Every e-commerce manager has to decide which products and product categories they want to include in their e-store.
They obviously need to take some risk, just like they do in their everyday life. It comes as no surprise that some „sure bets” turn out to linger in the warehouses for months or even years. The gut feeling can be misleading and the sure bet can be of no interest to the users. Take some time to think why the good quality product is hard to sell online. There are many reasons, for instance the price isn’t attractive, you forgot to edit the description or the product is hard to find.
What can you do
if there are many goods in your warehouse? How to get rid of products that generate extra costs? How to sell them?
#1 Match the product with its pricier counterpart
It’s a simple method that can easily influence a buying decision. What this method relies on is to show that the high quality product doesn’t have to be as pricy as its more expensive counterpart. Unsurpassed will to get a certain product will be fulfilled when the consumer sees that they have an exceptional opportunity to purchase what they want at a reasonable price.
American store Williams-Sonoma that offers kitchen products did a valued experiment in the 90s. They basically took two bread makers and showed them together. One of the bread makers wasn’t very popular and its price was lower. The moment two machines were presented together, the cheaper machine’s sales numbers literally exploded. You’re asking why? The answer is simple, consumers couldn’t compare prices before so the product didn’t seem such a bargain.
#2 Offer a lower price for those buying in bulk
It’s a basic rule that applies when selling beverages in fast foods for example. The consumer is more willing to buy a drink when they know they can drink as much as they can. The truth is that majority of us will drink only one cup. What matters here is the psychological trigger.
Similar trick can be used in an online store. Simply offer a batch of products. An average price per one product will be lower. Remember to inform the client how much they will spare if they use bulk offer. This trick works miracles in FMCG industry. Just use your imagination and you’ll surely get rid of lingering goods.
#3 Use scarcity factor
If certain goods are hard to sell for a long time now, just show these are very last items available. Just create the fear that the item will be sold soon so decision has to be taken quickly. People tend to make up their minds faster when they see that only 2 or 3 products are available. The fear that a T-shirt, heels or a gift can be sold soon makes the purchase decision process faster. This is precisely what you need.
#4 Let them find what you need to sell
If you really need sell out, using only above three tricks may not be enough. You need to make sure the products are properly showcased so that users don’t have to look for them. If you have exceptional bargains, don’t hide them from your potential buyers.
#5 Find gold means
Every product has its price. Even though the so called lingering product is of exceptional quality and its price is a bargain, the product doesn’t have to be a best-seller. Sometimes people think that a low price means low quality. Sometimes all you need to do is to increase the price or offer just a small reduction.
#6 Product presentation
Product page can deter future buyers if it lacks information, if it’s a huge chunk of text, if there are no user comments or there aren’t any videos etc. The product page needs to be optimized not to have any buying barriers.
#7 Social plugins are not for everybody
When you run a small e-commerce it’s obvious you won’t get many fans, subscribers or followers in social media. If you place social plugins in a visible place in your e-store, low numbers might discourage future buyers. It’s best to wait before implementing social plugins if you’re still working on your social media.
E-commerce managers have a lot on their plates.
They need to make sure conversion rate is good, content marketing is in place, products are properly showcased. They take care of special offers, reductions, remarketing, marketing automation and the list doesn’t end here. On top of that, they need to make sure that stock doesn’t linger and generate unnecessary costs. If you’re an e-commerce manager with the task to get rid of 20% of lingering stock, use the above proven techniques.