Every business needs inventory in order to succeed. However, having too much inventory creates massive headaches for warehouse managers. It’s important to ensure excess inventory is low when renting commercial real esate. An essential part of leasing commercial property is determining warehouse space needs. You don’t want to find yourself renting commercial real estate, only to find the warehouse you’ve found is too small. Here are four smart ways to get rid of excess inventory fast.
- Consider Selling Items Online
You don’t need to create a website to sell items online. It’s fairly easy to sell products on major websites including Amazon and eBay. In many cases, it shouldn’t take long to have a seller page up and running. You might find that selling online ends up increasing your customer base. Statistics show that ecommerce is expected to grow at a compounded rate of 10% annually for the next five years, making online selling an easy way get rid of excess inventory. You might find that selling through the internet goes well enough that you’ll soon be renting commercial real estate for your online ventures.
- Package Items as Part of a Group Deal
It’s common for a company to begin bundling items that aren’t moving fast enough. Customers are likely to purchase these items because of the discounts they’ll receive. You may find that your warehouse has more than one stagnant product. It’s wise to consider creating a bundle solely made of excess inventory that sells for a reduced price.
- Turn Excess Inventory Into Promotional Items
Every customer loves receiving free items with an order. If you’re having difficulty selling certain items, giving them away might be your next best option. You may not recover the revenues you were hoping for. However, your company is likely to receive savings from clearing shelving space. One of the best parts of renting a warehouse is having storage space, it’s important to use it wisely. Statistics show that, since the year 2000, warehouse and distribution space that is occupied has risen by 86.2%.
- Sell Items to a Liquidator
In some cases, you won’t be able to get excess inventory sold to customers. If your business still needs to make a profit, liquidation is the way to go. Before reaching an agreement with a liquidator, ensure you know the value of your excess inventory. It’s likely you’re going to take a slight financial hit when working with a liquidator. However, knowing fair prices for your inventory helps to ensure you don’t end up getting a raw deal.
To summarize, there are several ways to get rid of excess space within your warehouse. Statistics show that there are nearly 167,000 people working in the world of warehouse leasing. An important part of leasing a warehouse is finding a property with enough space. You don’t want to pay more than you had planned due to excess inventory. Selling online is a great way to get rid of excess inventory while creating an online presence for your business. Many companies make use of bundling excess items or including them as freebies. Selling items to a liquidator can provide you with a quick profit. An important part of renting commercial real estate is keeping an eye on excess inventory. Getting rid of excess inventory can help ensure shelves are ready for more popular products.