5 Ways to Clear Out Last Year's Inventory

Turn slow‑moving products into cash with these tools and tips.

Doodle of turning old products into new money.
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Posted by Gavin

• 3 min read

You’ve been blessed with another 365 days of potential business, but there’s a problem. It’s going to be hard for your small business to flex that new product muscle when you’re carrying the weight of last year’s inventory. Chances are, if particular products aren’t moving quickly, the demand isn’t there. All this means is that it’s time to get creative with your sales strategies. Here are 5 tips and tools to help get you going.

1. Offer a discount.

OK, so there are a few ways you can go about this. If you’ve got a brick-and-mortar shop, it’s the right time for a weekend sidewalk sale. Leading up to the sale, you can use Facebook and Instagram ads to target local customers. If you’re selling merch exclusively online, you can offer discounts on purchases via promo codes on those items that aren’t moving quickly. The initial discount doesn’t have to be that big. Try starting with 10% off, and increase the value as needed. Either way, with 65% of customers saying online promos go into their purchasing decisions, it’s the idea of a discount—not the actual quantity—that matters most.

2. Run a giveaway.

Here’s how it works: you set up a landing page where customers can enter to win a chance at free merchandise. The entry requirement is that they provide their email address. You can make the giveaway items that very product you're trying to move out. Your product finds a new home, and you can build your subscriber list in the process. We’ve got some tips on running your giveaway and following up that can help get you started.

3. Bundle products together.

Alone, that one hard-to-move product might be a tough sell, but packaged with other items it could finally find a home. You could include it with merchandise that’s a more popular sell to entice customers, or promote it as a complimentary item. That new line of beanies not moving well by itself? Pair it with those scarves that have been flying off the shelf, and offer both items at a reduced rate to sweeten the combo. When you connect your store to Mailchimp, we’ll automatically sync your merchandise.This gives you the option to place multiple items together and add them using our product content blocks to your campaigns.

4. Reward customers to give orders a boost.

You can incentivize customers and help yourself by offering a free item with a purchase when they spend a certain amount. It can be a simple signup form on your site that says, “Spend $50 and get a free scented candle.” The idea here is that the “candle” is the item you’re trying to move. If you’re using any of our e-commerce integrations then you have insight into your customers’ spending habits and the more popular products. From there you can target, and use personalization to make sure the content you’re sending speaks to customers’ interests.

5. Re-merchandise your product.

Sometimes it’s not the product, but the merchandising that’s the problem. You can give that merchandise some new life by repositioning it to a more prominent section of your website or store. A great way to do that is building a new landing page for “Last Chance” items, where you’ll get another opportunity to peak your customers’ interests.

It’s easy to give up on stagnate merchandise that’s not moving, but it doesn’t have to be hard for you to find ways to give it fresh legs. If you’re looking for more ways to give sales a boost in the new year, we’ve also got 19 tips to help you grow your business in 2019.