Black Friday and Cyber Monday have come and gone, and the biggest shopping season of the year is almost over. If you’re like many online businesses, you may find yourself with a stockpile of extra post-holiday inventory after it’s all said and done.
Instead of sitting on your extra stock until next year, you could get rid of it early and dramatically boost your profits while improving engagement with your audience. If this sounds good, stick around.
We are going to show you four smart ways you can quickly get rid of your extra stock. Our strategies range from using your social media to build brand awareness all the way to starting a brand new profit stream through wholesale marketing, all with your holiday inventory.
Let’s dive in.
Create Strategic Email Promotions
At this point, we all know that email marketing is one of the best ways to connect with customers. The ability to reach out with personalized content and promotions makes it easier than ever before to show email subscribers precisely what they are interested in seeing, which leads to more clicks, sales, and traffic.
You can use the information you used to segment your audience to sell off your excess inventory. Here’s how it works.
First, identify the product you need to sell. Let’s say you run an online sporting goods store, and you have thousands of extra footballs lying around the warehouse.
The next step is to find the target audience that may be interested in buying a football. So, look at your customer segments and find email subscribers that have shown interest in this sport through their buying history or their interests when browsing content on your website.
Now, create a killer promotional email that includes a deep discount on all football products. Because you were able to target the right customer for the product that needs to go, there’s a better chance you’ll see more subscribers click through and take advantage of the offer.
Start a Social Media Giveaway
You can also use your social media channels as a way to get rid of your holiday inventory. There are several options worth pursuing. One simple way to secure more sales is to use advertising to promote your overstocked products to your target audience.
Another smart way to use social media is to start a giveaway. Online contests are a great way to give back to your followers while enhancing brand awareness and building a better image of your company.
You’ll first want to choose where to host your event. Twitter, Facebook, and Instagram are all excellent choices for virtual giveaways. All three of these social sites have benefits for business owners hoping to reach their audience with a contest, including engagement. For instance, on Instagram, a whopping 20% of users visit a business page every day. That’s a ton of traffic that could potentially make it back to your website!
Once you know where you want to hold the event, create a campaign, and let your followers know the rules and prizes. If we use the previous example, the prize is a brand new football.
But since you have an overstock of footballs, you can have as many winners as you do prizes to give away. Picking a large number of winners ensures that more people will enter, too, since more prizes mean more chances to win.
Encourage followers to share your post, follow your company, and visit your website for multiple chances to enter. You’ll see a sharp increase in engagement, social media followers, and potentially, traffic and sales on your website.
Offer Products Wholesale
Next, let’s talk about selling your excess stock to other businesses or consumers wholesale. Wholesale essentially gives people the option to buy in bulk at a discounted rate. There’s a good chance you could see a significant boost in sales if you allow consumers to save by offering a steep discount on their favorite products.
Similarly, you could attract the attention of other businesses that are interested in reselling for your company. When you sell to people in bulk, you start moving inventory fast, which could be extremely helpful if you have a surplus.
Tools like Wholesale Suite give business owners an opportunity to create a separate page only available to wholesale customers. You can use this information to create multiple campaigns that appeal to consumers interested in buying one product and those looking for a wholesale option.
Some companies are even creating subscription models for their wholesale customers. In other words, customers can find a plan that offers a consistent delivery schedule of products they need at the right price. Business owners and marketing teams know that this strategy is effective, which is precisely why 82% of brands say they are adopting a subscription model because it helps establish their identity as a leading distributor.
Bundle with Popular Picks
Finally, you can get rid of post-holiday inventory directly on your website by creating product bundles. Marketers know that certain products sell during specific times of the year. Look at this information for your website and create bundles that include popular items with the overstocked product.
So, if your online sports store sees a surge in football jersey sales in Q1 every year, it might be a good idea to create a bundle with a jersey and football at a slightly discounted rate. The extra value proposition will be enough to drive some consumers to make a purchase.
You can make this strategy even more effective by including a limited time on the offer. When deals are only around for a short time, and consumers can see when they end, they may experience FOMO, also known as fear of missing out.
Essentially, FOMO is a phenomenon where people are more likely to take action because they don’t want to miss out on fun, value, or an insanely low price. Believe it or not, 60% of consumers have reported making a purchase due to FOMO, and in most cases, they followed through in less than 24 hours.
Back to You
There you have it! Now, you know four smart ways to get rid of extra post-holiday inventory. Your strategies may vary slightly based on the products you’re selling and availability. For example, someone with a couple of extra things to sell might benefit from an online contest instead of wholesale marketing.
Look carefully at your stock, analytics, and customer behaviors before moving forward with a post-holiday strategy. But we think that there’s something here for everyone to try, regardless of their business size or inventory.