Inventory management is essential to ensure that a company has enough inventory to satisfy customer needs. Poorly managed inventory can either lose money from potential sales that cannot be filled or waste money from inventory processing. So the question is how to sell unsold products after the season?

Selling inventory Shopify store

Even with an estimated $1.1. trillion of capital in inventory accounts receivable, and accounts payable; companies do not do enough to maintain their inventory. Up to 43% of companies don’t even track their inventory or use an outdated, manual process.

PLAN YOUR INVENTORY

Many businesses do not recognize how seamless inventory management can be. Many factors affect the inventory, such as the seasonality, the economic situation, and public taste changes. Other internal factors such as the warehouse size, ties with your suppliers, and available capital also impact the inventory. They do not understand that inventory management is an internal process to keep track of the products. It also influences customer relations.

Digital consumers expect a seamless shopping experience that allows them to order what they want. If you have too little inventory, you risk frustrating your customers, leading them to your rivals, and diminishing your brand reputation. Deadstock, or unsold/obsolete products, cannot recoup the costs of unsold goods produced by or buy from another company. Stocking dead inventory often uses up money and takes up valuable storage space to house more of a company’s best-selling items. It is a delicate balancing act to maintain the right inventory levels.

While there are a few real-life ways to get rid of unsold products, such as giving them to local charities or liquidation outlets, you can do this through your Shopify store using recommendly AI-based product recommender widget.

RECOMMENDLY’ STRATEGY TO SELL UNSOLD PRODUCTS

1. Enter all the items in a category or, as in Shopify, “collection”

For example, if you sell young women’s clothing and accessories online, you can put unsold products under the collection name “Last Call for Fall Deals”. As users come into the website, trying to find a specific product, the collection name creates urgency and captures the users’ attention without being too spammy. They become interested in them. They navigate through the website to find out more information about them.

2. As more users visit your Shopify store…

Recommendly’s AI-based widget discovers more of the users’ behaviors from how they navigate the website and which products they purchase. The widget cluster users with similar actions into specific, targeted groups.

3. The widget learns based on store searches and purchases…

To identify who is more willing to find and buy the deals. They will then target users with product recommendations for the deals. Other users who do not match with these behaviors do not receive them upon visiting the website. 

Recommendly.ai

HOW TO AVOID UNSOLD PRODUCTS

Consider taking the following steps to avoid dead stock and their expenses.

1.  Write product descriptions that sell. The product description helps to fill in the gaps in order to determine if the product is fit for the customer or not. Your store is more likely to turn your casual users into customers by adding product benefits with creative flair into the product descriptions. 

2. Install an AI-based product recommender widget like recommendly.ai for Shopify also connects with Search. The widget will track and learn from users’ online interactions with your store to create clusters of specific users with similar behaviors, so they can target the right users with unsold products.

3.  Bundle the unsold products with other items commonly sold at less than the price of individual purchases. Put them together under a new Shopify collection with an intriguing title that generates urgency and exclusivity.

4. Stick to the widget’s predictions to stop your promotional campaign when the products become out of stock.

TAKE INVENTORY CONTROL

Following these steps and promoting them will help your users get the interest to come to visit your store. You can help reduce costs, maintain profitability for your company, analyze market trends, predict future sales, and plan your business for any changes through an active inventory management process. Choose and begin implementing the best inventory management strategies for your company today.

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