New Year Inventory Clearance Tips

For retail stores across the country, the only thing as certain as the annual Christmas stampede is finding yourself with a ton of leftover merchandise on the other side. No matter how careful and strategic you are, you still seem to end up with a load of stock you’d have preferred to be rid of by Boxing Day. But it’s still there, meaning the time has come to get serious when it comes to clearing excess stock and getting your storage areas back in order.

So if any of this sounds familiar, here’s a quick rundown of just a few simple tips for getting rid of excess Christmas stock going into the New Year:

Act Fast

First of all, be sure to capitalise on the fact that most people will still be in an at-least slightly festive spirit for a short while after the big day itself. That said, the afterglow of Christmas doesn’t last long. As such, if you’re looking to get rid of anything of a festive or seasonal nature, you need to act fast. If you hold out too long, you run the risk of the spirit fading and of your rivals taking the lion’s share of the available business.

Discount Heavily

In terms of discounts, you have to remember that these days people expect anything that’s not 100% relevant and in-season to be nothing short of a bargain. When it comes to goods that are primarily of a festive nature, you need to accept the fact that come December 26, they’re not worth half their original value in the eyes of your customers. And why would they be? After all, the big day has come and gone. Don’t mess about with lame 10% and 15% discounts – you’ll only end up with stock you have to give away. Or worse, throw away.

Product Bundles

There’s no better time to bundle all manner of products together, in order to help get them shifted at the fastest possible rate. It’s better if the bundles you create are relevant and cohesive in some way, but to be honest it doesn’t really matter if they’re a bit random. If it helps to move the merchandise, get it done.

Display Prominently

A quick tip but an important one nonetheless, step things up a notch when it comes to the impulse-purchase display, boxes, bins and whatnot you have around your checkouts. People will still be in a spending mood for some time, so it’s peak time to capitalise on impulse purchases.

Save for Next Year?

Last but not least, if you have anything that doesn’t have a strictly limited expiration date of one kind or another, why not just hold onto your excess stock until next year. Even if you’ve no room for it where you are, chucking it all in a self-storage facility for a few months could work out way more cost-effective than giving it away or throwing it out. Go through your stuff and be sure to be realistic.