If you own your own retail company, you will likely be familiar with the aftermath of the Christmas rush. No matter how much you plan and strategise your approach to clearing your stock after the festive period, there is usually plenty leftover from the Boxing Day sales. However, you can still rid yourself of excess products and sell excess inventory to make way for the new year.

Act Fast

First and foremost, it is important that you capitalise on the knowledge that people will still be in the mood for shopping when New Year’s Day hits. In fact, despite the fact that people claim Christmas leaves them “broke”, New Year’s Day sales are often still a huge success. Customers just can’t say no to a good bargain! Make a song and dance about it in advance to give people a reason to get excited and sell excess inventory in no time.

Huge discounts

Remember, the majority of products you are trying to remove from your shelves are the products that are likely irrelevant now the festive period is over and you’re looking towards other things. Now is not the time to mess about with 10 per cent and 15 per cent discounts, it’s time to slash those prices! If you’re desperate to rid yourself of particular items, you may have to bite the bullet and sell them at their lowest price, (but this would only be recommended for items you plan to never restock again).

Bundles

3 for 2? BOGOF? Sometimes it’s easier to advertise various products together in a bundle as it could give them a higher chance of making a sale. Make sure these bundles are relevant to one another or sell particular categories for a set price when bought together (such as 3 for £10).

Save for Next Year?

Finally, if you have products that could become relevant again next year and won’t expire, it may be worth holding onto until next year. Designating a particular area of your warehouse for seasonal items will allow you to not only keep products out the way but will save you money on new stock the following year!