Friday, February 14, 2014

How to Clear Out Old Jewelry Inventory

Fashion trends come and go. And it's a jewelry seller's job to keep her inventory fresh and updated. But before jumping into the next season's trendy items, it's important to clear out old inventory to give way to the new ones. Look around your store. Can you see some items sitting on your necklace display stand that has been there for too long? How about moving those items to make room for new ones?

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Photo image: Gerard Stolk | Flickr

As the spring season comes in, it's also a great time to clear out your store of the items that you were not able to sell During the holiday season. This way, you can turn it into cash that can be used to purchase inventory for the coming season. The sooner those items can be sold out, the better for your cash flow.

Here are some ways to help you move items in your inventory.


1.    Feature items

Instead of putting old jewelry in the corner of your display, why not try to reinvent it by putting it in different location on your jewelry display. Sometimes, a simple change of location can help people to notice your necklaces or bracelets. Put it on the window display or near the counter and stylize your display to give an updated look.

2.    Sell items on bundle


Pair up old necklace with a best-selling earrings or bracelets to give it a new style and flavor. Make sure to create a combination that will look appealing to your customers. Adjust the price accordingly.

3.    Buy one, Get 1 Free strategy

Move items faster by putting it on buy-one-get-a-free-gift promo. Adjust the price to cover the cost of that jewelry to at least help you get your money back. Promote your promo by hanging a poster or giving out a leaflet to your customers. Decorate your necklace display to give value to your products and to attract more people to avail of your promo.

4.    Put up a “Sale” bin


Put a basket near the counter and fill it with items that need to go. This can include jewelry from the last season or products that do not sell as much as your other inventory. Put a red dot on the price tag of each item to make it easier for you to sell outdated products.

5.    Flash Sale


Probably the fastest and the most effective way to sell out old inventory are to hold a flash sale where people can buy your jewelry in an amazingly discounted price over a limited time. Dedicate the last hour of your weekend store hours for a flash sale and invite loyal customer to come and pick up items that they will love.

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