How To Get Rid Of Dead Stock Profitably
Companies that sell stock sometimes end up with old stock on the shelves and wonder what to do with it, to the point that they put it on sale and in the odd case even sell it below value just to get rid of it. At first thought one could think, "at least it has been sold and that money can be used to purchase faster moving stock" and that is right, but who really wants to sell stock at below cost?
How to get rid of dead stock and benefit from it
Looking back, the stock has been purchased because the owner has considered it to be a saleable item in the first place. (Although all owners selling stock would have to admit to the odd mistake every now and then!)
So how can you get rid of it but still create customer satisfaction at the same time.
Rather than just putting the items in a bin or on a rack, why not give them away when a client purchases a particular item.
For example you may own a beauty salon and a particular body lotion has not been moving and a new range has been purchased. Instead of making the brand you are selling look cheap (and consequently that you have bought a cheap brand) offer it at half price to clients who have a leg wax. The client will feel they are valued because they are receiving a special offer and it is not lowering the tone of your salon by discounting a product.
You may have a basket on the counter with a sign saying:
"To show our appreciation, all clients who are having a leg wax have the opportunity to buy this silky smooth body lotion at have price!"
Another example is where you may own a garden centre and you feel that a particular gardening implement has not been successful.
You could offer the garden implement FREE to every customer who purchases over $100 worth of stock. If you have a lot of stock to move you may advertise this offer, or if you only have a few you might just do an in-store special so that you can stop it when the stock is gone.
Again you have an appreciative client and have got rid of the stock.
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