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Tips for getting rid of slow moving stock
Liquidate old inventory
For some business owners this is their go-to tactic: slashing prices to make a sale and get stock off the floor. It’s more strategic, though, to discount items gradually starting with a smaller price cut – then moving to a higher discount if needed. Keep in mind that customers respond to a sense of urgency, which is why flash sales are so effective (i.e. limited time offers). You’ll want to give just enough notice to reach as many customers as possible in a short time frame and build excitement around the sale while encouraging buyers to act fast before they miss their chance.