Apart from taking up space in the stockroom or the shop, excess stock ties up capital that you could otherwise be re-investing. But it doesn't have to be a headache and January is a great time of year for golf shops to clear unsold items to make way for new arrivals.
There are 5 things you can do now to get the ball rolling and get ready for a new year of sales:
- Identify: Make sure you know what is your "Excess Stock". Don't guess. Use the Unpopular Product Report in XPOS to help you.
- Remerchandise: Replace worn-out price tags, try a new layout in the shop, move things around and reposition categories.
- Bundling: Bundle certain items so they're cheaper together, than if they were sold separately. This is a popular tactic and means your average order will increase while you clear surplus stock. Try bundling slow-moving stock with faster moving items, or complimentary items such as socks, with golf shoes.
- Sell surplus stock online: Try eBay or Amazon.
- Hold a flash sale: Sales are the most common way to get rid of excess stock, but try not to be predictable with your events, or your customers will wait for the sales before purchasing certain items.