5 Tips To Turn Aged Inventory Into Cash

Aged inventory can be a significant problem for businesses, as it ties up valuable resources and can lead to financial losses, especially in the resale or used goods retail space. However, there are several strategies that businesses can use to turn aged inventory into cash.

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1. Discounts and sales

One of the most straightforward ways to move aged inventory is to offer discounts or hold sales events. This can be done through in-store promotions, online sales, or through partnerships with other businesses. Retailers using Bravo can make discounting easy with the Auto-Discounter product, which automatically discounts products at set intervals without the need to retag or reprice the items.  

2. Bundle deals

Another strategy is to bundle aged inventory with other products or services. This can help to increase the perceived value of the older products and make them more appealing to customers, as well as give customers ideas on how to best use the products in their own lives.

3. Donations and giveaways

If a product seems unlikely to sell, consider donating it to a charity or giving it away as a promotion. This can help to clear out stagnant inventory, generate positive publicity for your business and help support your local community.

4. Repurpose or rebrand

If a product is still functional but has not been selling well, consider repurposing it for a different market or rebranding it to appeal to a different customer base. Make sure the product is included in online inventory as well as in store. You never know the market you may be missing by not listing products online! The easiest way to list inventory online is with integrated ecommerce.  

5. Liquidation

A final option for dealing with aged inventory is to liquidate it. This can be done through an auction, a garage sale, by working with a liquidator or communicating with your peers to see if they’re interested in your aged inventory. What may not sell well in your market could move quickly in another and someone may be very willing to take it off your hands!  

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By implementing one or more of these strategies, retail businesses can turn their aged inventory into cash and free up resources for more profitable endeavors. It is important to regularly review and evaluate the inventory to ensure that it is moving in a timely manner and take necessary actions to avoid aged inventory.

Interested in learning more about how Bravo can help optimize your operations? Schedule a demo today!  

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