How to Use Mystery Boxes to Reduce Inventory before the End of the YearDec 19, 2021
In only two weeks we’ll be ringing in the new year. I don’t know about y’all, but I cannot believe it’s almost 2022!
If you have a physical store, this last week before Christmas is going to be crazy busy as you sell, sell, sell to last-minute gift buyers. If you’re an online only store, things have already slowed down as shipping deadlines have passed.
Now is the time to take steps to clear out your excess inventory - those items you didn’t sell this year. I don’t want you to wait until next year for two main reasons:
- You’ll have to count and pay taxes on any inventory left over at the end of the year.
- Selling now means getting cash flow back in your business so you can buy product for the new year.
You do not want to drag 2021 baggage into 2022. It’s time to earn extra revenue and clear out excess inventory that has been taking up valuable shelf space and cash in your business.
Over the years, we’ve tried a lot of different strategies to clear out excess inventory. Last year we had the idea to try Mystery Boxes… and they were a HIT! We’ll be doing that again this year and it’s something I want you to consider, too.
Why should you curate Mystery Boxes?
I love using Mystery Boxes because they are a way to reduce excess inventory without actually discounting your products.
Mystery Boxes are a fun way to provide additional value to your customers without having to say, “these are 50% off.” You can show the value of a $50 box that contains $100 worth of products without calling it a clearance sale.
As a subscription box owner, you want to stay away from clearancing out things you’ve had in previous subscription boxes. You never want to devalue the products you’ve already given to your subscribers.
Mystery Boxes allow you to move inventory while still showing the value of what you’ve had in your subscription boxes.
How to curate a Mystery Box.
The excitement of a Mystery Box is not knowing what’s inside, so naturally you have to keep the contents a surprise. Let your subscribers know these boxes may contain some items that were in past subscription boxes, so long-time subscribers may receive something they already have.
Mix items that appeared in your subscription box with items that have not. This adds excitement for your subscribers and allows you to increase the perceived value of the box.
Consider offering Mystery Boxes at different price points. For example, we typically sell a $50 box and a $100 box.
I love to create a variable of size and curate a size-specific box. I fill it with tees and sweatshirts, typically at double the value of the price of the box.
Sell those Mystery Boxes!
Get your subscribers excited about these Mystery Boxes! Create posts on social, make videos, create reels, and go LIVE! Showing your excitement about these boxes will get your audience excited, too - and ready to buy!
Let your audience know they’ll be getting a TON of value. I like to say opening a Mystery Box is like opening a canister of biscuits. When you open the box, all the great stuff inside bursts out!
Nervous about going LIVE? By now, you know how hard it was for me to start doing LIVES. And you also know how very important it is to show up for your audience - to let them see you and get to know you. Going LIVE is vital to your business’s growth. And a great way to generate excitement about your boxes… including these Mystery Boxes.
For tips and strategies - and a pep talk - about going LIVE, check out this blog post and listen to episode 9 of my podcast Going LIVE - Building an Audience for Your Subscription Box.
Remember, your goal right now is to get your money back and clear your shelves, not to make a profit. You need to clear out your excess inventory and get cash back in your business. This will allow you to buy ahead - maybe buy product for two months out instead of staying just ahead of what you have planned.
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 that 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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