We all know that sinking feeling when you go into the stockroom to put away a new delivery and realise that all the space is occupied. If it’s because you have an overstock of something that just will not shift it’s especially depressing. Perhaps it’s seasonal – after all there isn’t usually a huge market in pumpkins and skeletons in November and May tends to be a slow month for Easter Eggs. If you’re really pushed for space it can be tempting the throw the whole lot in the canal….
Instead let us look at some legal ways to regain that space in your stockroom.
Shift it elsewhere
The most obvious thing to do with it is move it somewhere else. You might be surprised how little a cheap self-storage unit actually costs and you can keep your seasonal items until next year when they may sell better. You may even be able to sell them for more next year to recoup some of the cost of keeping them.
Send it back
Some items are normally sold on a sale-or-return basis so the solution in this case is obvious – send it back to the supplier. You may well be able to return it even if it wasn’t originally supplied sale-or-return although most suppliers will charge a restocking fee of a percentage of the value of the stock and you will have to organise delivery to their warehouse or pay their courier.
Closeout Sale and Giveaways
A good idea for perishable or highly fashionable items that, if they don’t sell now will never sell, is to include them in a flash sale to try and get back at least some of their value. A few big reductions may prove more profitable than small reductions on everything.
Another option is to include the stock you want to ditch in promotions such as “buy three t-shirts and get a free cap” or to bundle items together into “gift packs” including more desirable items.
Wasn’t that what you were trying to do in the first place? If your customers won’t buy your overstock it may be that someone else’s will. An overstock buying agency will quote for your overstock based on what they think they will be able to sell it on for. Whilst it is obviously a good idea to approach more than one agency they share information to gauge relative supply and demand so it’s best to wait for one quote to come back before looking for another.
Instead of dumping your overstock there are plenty of legitimate ways you can dispose of it – and in the process, you can release some of its value back into your business. Even options that require some outlay – such as sales, bundling and self-storage need to be considered in terms of how much benefit you will reap from having extra space in your stockroom and extra footfall through the door.