How to Sell Excess Stock to Maximise Profitability

Efficient inventory management ensures your business can optimise stock levels, reduce costs, minimise waste, and meet customer demands efficiently. When you’re stuck with surplus inventory, the tied-up capital reduces your chances of enjoying these benefits. The good news is there are ways to sell excess stock in Australia. What are they?

This article answers this question and lists ways businesses can employ to sell excess stock and inventory in AU.

Ways to Deal with Surplus Inventory and Make a Profit

Here are proven ways to deal with surplus inventory and keep your money moving.

Run in-store promotions and incentives.

Running promotions and offering discounts, bundle deals, or loyalty rewards can incentivise customers to purchase surplus inventory.

To clear out surplus inventory, a retail store could introduce a “Summer Clearance Sale,” offering discounts of up to 50% on selected items. This time-limited promotion creates urgency for customers to make purchases and helps the store free up space and generate revenue from excess stock.

Take part in collaborations and cross-promotions.

Forming strategic collaborations and partnerships with complementary businesses can expand the reach and visibility of excess stocks.

A fashion boutique with excess inventory could partner with a local accessories store for a collaborative promotion. They could create a “Complete Your Look” campaign, where customers who purchase at the fashion boutique receive a special discount or voucher to use at the accessories store, and vice versa.

Offer giveaways and prizes online.

Social media contests can help clear excess inventory by engaging customers, creating excitement around the products, and encouraging participation.

For instance, a sportswear retailer with an excess stock of last season’s shoes could run a “Fitness Challenge Giveaway” on their social media platforms. They could ask participants to post pictures of themselves engaging in various fitness activities while wearing the brand’s shoes, using a specific hashtag to enter the contest.

The retailer could offer attractive prizes such as gift cards, discounts on new collections, or even the latest shoe releases for the winners.

Join local sale events and flea markets.

Joining such local events can be a cost-effective and efficient way to turn surplus stock into cash, making room for new inventory and maintaining a steady sales flow.

For instance, a boutique clothing store with excess inventory from the previous season could participate in a weekend flea market in their community. They can set up a booth with attractive displays and offer significant discounts on last season’s clothing items.

The local sale event draws a diverse crowd, including bargain hunters and fashion enthusiasts, providing a chance to showcase and sell their surplus stock directly to interested buyers.

Join a barter trading platform in AU.

Barter trading helps businesses unlock additional opportunities unique to Australian and New Zealand businesses.

Imagine you’re a small electronics retailer with an excess stock of smartphones and laptops. You offer these stocks at discounted prices and receive barter dollars as payment. You can use barter dollars to buy resources for future business needs, turning surplus stock into valuable assets.

Note that one barter dollar is equivalent to one AU dollar.

Hopefully, we were able to help you find effective ways to clear your inventory.

Remember, selling excess stock requires a well-thought-out approach tailored to the specific needs of a business. Do it right!