Do you need to lower your excess inventory costs on Amazon, but aren’t sure where to start? High inventory costs can prove extremely detrimental for businesses, but luckily there are ways to reduce costs for your excess inventory and avoid financial shortfalls for your company. From Amazon FBA Liquidations to cooperative marketing solutions, let’s take a dive into the top ways that you can lower your excess inventory costs quickly.
Cooperative Marketing Solutions
One of the best ways to lower excess inventory costs is to use cooperative marketing strategies. Your inventory considerations should inform your marketing tactics, and vice versa. Working with your marketing plan and inventory plan side by side will help you to avoid overstocking or understocking in the first place, and gives you room to promote the sale of high-sale products and low-sale products as needed. Prevention is always the best route to take when it comes to excess inventory costs.
Amazon FBA Liquidations
Amazon FBA Liquidations is a new program that you can consider if you have excess inventory as a business owner but aren’t willing to completely lose out on your revenue. This program essentially allows Amazon to send your products to liquidators on your behalf, which gets rid of the inventory that’s costing you money and can usually recover you up to 10 percent of your sale price.
Sell to Liquidators
Of course, you can also sell to liquidation companies yourself. This is an extremely fast way to get rid of excess inventory, but you shouldn’t expect to turn a huge profit – there might even be some fees for sending your products. Selling to liquidators such as B-Stock or Excess-2-Sell can prove beneficial depending on your circumstances, but if you’re unsure, it can be a great idea to contact e-commerce professionals to evaluate your situation.
Benefit from Amazon Lightning Deals
Amazon Lightning Deals are another possibility for lowering your excess inventory costs. These flash sales can be successful in selling products quickly to consumers, as they are featured via optimized pages that put your excess stocks at a much lower price for a short window of time. These Lightning Deals can help your product to jump out at consumers, and hopefully, you’ll gain a little bit of revenue as your inventory stock lowers.
Sell Excess Stock on Amazon Outlet
Another option could be to sell your excess stock on Amazon Outlet. This is a platform that allows you to put your excess inventory at a reduced price, which is often a great way to increase sales and decrease your inventory at the same time.
Consider Removal or Disposal Orders
Selling might not always be possible or desirable for every business owner. If that’s the case, then you might want to consider a removal or disposal order for your product. This won’t give you any profit, but it will eliminate the excess inventory stocks that are draining company finances.
Overall, excess inventory can prove a financially dangerous problem, but there are plenty of ways that business owners can reduce these costs and save money. From selling their excess stock on Amazon Outlet to taking advantage of Lightning Deals, any business owner can lower their Amazon inventory costs with the right approach and guidance. Visit Wizards of Ecom for more tips about selling online.