Spring Cleaning! Time to Move Excess Inventory
While everyone is getting ready to rid their spaces of everything that’s no longer serving them, they’re also going to be replacing what they have with something better. You should be doing the same while also helping your customers upgrade their pieces after the long winter months!
Having a “spring cleaning” mindset can help you move your excess inventory collected over slow buying months. It can also help inspire your customers to invest in something they may have never seen before. Here are our tips for ridding your store of old inventory and actually turning a profit from it.
Rearrange your inventory
If you’re finding that some products just aren’t selling, try moving them to a different spot in the store, or even displaying them differently. Maybe your customers just didn’t notice them before because they were obscure or hidden in a corner of the store. Try creating signs and exciting displays for these products to further promote slow-selling items.
Stay on top of consumer trends
Being aware of cannabis industry trends and consumer buying patterns will help prevent you from having excess inventory in the first place. The cannabis industry is constantly and rapidly changing, so being familiar with nationwide trends will be crucial in staying on top of your inventory. Check out our 2020 predictions for the cannabis industry.
Another way to be aware of consumer trends is to utilize your own customer data to inform you as to what products are selling and which ones are duds. Determine which product are selling the most and consider investing in complementary products. Similarly, take a look at which of your products isn’t matching your sales goals and think about if it’s the product itself or the brand. You may discontinue it in your store or try repositioning it in your store.
Hold relevant sales
People are moved by a number of things, but emotion is probably one of the biggest. Relevant occasions, holidays and shared feelings around current events are always motivating factors in consumer buying habits. A properly timed, appropriately planned, well-promoted sale can really help clear your shelves of older products. Having sales centered on relevant occasions are a perfect way to convert new customers and excite current ones. If you’re stumped, you can use 4/20 marketing in your shop all month!
A flash sale can also assist in unloading additional products no matter the time of year, and customers will be more motivated to stop by if the sale is positioned as a one-time opportunity. These sales are the perfect excuse to put your oldest inventory on full display with an appropriate price tag.
Put Together Bundles
Ooze offers a number of bundles available for wholesale, but who says you can’t create your own? If you find you have more than enough of one product, try offering a special on purchases of multiple units. Additionally, consider bundling high-selling products with less popular items. If you find a particular edible sells very well, try selling it bundled with a slower-moving edible item.
Hopefully you found that your shop could benefit from some of these spring cleaning tips. Be creative, open-minded to changes and get ready to move excess inventory!