Sale merchandise and slow-moving stock, on the other hand, are rarely romanced the way new or popular products are. As a result, the desirability and profitability of that inventory plummets.
But what if it doesn’t have to? What if you could sell slow-moving stock at full retail price by doing more of the things you’re probably already doing?
In an interview with Vend, a cloud-based point of sale and inventory management software company, I shared tips to adopt, pitfalls to avoid, and proactive approaches for managing slow-moving stock.
This week, as part 1 of a 3-part free inventory management class, I’m diving more deeply into different ways to implement these five merchandising tips to breathe new life into stale products:
- Re-merchandising your inventory.
- Merchandising complementary items together.
- Double- or triple-exposing slow-sellers throughout the store.
- Creating mobile merchandising statements.
- Creating merchandising strategies by store location.
I also created a free PDF checklist that features all 14 ways to sell slow-moving stock at full retail price. When you sign up to receive our email updates you’ll also receive this valuable resource.
- Think beyond merchandising new inventory and "filling in holes" as items sell out.
- Leverage the success of other items through proximity. Like real estate, adjacency helps define value.
- Marketing's Rule of 7 is about multiple exposure. Use mass exposure, not scarcity, to motivate action.
- Re-engage your sales associates or selling team with an unpopular item.
- Establish credibility within a tight-knit community or sub-group of shoppers.
Don’t forget to get your checklist with all 14 merchandising tips here. Join me next week for part 2 of this free inventory management class -- The Science of Inventory Management.