David Brown4 Ideas to Liquidate Your Extra Post-Holiday Inventory Extra inventory left over from December could hurt your 2019 sales. Published 2 years ago on January 1, 2019By David Brown Instore January 2019 Issue Share Tweet THE BUSY DECEMBER SEASON is now behind you — it’s time to relax a little and recover from the most hectic time of the year … or is it? The start of a new financial year can still carry something of a hangover from the December festivities you’ve just enjoyed, and foremost in this is the issue of your surplus inventory. Jim AckermanVideo: Why You Should Spend More Time ‘On the Business’ Instead of ‘In the Business’ Jimmy DegrootVideo: Jeweler Kept Selling Despite His Doubts About the Customer … and He Was Glad He Did! HeadlinesVideo: Father of Alleged Jewelry Thief Returns Rings, Apologizes Unfortunately, this product can be a blockage to your ability to refresh with new purchases as it ties up cash flow that can be reinvested. Here are a few steps to follow in order to keep these items moving:1. Determine how much of it there is. You can do this in two ways. First, print a stock list of items that you have more than one of. Second, print a stock list of all items over 6-9 months old. These two reports will show you the total dollar value of what is blocking your reorders.2. Complete a physical stock take. Are these reports correct? Chances are that during the busy December period, there have been some errors in inputting, so you need to reconcile the value of the report with what you have on hand. In particular, check spare drawers for double-ups of your fast sellers.3. Determine how you will liquidate this product. Is it time for a storewide sale? Can you offer a selection of these items in a “specials” showcase? What about your mailing list — could you make an offer to your best customers of an exclusive January deal on some of these items? Could you incentivize staff to move it on? There are a myriad of ways to promote shifting these items to your customers.4. Don’t forget vendors and other store owners. Check with vendors in case they may want to replenish their own inventory. Often, they may be closed for manufacturing or receiving their overseas shipments during the early January window and may be happy to take back some items to fulfill other orders. Also, many of your fellow group members may be looking to re-stock some of these items, especially if they were part of a group promotion. Why not be their vendor for your own surplus product? Advertisement Fortunately, jewelry isn’t perishable, and you still have many opportunities to sell these items, but don’t allow them to sit around unattended. It can take a conscious effort to move these slower items on, so the sooner you start, the sooner you can get this money back into the bank. Related Topics: Featuredinventory click to Comment(Comment) David Brown David Brown is president of the Edge Retail Academy, a force in jewelry industry business consulting, sell-through data and vendor solutions. David and his team are dedicated to providing business owners with information and strategies to improve sales and profits. Reach him at [email protected] Advertisement SPONSORED VIDEO Wilkerson TestimonialsWhen Liquidation Is the Best Option, This Legendary Jeweler Chose WilkersonGeorge Koueiter & Sons Jewelers, a 65-year old jewelry institution in Grosse Pointe, MI, had always been a mainstay in this suburban Detroit community. But when owners George and Paul Koueiter were ready to retire, they made the decision to close rather than sell. “We decided our best option to do the liquidation sale was Wilkerson,” says Paul Koueiter. 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