Overstock isn’t usually such a big problem for your e-Commerce business as it is for a brick-and-mortar store. This is because you have a smaller inventory and because at least part of your stock is normally stored by the manufacturer or supplier. Even so, overstock can still be a costly and unpleasant business, especially if you’re not using an effective inventory management tool or a solution providing sales forecasting for small business. Instead of just dumping overstock into the trash bin, however, there are a few more effective ways to deal with it.
- Sell overstock at a discount. If you have a lot of it, make it available through a sale on your website and make sure you spread the word about it on social media. Keep lowering prices until all items, or at least most of them, sell.
- Use your overstock to fuel a social media contest or blog challenge. More than getting rid of overstock, a contest or blog challenge can help you promote your company, potentially attracting new customers.
- Offer your overstock to local charities. This doesn’t work for all types of items, of course, but it can be a useful way to move at least a part of your overstock and do a good deed in the process.
- Ask your distributor for an overstock return. This isn’t always possible of course, but sometimes it is, especially if your overstock isn’t very old.
- Use a tool providing sales forecasting for small business or upgrade your existing one if it doesn’t help you keep overstock under control.
- Sell your overstock to dollar stores. Dollar stores or variety stores, as they are also called, can now be found just about everywhere, so it should not be too hard to find one that will be interested in at least some of your overstock.
- Auction off your overstock in bulk online. If you’re not in a hurry to clear up warehouse space, auctioning off your overstock can be a good way to do away with it. There are many websites online that make it easier for people from around the world to buy overstock.
Once you’ve dealt with your overstock problems, you may want to consider using an accurate and reliable forecasting for small business solution, as well as an inventory analysis and planning app, which can help you optimize stock levels and eliminate not only overstock, but also understock problems. DataQlick combines inventory management with business intelligence and sales forecasting to help your e-Commerce business grow.