Have you ever received a gift from Auntie Clara that just wasn’t the right fit for you? Maybe she bought you a variety pack of Omaha Steaks without realizing you were a vegetarian. Maybe she bought you a Texas Longhorns T-shirt without knowing your lifelong dedication to the Aggies. She’s a lovely lady, sure. But you can’t wait to re-gift those less-than-suitable presents.
Believe it or not, ecommerce vendors often feel the same way after the holiday season comes to a close – there’s all this stuff, that you just can’t wait to unload. To that end, here are six ways to relleve yourself of holiday backlog.
Truth be told, it can really be tough to understand how much product you need to have on hand during the winter surge. If you stock too little, you will miss out on potential sales. Heck, you might even lose loyal shoppers to your competitors when you don’t have the goods they need. Of course, the reverse is just as difficult. Overstocked e-stores mean higher storage fees; especially if the product is seasonal. Who wants 100 dancing Santa toys after January 1st?
The key is to find the “Goldilocks zone” between understocking and overstocking. However, if you must pick between the two, it is better to overstock your merchandise and find a creative way to get rid of the overstock.
Hit ‘Em with a Flash Sale: While finding just the right item motivates some shoppers, others are galvanized by deep discounts. In fact, selling items at a 30 to 50 percent discount will still afford you a 30 percent profit margin. So, if you want to get those goodies off your virtual shelves, consider a flash sale.
Refresh Your Marketing: It’s often said, “it’s not what you sell, but how you sell it.” If that is true, then you can likely find more buyers by changing your marketing. Use your enterprise ecommerce platforms to change the look and feel of your product page. For example, instead of selling ‘the perfect holiday gift for an exercise addict’ you could market ‘exercise equipment for your New Year’s resolution.’
Bundle Up: Offering a bundle deal is another way to motivate consumers to buy left over product. Online customers love bundles because it affords them a chance to sample different merchandise at a discount, while combining shipping charges. You’ll love this because it helps relieve backstock and introduces your audience to new goods. While bundle offers can be applied to just about anything, they are especially well received when containing tasty treats or cosmetics.
Host a Giveaway: This next idea is a ton of fun. Try hosting a contest or giveaway for backlogged items on social media. This is a wonderful way to generate buzz about your brand, re-engage shoppers and, of course, free up storage space.
Extend Your Reach: Consider selling your excess stock on a third-party or partner ecommerce site. This is a last-ditch effort to find a new swath of shoppers. Just keep in mind that you will be sharing the profits with the partner site.
Do Good in the Community: Hate to see your products go to waste? Donate them to a local community center. What you’ll give up in outright profit, you can use as a charitable donation to reduce your tax burden. Plus, it could afford you good karma in the year to come.
Hopefully these ways to relieve yourself of holiday backlog will assuage your concerns about overstocking this holiday season. As for re-gifting Auntie Clara’s presents – well, you might be on your own for that one. After all, if you offer them for sale on your site, she might buy them and give them to you again!