How to Dispose of Old or Surplus Inventory in 8 Simple Ways

Did you stock up for a seasonal festivity, but the sales were not as expected? And now you’re left with surplus inventory that is bound to render your shelves dormant for a while. This is where Modern Cloud Point of Sale Systems are smart enough to let you keep track of your inventory. Once you hear the buzzer of your list growing old or taking up unnecessary space in your warehouse, then it is time to take adequate action.

Discounts Always Work:

This is perhaps the most effective method to uplift your sales and discard your unwanted inventory simultaneously. This is typically observed to be the practice by organizing clearance sales after the season has expired. Announcing captivating discounts up to 50% and more can grow your sales exponentially while building rapport with your customers.

Rebrand and Re market:

Rebranding is another tactic that is used to replenish the image of a brand or product. It attracts the audience with effective presentation and marketing from your side by highlighting its salient features and changing the overall appearance of your product or services via redesigning the logo or thematic value. This can be accomplished by remodeling the packaging or appearance over the web backed up via Cloud POS systems.

Efficient Product Placement:

This is a very simple step; if you wish to clear out products of a similar genre, then effective product placement should do the trick. All you have to do is place the products upfront and on top of your shelves so that they are within the line of sight of customers. According to studies, this approach has proven to increase the sales of products dramatically once it was placed upfront or in a comfortable position.

It’s Never Late to Step Back:

Returns are always an option, and if you overstocked for the season, then you can always be quick to get in touch with your vendors and get the consignment returned within the due date and retain your revenue with our wholesale POS equipment. This can help you preserve your finances for upcoming expenditures or a rainy day.

Marketing and Tax Reduction via Donations is a Good Idea:

Yes, Charity can go a long way to heighten the potential of your brand image. This not only paves the way for you to clear out some space on your inventory shelves but also empowers you to market your business via public endorsements and fundraisers effectively. These donations can also assist you with tax reductions in the long run.

Bundled Upsells Make A Difference:

Upsells can be hard to make separately even with an efficient Retail Management POS System, but when it is provided in combos, then your customer is more likely to invest in it. Studies have proven this psychological attribute to be accurate as consumers are inclined towards investing in combos as compared to standalone products.

Everyone Likes Free Stuff:

Associating your purchases with sufficient incentives can pave the way to increase sales and help you clear out your surplus inventory supplies that you can keep track of via managed IT services. This means announcing gift hampers with the purchase of specific goods or introducing a price cap that entails a prize bonus such as the inclusion of a prize worth $200 after every purchase of $1000.

Share Your Enthusiasm with Your Employees:

More often, the product might not always be at fault as your employees might not be interested in selling that particular item. This could be due to a lack of motivation or incentive to do so. Hence you’re responsible for getting them up to speed with the significance of the product via the latest cloud POS systems at your disposal. So that your customer can be well-acquainted with the product accordingly.

Are you looking for a seamless Point of Sale software that can get the job done? NCR Counterpoint has you covered with our POS system for inventory control and equips you with the best retail POS system in the market.

By POS Highway Staff | July 19th, 2023 | Point of Sale | 0 Comments

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