Using Mystery Boxes to Reduce Inventory Before Year End | Episode 98

inventory podcast Nov 30, 2022

 

 

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“Don’t bring that stale inventory into 2023!” - Sarah Williams 

 

Inventory is one of the biggest challenges product-based businesses face. Too much, not enough… and what happens if it doesn’t sell? Now, during this buying season, is the perfect time to liquidate any old or stale inventory you have sitting on your shelves. 

One of my favorite ways to move product and get old inventory off my shelves is by selling Mystery Boxes. They’re new, fresh, and fun for your customers and a GREAT way to reduce inventory without putting clearance tags all over everything. 

Whether you made a bad buy (been there), overbought for your subscription box (yep, been there, too), or you’ve just had a slower year than last year and need to move some product quickly, Mystery Boxes are a great strategy. 

The goal is to get your money back. Don’t focus on making a large profit or even a profit at all. Focus on getting the cash you spent on the items back in your bank account and getting space back on your shelves. 

 

The excitement of a Mystery Box is not knowing what’s inside! 

  • Mix items from past subscription boxes with items never in boxes. 
  • Make subscribers aware they might receive something they already have. 
  • These are not curated experiences like your subscription box. They are filled with items at a great value.
  • Create different price points. Choose different size boxes, fill them up, and price them. 

 

These Mystery Boxes won’t all be the same. If you have 20 of one item and 30 of another, you can still make 50 boxes. Just make sure the items you’re putting in the boxes have a similar size and value. 

Get excited about these Mystery Boxes and start teasing your audience about a week before you’ll start selling them. Go LIVE, let your audience see how excited you are, and show them one of the boxes and how FULL it is! Talk about the value! 

Do you have inventory you need to liquidate? It’s time to let go of old product and start fresh in the new year. Join me for this episode to learn how to create your own Mystery Boxes and start liquidating!

 

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