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In the domain of business, excess goods are tantamount to money gathering dust in storage. You can’t fully recover the capital you invested on them and they occupy costly space in your inventory. But, believe it or not, there are ways to dispose of your overstock merchandisethat also allow your business to benefit in the process. Here are some of them to note. Give Discounts The simplest way to get rid of excess merchandise is to offer it at discounted prices; and there are many ways to do this. You can offer the products “as is” but for much reduced prices. Another approach would be bundling your overstocks with other products and selling the packages at an overall discount. You can also do a bulk purchase discount; a “buy one, take one” deal is often enough to motivate customers to buy products. Use it as Rewards Aside from straightforward selling, you can also use your overstock inventory to boost customer relations. Excess products can be repackaged and used as rewards or gift incentives for loyal customers. Consider doing offers like “Get one free bag with each new client you refer to us” or similar promotions to entice long-time customers to participate, and at the same time, generate new clientele. Donate it to Charity Donating to charity can be a more philanthropic approach to get rid of overstock merchandise. There are several benefits to this. For one, you can turn it into a public relations event and enhance your corporate image. Aside from this, donating entitles you to get some tax deductions of up to twice the cost of the goods. Think of it this way; by donating, you can help out your community, free up space in your inventory, and enhance your business image, while getting some savings through tax benefits. Overstock Liquidators If you need to free up space in your warehouse as quick as possible, you can sell your excess items to an overstock inventory liquidator. An inventory liquidator buys excess stock from businesses and re-sells them at a discount. Liquidators are an effective way to generate quick cash flow for your business and make room for your more profitable goods. Stagnant or slow-moving goods in your inventory don’t have to be declared as a total loss. With a little creativity and resourcefulness, they can be put to many good uses. For more information, visit business.com/blog/cash-excess-inventory.
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