Question

Topic: Strategy

Selling Old And Slow Moving Stock

Posted by Anonymous on 5/25/2010 at 9:34 AM ET 250 Points
Dear Sir/Madam, im a retail manager that runs 5 shops, my product consists of Watches , jewelery and sungalsses, i had been given budgets from my directors to purchase stock from different mother companies , the situtaion is that i have certian shops overstocked with old and slow moving stock , so that means that certain brands are not giving me revinue, my dilemma is that new collections are out but directors cant afford giving me purchasing budget as im not giving them any sales. on the other hand time is passing , my stock is getting old and more and more i cant sell it, but my opinion is that if in a way or another i can manage to mix old stock with new stock definetly i would improve my sell out , can you kindly help me with some ideas how to sell or promote my old and slow moving stock
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted by Peter (henna gaijin) on 5/25/2010 at 1:19 PM Accepted
    The first step would be to try to put the slow moving products on sale, and promote these sales to prospective customers. The more you want to get rid of it, the bigger the discount you should give.

    If it is real bad and you just want to get rid of it, look for liquidators. These companies buy overstock products at large discounts to resell. You will lose money on the sale, but you do get rid of the product.

    I would also make sure that you think carefully about what products you get to replace these. No one will ever get the mix exactly right so that everything sells with some discounting of remaining stocks, but it is something that you need to keep working towards.
  • Posted by Jay Hamilton-Roth on 5/25/2010 at 4:26 PM Accepted
    If you haven't already, try opening an eBay store: https://pages.ebay.com/storefronts/start.html
  • Posted by Chris Blackman on 6/6/2010 at 9:22 AM Accepted
    Which country is this in?

    How well has the stock been kept? Make sure the stock and the store is kept scrupulously clean. Jewellery, watches and sunglasses do not change appreciably from one season to the next, so as long as your stock does not look used, you should still be able to sell it.

    What about your sales staff techniques? Are they working well, or are they poor on service, and don't know how to help a customer find the articles they are looking for?

    Try giving the staff incentives to sell more.

    Use mystery shoppers to sample how the staff work, and see if they are working diligently.

    Benchmark the stores performance and see if you can transfer skills and techniques from better preforming stores to lift the performance of the worst store.

    Is store placement an issue? Should one or more stores be closed, and replacements opened where there is more pedestrian traffic?
BACK TO TOP

Post a Comment

Related Discussions

Community Info

Top 25 Experts
(Strategy)