What Should You Do With Excess Inventory?
WHAT SHOULD YOU DO WITH EXCESS INVENTORY?
If you haven’t heard, retail was hit with a Pandemic problem in 2020. And while the blame doesn’t land on the retailers themselves, they sure did suffer the consequences. Clothing sales were down, inventory wasn’t moving, customers weren’t spending much money, and now retailers are stuck with overstock.
So, what can retailers do with their inventory? Let’s explore a few options.
When it was business as usual, a fantastic sale could do the trick. From Friends & Family, to Black Friday, and Memorial Day, consumers have been trained to expect great discounts around the same time every year.
Well, then we entered a business unusual phase which was highlighted by stagnant inventory and locked-down wallets. While the Great Recession trained shoppers that they never had to pay full price for anything (eventually their patience would pay off in the form of deep discounts), the Pandemic taught them to become more frugal than ever before. That’s why brands must find new ways to regain value, recapture their customers and rethink their brand’s mission—just any old sale won’t do.
That’s why we think it’s smart to mask your discount as a bounce back incentive—as in the ‘spend more, get more’ business model (for example: spend $500, get a $100 off the next time you shop). This way you’ll encourage buyers to spend and you’ll move the excess inventory. Winning!
You can also create sales bundles; BOGO offers and discounts on items that complete looks (such as a suit set).
CREATE SAFE PROMOTIONS
Remember when the flash sale sites ruled the world? Every day at a set time—for 24 to 36 hours—designers like Valentino, Alice + Olivia, and Pucci would liquidate their unsold inventory to consumers who were seeking steep discounts on designer goods. The result created a fashion frenzy of ‘get it before it’s gone’ and items sold out in a flash.
Today the flash sale model is here to stay but it has also evolved into single-day Instagram specials, item of the week deals, archive sales, subscriber-only offers, VIP sneak-peaks and discounts, targeted ads with exclusive links, and one-time only flash sales.
GIVE BACK TO THE COMMUNITY
The Pandemic impacted everyone, but with millions of people unemployed, that also meant millions of men, women and children were suddenly homeless and hungry. Donate excess clothing, shoes, and accessories to local nonprofits.
SELL ON LEPRIX WHOLESALE
Quickly liquidate some or all of your inventory on LePrix Wholesale. From handbags to accessories and jewelry, LePrix Wholesale is a great option to offload inventory. What might be sitting in your store in Dallas might fly off the shelf for a store in NY. Selling on LePrix Wholesale is a great way to quickly liquidate. Interested in learning more? Sign up to sell here.
Hey, we’re here to support you and want to see your business succeed more than anything in the world! We’ll give you some insight, advice and let you know what’s working for our partners.
What’s hot on LePrix Wholesale right now? Check out the list below for brands that our buyers are stocking up on:
- Louis Vuitton
- Christian Dior