For all the online retailers, excess inventory can be a massive issue. It’s mainly because when this inventory is left unsold, it will keep accruing the carrying cost.  This can be a costly proposition because experts say that the carrying cost is around 20% to 30% of the entire inventory cost of a business. Having excess inventory is also bad for the cash flow.

It’s mainly because excess inventory can lessen the profit margins, increase the inventory cost, can cause overstocking, and will lead to dead stock. But there are several methods through which you can easily terminate the excess inventory. Let’s find out what they are!

Terminating excess inventory: How to get it done?

There are some great ways through which you easily get rid of all the extra inventory. These are:

• Build promotions on the extra products

If you want to sell all the extra products from your inventory, you should try promoting them when the competition is less. That way, you can also reach all those customers who are looking for deals on products.

• Concentrate on the products

Effective segmentation can lead to the proper advertisement. You can segment all your promotions through the “Google Merchant Promotions” on various product sets so that you can move all those items.

• Modify the feed

In the Bing and Google feeds, utilize the custom labels. That way, you can flag all those item sets that have a high inventory. After that, you can create more campaigns around those product sets.

• Offer a gift

To get rid of the excess inventory, you can give all your low-cost items as a gift to your customers when they make a purchase.

• Advertise the product bundles

Bundling all the items together is an excellent way for all online retailers to advertise their products, move inventory and also raise awareness for specific products. To promote all these product bundles, you can opt for advertisement campaigns, which will last till the holiday or seasonal period. There are some effective ways you can publicize the product bundles, which are:

• Retarget all your former or existing customers 
• Get more targeted customers through Amazon Advertising 
• Use sponsored display advertisements to raise awareness for the products by directly targeting the competitor ASINS.
• Choose sponsored videos to show all the customers the branded content, which is a new and unique way to eliminate excess inventory. 

Segment the email list.

Send emails to all the historical and recent consumers to give them a reminder about your product line and business. When segmenting the email list, you should make one for all those customers who look for offers and deals.

Selling strategies that can help you sell off excess products

When you’re planning to use the selling method to terminate the extra inventory, there are several strategies that can help:

• Augment the product listings

It’s crucial to optimize product listings. Check to see if any improvements are needed, think about the customers, and take a look at how they shop, where to do they shop, and what they’re planning to get this year, season, and month.  You should revisit the search terms and tweak and update them by adding new details on the products, which will be valuable for the search outcomes.

• Expand to new regions or marketplaces 

Expanding to new areas and also marketplaces is ideal for all online retailers as it will provide them with new customers. It will allow you to trade all the extra products present in your inventory.

• Find new regions in your marketplace 

Choosing international markets to sell your products can help you increase your sales and consumer base. But you don’t need to learn about a marketplace where you’re using online platforms like Amazon to sell your products.

Its Global Selling program has a cross-border trade option, and your products will be available to all those customers who are already shopping at Amazon.

• Test out all the new social channels

Apart from using Facebook or YouTube to promote your products, you can now utilize other social channels, such as Instagram and TikTok, to raise awareness for your products. That way, you can increase the product sale and also gain new customers.

• Get rid of friction from the buying path

All your email advertising, social ads, and other digital touchpoints have a shoppable solution; you must eliminate all the issues from the purchase path. That way, you can turn all the interested individuals into consumers.

Recheck the completion process.

You need to make some primary changes in the fulfillment procedure, and it should apply to not just the excess inventory but to all the inventory. You also might want to see some changes in the fulfillment approach apart from adding new channels, deals, and discounts.

Last Note 

To get rid of the surplus products and work on your business objectives, you should experiment with various strategies. You can gain more information and speak with an e-commerce consultant from ChannelSale and learn how you can magnify your e-commerce business.

Every consumer wishes to have an outstanding experience when they shop from an online store or business. It’s because around 86% of consumers leave a business or brand within 2 seconds because of poor experiences.

Experts have even provided evidence that back in 2022, around 49% of consumers left a brand because of poor customer experience. So, if you want all the consumers to have an excellent customer journey by shopping from your brand, you need a good strategy for it.

There are several ways through which you can easily create an excellent strategy that will help simplify the whole consumer journey. These are:

Personalize the entire experience 

In today’s modern world, personalized service is no longer an option, but it has become crucial. Many customers these days want brands to anticipate all their needs and around 63% of them want to have a personalized experience.

Besides that, 37% of the consumers have claimed that they will not purchase any product or do business with brands that do not provide a personalized experience. Due to such reasons, many businesses have opted for personalized strategies to increase their revenue.

One of the best ways companies can offer personalized experiences is by providing discounts and offers based on consumer behavior. Brands can also provide personalized suggestions to offer their consumers the best experience.

Enhance the UI [User Experience] Navigation 

When the website is not that easy to navigate, it will become difficult for all the customers to fulfill their end goals. Low-quality user experience can frustrate the customers, and they might end up abandoning the application or the website.

Based on 61% of web designers, poor navigation is one of the primary reasons why many customers and visitors leave a particular website. It’s extremely crucial for a business’s website to outline the journey the visitors must take to reach their end goals.

All websites should use logically arranged, easy-to-locate and clear buttons for the navigation menus.

Make the website optimized for the mobile 

Experts have pointed out that 59% of web traffic comes from mobile phones. Many website design companies have also said that the primary reason why people leave websites is that they do not function properly on mobile devices.

Brands optimize their website design for smartphone devices by reducing the size so that it loads faster on the small screen. Besides that, brands have to make sure that their website responds perfectly when consumers access it from their mobile devices.

This will not just provide the consumers with an excellent experience but will also enable them to purchase all the products or items from the website.

Last Note 

Every consumer wants to purchase from a brand that has an outstanding and highly responsive website. That way, they will not just have an excellent experience but will also allow them to navigate from one page to another on the site.

Besides that, businesses should also make their website mobile optimized so that people can access them from their respective mobile devices whenever they want.

Many people have dubbed 2022 to be the year of record inflation and have made all consumers conduct their shopping activities in a smart way. But consumers might become a bit choosy as 2023 is filled with economic uncertainty.

There is an increase in market saturation, and businesses are finding it a bit difficult to properly market their products and services.

But in this modern era, there are countless optimization methods, targeting possibilities and ad types which can help businesses to stand out among their competitors. This can provide a smooth shopping experience to all consumers as well.

How do customers discover products online?

Marketplaces are not the sources through which all customers discover various products and services. Apart from marketplaces, there are several other channels, especially social media, which give consumers a chance for engagement and product discovery.

Experts have provided evidence that social media platforms play a vital role in the area of product awareness, as they can influence 23% of shoppers to make a purchase. This clearly shows that consumers utilize multi-channels to find a product or service of their choice.

• Increasing the shoppability and visibility of products 

There are several ways through which you can easily increase the discernibility and shoppability of your products or services:

Make the visuals a lot more appealing People say that around 83% of all the information processed by the brain comes from a person’s sense of sight. This means when all your products look eye-catching or appealing, they will certainly grab the attention of all the targeted customers.

You should try to make the display look multi-dimensional by combining visual interests. Add some height, depth and shades to your products and transform them into a focal point. Imagery and graphics will help add a bit of personality to your business’s identity.

• Make the display reflects the brand 

The visuals of your products reflect their identity and also your brand. You can opt for the color-blocking tool as it will instantly catch people’s attention and also reflect the brand. According to a study, more than 75% of consumers worldwide have said that all brands must contribute towards all those problems which they care about the most. So, if a brand plays a part in a mission or a cause, you should enable it to shine through.

• Take the help of retail technology 

The effects of specialist software and digital technology in the e-commerce sector are growing at a rapid pace. Around 63% of the consumers have stated that digital signage can certainly grab their attention.

When you’re planning to utilize retail technology, it will be highly beneficial for your brand. You will come across many solutions which can easily increase the visibility and the shoppability of your products greatly.

Summing Up

In today’s era, businesses do their best to make all their products or services stand out. But using multiple channels and improving the visual appeal of your products can pull in more customers towards your business. ChannelSale is one of the best platforms where you can easily increase the visibility of your products. It offers countless solutions which make the selling of your products easier and make your brand stand out among others.

In the past several years, the e-commerce industry has gained more popularity than ever. During the COVID-19 pandemic, online e-commerce stores became the only source through which people obtained all their products and items.

But due to the increase in consumer demands, shopper frustration, delays and shortages of goods started to take place. The journey has certainly been a wild one, to say the least. However, many consumers have said that they mainly rely on e-commerce stores to buy, shop and browse the products or items they like.

Back in 2022, it was predicted the global e-commerce market would reach $5.7 trillion, and these figures will surely grow in the next few years. In this post, you will comprehend the things that took place in the e-commerce sector in 2022 and what 2023 has in store.

E-commerce Rewind: Taking a look at 2022

2022 recorded inflation, which had never occurred in 40 years. The inflation has placed plenty of strain on all the brands. Consumers, on the other hand, also had to choose either the “good-to-have things” or “must-have things.” But not everything was bad.

Many of the markets and rates started to stabilize, and several categories under the e-commerce sector also had the best year. But there are several other things which the e-commerce market experience back in 2022. They are:

• Consumer spending slowed down due to the economic setting
• The job market stayed extremely strong even though there were some tech layoffs.
• E-commerce dominated as a significant part of retail.
• Various rates, including freight rates, started to normalize
• Many new trends came to light, especially in categories like accessories, etc.

Crucial e-commerce trends for 2023 worth checking out

Just like 2022 was a great year for the e-commerce sector, 2023, too, will be an excellent year. According to the market behaviours of the past year, here are some of the e-commerce trends of 2023:

Social commerce continues to evolve and grow 

Social commerce is witnessing continuous growth. Back in 2022, around 98% of consumers said that they would buy at least one product through social shopping. This particular trend will certainly not slow down. That’s why many businesses have started selling their products and services on social media and are already getting positive results.

• Personalization has become the preferred shopping experience.

Many B2B and B2C consumers are looking for a “custom” e-commerce experience. They will also stay loyal to all those retail businesses that provide personalized experiences. Based on a 2022 report, around 49% of consumers have made claims that will transform into repeat customers if they receive a personalized shopping experience.

Here, personalization includes product discounts, offers and recommendations. It also includes cohesive retail understanding across many channels, such as social mobile and website. It also provides numerous payment options.

Wrapping Up 

2022 was a great year for the e-commerce sector, and experts have predicted that 2023 will also have some great things in store for it. Businesses that wish to gain success in 2023 can opt for e-commerce software solutions from companies like ChannelSale. It will offer them a smooth and effective online selling experience and enable them to combine various e-commerce platforms and marketplaces through a centralized interface.