Continuously moving inventory is a major goal for ecommerce retailers. But when seasonal, market, or other fluctuations negatively affect your sales you may find yourself sitting on some outdated inventory. You may be willing to cut the price on those goods just to reclaim the warehouse space for more profitable/faster-moving items. But sometimes, putting outdated inventory on sale isn’t good enough. For those times, try these tips to get that inventory sold quicker:
Targeted Promotions – Reference your user history and data to pinpoint customers who have shown an interest in products similar to your outdated inventory. This works especially well for ecommerce sites specializing in fashion. Customers who consistently purchase medium-sized shirts or size 10 shoes are ripe marketing targets for any of your outdated items that match those sizes.
Cross-Selling – Make sure your site is able to show customers cross-selling options. This way, you can alert them to items from your outdated stock that are similar to the items in their carts.
Optimize your Inventory Strategy – Because outdated or slow-moving inventory ties up your working capital and warehouse space, it’s best to try and avoid it in the first place. With Fulfillment Works, our state-of-the art inventory control management system is fully automated to help you manage your inventory by sending out real-time movement history reports, current usage analysis reports, and other metrics to maximize the efficiency of your inventory levels.