Create Holiday Gift Boxes From Excess InventoryOct 09, 2022
Discover 5 tips to reduce excess inventory by creating holiday gift boxes your customers will love.
Excess inventory is a problem every product-based business owner faces. Maybe you bought too much of an item you thought would sell better than it did. Or maybe the MOQ (minimum order quantity) for an item you needed for a subscription box was greater than your number of subscribers.
Whatever the reason, you’re looking at inventory sitting on your shelves. It’s taking up space, and not making you any money. It’s time to get that excess inventory off your shelves and make it part of this year’s holiday gift boxes.
Today I’m sharing five tips to help you take that excess inventory and turn it into sales this holiday season.
Here are my 5 tips to turn excess inventory into extra sales this holiday season.
1. Repackage It.
It takes more than just slapping a gift tag onto something to make it a gift. But, with just a few inexpensive supplies and your creativity, you can take excess inventory and turn it into gifts your customers will love to give!
Box - or bag - it up!
Use extra boxes you have laying around from your subscription boxes. I use several different size boxes throughout the year, so I have a variety to choose from. For smaller items, use organza bags for a special touch.
Dress it up!
Add special touches and make items ready to give with tulle, twine, tissue paper, bows, and gift tags. If you don't have these on hand, grab some colored boxes and supplies from Amazon or Papermart.
Create gift sets.
Have fun pairing items together into gift sets. You’re helping your customers curate a special gift without all the stress! It can be as simple as wrapping 2-3 items together with Tulle and adding a gift tag.
You’re creating a higher perceived value, so don't be afraid to charge a little extra for your hard work.
Add a little something extra.
Another great way to make things giftable is by adding small items to products in your store. One holiday season, I purchased a big package of Starbucks Hot Cocoa and added packets inside mugs I sold in my store. These hot cocoa packets cost 67 cents each and added a lot of value to this mug, allowing me to turn a $14 mug into a $25 gift box.
2. Add variations.
If you don't have multiples of a particular item in your shop, consider adding different variations to the same main item. This allows people to choose a gift that's perfect for their loved ones and helps you get rid of all the one-off items laying around your shop!
I can pair a sweatshirt I have lots of with different items - bracelets, earrings, mugs, scrunchies, and more - to curate a variety of gift options.
3. Repurpose items.
Remember this is the time to sell anything and everything you have "left over" from the year. Don't wait until December is upon you to get started. You will get too busy and regret not taking the time to liquidate a ton of inventory.
Get creative and imagine new ways to present items sitting on your shelves. I had leopard beach towels left over from the summer. Obviously not something I could sell for Christmas, right? Wrong.
All it took was repurposing them as monogrammed bath towels as part of a curated "bathroom" themed box. Customers loved them and I knew I wouldn't be sitting on that inventory through the winter.
4. Offer multiple price points.
Your goal is to make gift-giving easy and convenient for your customers. Offering holiday gift boxes at multiple price points is a great way to do just that. Customers may need a lower-priced gift for an office buddy, babysitter, or neighbor but a higher-priced gift for a spouse or close family member.
Offering multiple price points lets your customers cross more people off their gift buying lists by shopping with you!
I’ve discovered something interesting over time. My best-selling gift boxes are my lower dollar amounts and my higher dollar amounts. The ones in the middle tend not to sell as well.
5. Sell when customers are ready to buy.
The best time frame to sell Christmas Gift Boxes is mid-November through Christmas Eve. I suggest getting your holiday gift boxes on your website and in your retail store a full week before Black Friday. This brings awareness to the boxes and also gives people an option to purchase gifts from you before the big box stores go crazy with sales and promotions.
The fourth quarter needs to be all about revenue generating activities. Focus your time and energy on selling products to your customers. They are ready to buy.
By offering holiday gift boxes, you are serving your customers by making gift-giving easy and convenient. And you’re serving your business by bringing in revenue and getting rid of excess inventory. Make the most of this holiday-buying season!
Learn from me:
- Subscription Box Blueprint eBook: This $10 ebook covers logistics from product selection to packaging to shipping. Plus a 90-day launch plan and bonus ‘Instant Scripts’ for your social media.
- Launch Your Box: My complete training program walks you step by step through how to start, launch, and grow your subscription box business.
- Launch Your Box Podcast: I share tons of practical tips and strategies to help you start, launch, and grow your subscription box business. You’ll also hear from industry experts and current Launch Your Box members who are crushing it - get ready to get inspired!
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