Having a full inventory or overstock of products is the most dreadful experience of any wholesale liquidation business. Not only does it take the company into further loss but also occupies a lot of space and capital for storage. If you are experiencing a similar situation, it is time to revise your marketing strategy.
Most of the best wholesale liquidation companies follow both online and offline marketing strategies to improve their sales. They follow a very calculated and well-analyzed plan to attract new customers and get rid of their excess inventory. Here are five amazing marketing strategies to boost your wholesale liquidation business sales. Have a look and implement them wisely into your marketing strategies.
Sell Products Online
The first step to increasing your wholesale liquidation sales is to sell products online. If you have an amazing inventory, setting up an online store will skyrocket your product sales. This step helps you reach a wider audience in a short time as compared to traditional offline sales.
Consider building a professional website or a branded online store to boost your liquidation business. You can even partner with third-party platforms like eBay and Amazon to improve your sales. Look at the websites of the best wholesale liquidation companies and see how they are selling their products. Strengthen your marketing skills to encourage customers to buy liquidation pallets and boxes.
Offer Incredible Sales
When you walk into a store, the first thing that catches your attention is the ‘Sales’ card. Offering incredible sales attracts more customers and helps you clear excess inventory. So, use this step wisely with promotional messaging and advertising. Some of the best wholesale liquidation companies swear by this technique to boost their sales.
You can offer multiple types of sales, including clearance sales, seasonal, or flash sales. Clearance sale is typically where you sell the excess inventory. You can run clearance sales more than once a year. Seasonal sales are for products that are suitable for a particular season. For example, in the month June-July, you can run a summer sale to sell summer-related products.
Flash sales are one-day sales that create a sense of urgency in the customer’s mind. This type of sale is perfect for quick purchases. If your marketing skills are good enough, you can encourage your customers to purchase liquidation pallets through flash sales as well.
Use In-store Promotions for Stock Clearance
Apart from online marketing, you can take advantage of in-store traffic to encourage customers to buy liquidation pallets. If you have open space, such as a parking lot, organize your products and display sales items to attract customers. Put up big discount boards and sale offers that’ll grab the attention of the passerby.
Give Bulk Discounts
The next best way to boost your liquidation business sales is to provide bulk discounts. This is excellent for those who have a significant excess inventory issue. Giving bulk discounts to buy multiple products will not only help clear your stock but also bring in good revenue.
Some of the ways you can offer bulk discounts include BOGO (Buy one, get one), 30% off on the purchase of three products, and 50% discount on the purchase of five products. This will not only allow the customer to buy more than they had planned to but also improve your conversions for future sales.
Lastly, if nothing is working out for you, try to re-examine your marketing skills and strategy. While you work on selling products offline, make sure you invest time in online marketing as well. Use industry-specific keywords in product descriptions and titles. You can even use social media marketing/advertising to gain wider exposure.
Make sure your product photos are high quality. Change the product placement on your website. Go through your data analytics to find where you are lagging. Be patient and understand that marketing online is a trial and error task, it takes time to find the right balance that’ll bring in huge revenue.
Having excess inventory is a very common occurrence in any wholesale liquidation business. However, there are ways to sell your products quickly and improve sales without taking a financial hit. The above steps will help you formulate amazing marketing strategies to sell your inventory to the right customers. So, don’t shy away from implementing them in your business and skyrocket your wholesale liquidation business in a short time.