so people are now getting their taxes
they're getting yet another stimulus
check they have money coming to them
left and right so you guys know what
they're about to do
they are about to go shopping so let's
move that slow moving
inventory that you've been sitting on
for a few months now so you can re-up on
some new inventory what's up icons it's
the iconic fashion figure back with a
new video and i know
one of the things as a new business
owner in the beginning you tend to sit
on
inventory that you just can't move for
some reason it could be you just don't
have enough customers yet
you feel like you have the wrong product
there's so many thoughts that may go
through your head on why are you still
sitting with these same styles because
all you want to do is buy new stuff but
you've already spent so
much money on the inventory you have so
let's talk about that how can you move
this inventory and right now is the time
to definitely get rid of it especially
if it's several months old
it's costing you money now so the best
thing for you to do is move it along
so you know those pictures you have of
your current inventory that
is slow moving for you is still sitting
there retake those pictures
sometimes just refreshing the pictures
even if you had good pictures in the
beginning
refreshing your pictures helped because
when customers come to shop they feel
like oh i haven't seen this yet so
they're going to click on it so find
different layouts you can take of the
pictures find ways to style the items
that you have maybe do some lifestyle
shots find different ways to take your
pictures which
next sunday's video is going to be
exactly that different ways that you can
take your pictures of your product so
these customers that are out here
spending their money
feel like they're looking at something
new the next thing you can do of course
which i'm sure
you've thought of if you might have
already done it already anyway is
run a sale on that item it can be a sale
on the specific item so just run a
promotion doesn't have to be a permanent
markdown you can do like a flash sale
where it can be
on everything in your store or it can be
focused specifically on the items that
you're having a hard time moving or you
can just mark it down and make it a
clearance
another thing that helps when it comes
to slow moving product
is rewriting the description now i will
say customers tend to
not read descriptions they more so look
at pictures
and videos will help too so if you don't
have videos do videos as well but for
the description sometimes if they can't
tell what it is from the picture or
maybe there's some details that they're
unclear of
they'll go read the description so
rewrite your description maybe the
pictures aren't helping
and there's not enough details in your
description so do that i noticed too on
a lot of websites a lot of people's
descriptions are more so like a story
of the product but it doesn't really
give full detail so yeah you just set
the scene for me but you didn't tell me
about the product so make sure if you're
setting the scene
also give details on the product because
people want to know what they are buying
another way to move slow selling product
is with bundles so you can bundle that
item with another hot selling item so
it's like in order to get this hot
selling item you have to buy this one
too
so you bundle them together offer a
discount on it as well i actually
started offering bundles on
my website but not because of slow
moving product it was more so because
people don't know what to buy don't even
look at it as you only offer bundles
because you can't sell it sometimes
people just need
help determining what exactly to buy
because there's too many options out
there so if you put it together for them
the full outfit maybe they'll buy it
another thing you can do
is offer it as a freebie or like a
giveaway product so if you run
an instagram or a facebook giveaway some
type of giveaway you can use that item
as your giveaway item because you want
to get rid of it at this point anyway
and doing those giveaways attract
customers anyway so some of the people
that didn't win the giveaway may still
shop your brand is bringing awareness to
your brand on top of you getting rid of
old inventory or you can do like a gift
with purchase scenario so if someone
spends like x amount of dollars on your
website you get this item for free this
encourages people to spend a certain
amount of money on your website and it
also helps you to move old inventory
there are
liquidation companies out there that you
can reach out to
and they will buy old inventory from you
just keep in mind
they negotiate and they know the going
rate for certain products so
they may offer you little to nothing
like a couple dollars for an item that
you may have spent 15 to 20 on
so look to see what you can get but
don't let anyone lowball you especially
if they think that you don't know what
you're doing
they will take advantage have you guys
started looking into
influencer promotion maybe that's an
item you can give to an influencer to
promote your brand just make sure it
actually is a good item that represents
your brand you can send them those items
since you have stock on it anyway and
it's not really moving let the
influencer
use those items as promo for your brand
another thing you can do is run some
type of contest on top of doing the
giveaway you can do different contests
like a raffle a raffle would be a really
good thing to do because you're still
getting people to buy something
sell x amount of raffle tickets so you
can make money off the raffle tickets
and then the item that you're raffling
off is the
slow moving product that you need to get
rid of maybe someone won't pay full
price for but if you offer them like a
five dollar raffle ticket
to possibly win this item or maybe a
dollar raffle ticket i don't even know
what raffle tickets are going for right
now but like a dollar to five dollars
and you can possibly win this one item
people might actually buy it another
thing you'll want to look into
if the liquidation companies don't work
for you is like these third-party
websites like
reda poshmark ebay all those different
sites you're of course going to take a
lower markup or maybe only break even on
those sites but it's better to get
something back than nothing at all so
look on one of those sites just to try
to quickly
move your product and then of course if
all else fails the best thing you can do
is to just go ahead and donate the
product now if you guys seen my previous
video
in regards to small business taxes
you'll want donations when it comes to
taxes because you use it for a tax
write-off so if you're having a hard
time
moving certain inventory and you've
tried everything you can and you still
can't move it use it as a donation go
ahead and donate it somewhere and get
the tax write-off for it that at least
you're getting a little something out of
it and it's not a total loss it's better
to get rid of it than to sit on it but
that's it for this video it is tax time
it is stimulus time everyone is getting
paid right now so you guys need to get
paid to go ahead and start making your
money start moving this product and i'll
see you guys next time thank you for
watching
you