How can I increase End-of-Life stock sales?
Increasing End-of-Life stock sales at the end of every season is crucial in reducing the volume of excess inventory you hold. Ideally, you will have sold all your products at the full list price, however, this isn’t always the case. You may end up with excess stocks of SKUs that you need to sell so you can free up valuable warehouse space to make room for your lovely new products.
Choose the right avenues for your Clearance Sale of EOL products, and you’ll enjoy better profit margins. But, what are the avenues you can use, and how do you make sure you sell your End-of-Life stock at the optimal price?
A Clearance Sale enables you to clear excess stock levels that have reached the end of their shelf-life. Think Christmas decorations in December or BBQs as autumn approaches. EOL Clearance Sales often offer customers higher discounts for a reduced period of time. There’s a sense of urgency, and customers will be eager to get a good deal, so it’s a super-effective way of keeping your inventory levels to a minimum.
Now, how can you make sure you clear as much EOL stock at the best prices, all whilst protecting your brand image? You don’t want your products to be perceived as poor–quality because of associated low prices. So, it’s good practice to extend product reach across a variety of sales channels.
For instance, you could clear End-of-Life stock on social media, or on different marketplaces. That way, customers visiting your eCommerce site won’t see loads of discounted products which could result in them losing confidence in the quality of your goods.
When it comes to making sure you sell products at the optimal price, there are a variety of tools and technologies you can use – enter PIM!
PIM offers a centralized source of truth for all of your product data. It enables you to streamline the way you gather, store, manage, enrich, and distribute product information and digital assets in real-time. This enriched product data enables you to create online experiences that are perfect from start to finish.
PIM also has extensive capabilities outside of product data enrichment and managing your product’s lifecycles. For instance, it’s super easy to set up new channels so you can adopt a powerful omnichannel strategy. Powerful automation means you can massively reduce the time it takes to get your products to market. Moreover, there are tons of different integrations you can enjoy. Think connecting to AI tools to offer customers a hyper-personalized experience. To add to that, you can create unlimited API connections to a wide variety of different applications and platforms. This is where you can get really clever with your EOL sales….Let’s dive in!
Benefits of implementing PIM to sell EOL stock
Implementing an efficient PIM system to sell End of Life stock will streamline the entire process from start to finish. Through powerful data management, time-consuming and tiresome procedures are eradicated. As a result, you’ll have more time to focus on perfecting your EOL sale strategy to clear all excess stock.
Automations enable you to sit back and relax while price reductions are taken care of. How? Well, you can use lifecycle stages and workflows to determine what prices should be applied when your stock hits a certain level. This means you’re always going to be selling your EOL stock at the optimal price. To add to that, you can upload your promotional material and digital assets into your PIM well ahead of time. So, you’ll be ready to go with a few simple clicks, reducing time to market and optimizing selling days when it matters the most.
A common route to take when trying to increase EOL sales is to list on multiple sales channels. With PIM, setting up new marketplaces is a breeze. Whether you’re selling through TikTok or Instagram, or uploading products to Amazon, PIM will publish your channel-specific data in real-time. This channel-specific data is crucial in ensuring you meet the different requirements of each of your sales channels. In turn, this will boost your product’s performance meaning they’ll be more likely to get found first.
Remember, choosing the correct marketplaces for your EOL stock is a crucial element of brand alignment. Consumer perception is heavily affected by the channels products are listed on, so be mindful of this when considering options.
Creating a separate online store:
With PIM, it’s easy to do this right down to the SKU level. Like with marketplaces, this can be a great way of protecting your brand image, as customers don’t instantly see massively reduced prices. Furthermore, customers have a central site where they can check out all of your best deals.
Adding to your “Sale” page:
You can boost conversion rates by up to 25% by having a dedicated “SALE” landing page on your eCommerce site, so it’s well worth considering! PIM makes the process of updating your sale page straightforward thanks to powerful automation. Determine rules for when certain products should be published on your sale page, then you can sit back and relax.
You have the ability to create unlimited product relationships which you can then display as “kits & bundles”. You might offer 2 for the price of 3, with the cheapest being free. To add to that, you can add specific copy and imagery to display these kist and bundles to further tempt customers.
This is always going to be front-of-mind for any eCommerce business. So, if a sale is going really well and you’re selling tons of SKUs, it’s important to be able to quickly list them back at full price. Again, this is super easy with PIM, as you can determine specific rules for when a products’ price should change depending on stock levels.
If you’re looking to maximize the sales volume of End-of-Life stock, PIM is the obvious choice to boost your eCommerce revenues. Streamlining the data journey to various sales channels and generating tailored, audience-specific content that resonates with varying demographics. Above all, this will ensure the sale of clearance stock at the right time and at the right price. Not to mention, you also have an instantly available catalog of digital assets ready to make your products shine!
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