. Damaged items – if an item can still be fixed explain its condition and emphasise the discounted price to buy the item. Show the option to get the discounted/damaged item next to the one in mint condition – some shoppers can fix the item themselves and in some case they prefer to buy the discounted damaged item.
These changes will keep your inventory fresh, save costs by reducing excess stock and improving stock management efficiency. Start making stock management easier and increase sales by calling RT Page on 01903 736300