Checklist: clearing your stocks

If you are concerned about excess stock and are determined to clear it, you have to understand why this concerns you in the first place in order to set up a clearance strategy. This situation is not negative, to the contrary consider your excess stock as an asset that you can make profit out of it.

So, you have extra stock, it’s no big deal; let’s focus on liquidating it.

Choose the way to proceed the sale (your options are explained in our previous post): online flash sale, online permanent outlet, multi store brand, discount shop. You can, of course, divide your stock and sell it to as many options as you want.

In order to proceed to your clearance strategy, you need:

Checklist

  1. Inventory

    First, you start by making your inventory, you have to know what you have in your warehouse otherwise you won’t know how to set the proper clearance strategy. Do it carefully, you don’t want to sell more than what you have or your customers won’t be happy.
    We know that making an inventory is a lot of work but you can always delegate the dirty work to third party companies such as BYB if you don’t want to do it yourself. Why not take advantage of this service and spare yourself some time?

  2. Photos

    The photos have to be high resolution as a low-quality photo does not give the best image for your brand and we don’t want that. Ideally the image size should be 1500 x 1500px and a resolution of 72 DPI.
    There are two types of photos that you have to take: packshot and lifestyle. In the packshot photos, shoot your products’ side and front centered on a white background and with a proper padding around them. In the lifestyle photos, you can give life to them by putting them on a context to valorize them.
    Remember that the website is just a showcase, customers have to be led to think that they must have your products only by looking at the photos so your products have to be perfectly displayed.
    Photos can also be taken by BYB as an additional service.

  3. Description

    Organize your products by SKU, then add the specifications concerning your products such size, color and description so customers can have a better idea of your product.
    Describe your product as it is, do not over sell and do not underestimate it either. Your description must be clear as it may reach an international customer; the clearer the description, the higher the chances to reach new customers are. An ideal short description should be 100 words long and 300 for the long one.

Refer to your account manager

If you do not know which option would suit your brand better (whether physical or online sale), you can always reach out to an expert and seek professional advice; it is better to let them advise you on how to handle your stocks. After all, it is their job, you might as well ask for their advice.

There is always a way to clear your stock, learn how to manage it.

How to deal with excess stock

Holidays season didn’t go as you expected? Did you know there’s 2 million unsold products every year? Is your brand concerned by this? Here we show you how to deal with excess stock.

Let’s start by defining « excess stock ».

Excess stock is the set of unsold products in store or online of a past season. Having an excess stock is completely normal, every brand is concerned. But this matter shouldn’t be a negative thing. Depending on the season, surplus stock may be more or less significant.

What to do with it?

You can proceed to its destruction which is the easy way to get rid of your surplus stock but it’s not the best option. This stock is not dead like one would think so, you can still make profit out of it, so why destroy it when you can actually make profit out of something you thought you couldn’t?

Here are the different solutions that are available to you :

Online sales
  • Flash sale

As the name implies, it is a short online sale. The products would be displayed on an online platform and reach the final customer. Then, you will receive a purchase order so the shipment process can start. A flash sale can be organized through our many partners’ platforms. This is the option our brand clients prefer.

  • Permanent outlet

You can also add a section directly on your website for a permanent online outlet. The downside of this option is that if you mix the previous line with your current one, your current one could be overshadowed and affect your brand’s image. However, we recommend to have a permanent outlet on another distributor’s platform which we can gladly arrange.

Physical sale
  • Multi-store brand

A multi-store brand is a store that gathers many brands under the same roof. All around the world, multi-store brands may have interest in your product and offer you to sell it.

  • Discount shop

You can also sell your products to many discount shops. This type of shops value your stock as a real asset and they are more likely to boost your sales. Selling your stock to a discount shop may mean that your stock would be sold to a lower price but in terms of profit the results are very positive. These shops’ success is remarkable. Your stocks won’t go to waste and your sales will improve.

Just remember that excess stock is not a synonym of waste, take a chance and reach new customers.

The right blend between your brand and retailers is the step to succeed on clearing your stock and boosting your sales. Our job is to find the perfect fit for your product. You can either sell your stock yourself or we can handle it according to your brand’s concept.