How Can Distributors Quickly Liquidate Their Flooring Inventory?
How do you end up with too much flooring inventory in your warehouse? Maybe you stocked up on a popular product, and then consumer tastes changed. Now, last year’s colors are no longer in demand for this year’s building projects. Maybe it happened because of a regular cyclical downturn, like how more exterior construction tends to happen during the warmer months, while interior construction and remodeling tends to be scheduled during colder months.
And then there’s the completely unexpected events, like now and the coronavirus outbreak. The entire world has come to a halt. There’s no way we could have planned for this, and no way to predict how long it will last. All you know is, you need to liquidate, fast.
However it happened, it’s a common situation, and can lead to a couple of common issues in your business.
1. The inventory takes up too much room in your warehouse, leaving you no space for new inventory.
2. The inventory ties up money that could be used to buy new stock or otherwise invest in your business.
It doesn’t matter how you ended up with too much inventory. If you have excess flooring materials in storage and need to liquidate them, there are several ways to do it.
Sales and Discounts
A popular method to move products quickly is to offer discounts and sales on your flooring stock. Marking down your products not only clears out your inventory, but lets you still make a profit, though a smaller profit than you initially planned.
It’s a simple process to manually mark down products in your physical showroom or warehouse. Simply change the prices, and let your customers know about the sale through advertising, your social media accounts, or send an email to your list of customers.
Cutting prices can create brand loyalty with your existing customers, and can help attract new customers. The downside is that if the sale is in your physical location, it’s a lot of work on your end. You have to mark down the products, and you’re the one dealing with the customers and their orders.
Sales and discounts at your physical location rely on customers coming in to buy the product, and you have no control over how fast this happens. If something happens to keep people away, like bad weather or a global pandemic, you can expect your sale to take a while to clear out inventory.
A faster way to liquidate your excess inventory is with the help of an online dealer like Vogueboard. Online dealers buy your excess inventory and then sell it in their online marketplace. Dealers draw in lots of customers, because they represent many different companies and offer a large selection, making it easier for them to move product. And they sell online, so customers are still able to shop at their own convenience, even if physical stores are closed.
A benefit to selling your excess flooring inventory through a dealer is that it will free up the money you have tied up in inventory in less time than if you did it yourself. It’s also less work for the flooring distributor, since the online dealer handles customer service, shipping, and all aspects of the transaction. Some online dealers, like Vogueboard, even give you a control over the final retail prices and have a convenient interface to quickly change the product data and pricing.
You can list your excess stock in your own online store. This gives you exposure to more potential B2B and B2C customers than you would normally reach and helps you forge new relationships with retailers, architects, designers, contractors, and consumers.
There are advantages to selling products in your own online marketplace. You’ll have better margins than you would by selling at a discount in your own facility. Offering your products online gives you the chance to catch the attention of new retail partners and reach customers outside of your own geographical area.
When you use a fully integrated system designed specifically for the flooring industry, like Vogueboard’s cloud-based platform, you’ll streamline your sales process. In the Vogueboard platform, you can automate quotations and B2B buyers can place purchase orders right out of your product catalogs, saving time and minimizing errors in quotes, purchase orders, and shipping documents.
An eCommerce storefront lets you have sales and offer discounts to move inventory. With the right platform like Vogueboard’s online marketplace for the flooring industry, you can just set price groups, and ship the products, while Voguebard takes care of payment processing, customer service, rebates and refunds. This lets you offer more of a discount on a particular brand and liquidate stock from a particular manufacturer, while using a different price formula for your other products.
More Online Sales Tools
Right now, online retailing is the way to go. Online marketplaces allow you to reach your customers and can help increase your flooring product sales all the time, not only when you need to liquidate product. At the same time, an online dealer like Vogueboard will help you with serving an increased number of buyers, so that there is no disruption to your operations.
An often-overlooked part of online retailing is the sales automation. With automated B2B sales automation tools you can quickly create, update, and send digital product catalogs to your customers and prospects. There are no printing or shipping costs, the information is always up to date, and they provide online dealers with an easy way to resell your products online. They can easily apply a markup and manager the product catalogs effectively from anywhere, whether at work or home.
Get even more targeted in your approach and use an integrated CRM to manage leads, track sales calls, opportunities, and quotes, email your list of customers, and streamline many of your day-to-day business tasks.
How Can Vogueboard Help You?
To be successful in today’s quickly changing world, you need to take advantage of the business tools available, to help deal with common issues, like liquidating excess inventory, and unusual ones, like operating during a global pandemic.
Here at Vogueboard, we’ve developed the tools you need to streamline your business, build a solid online presence, and grow your business, no matter what’s happening in the world. Our online platform is designed specifically for the flooring industry, and has the integrated tools you need for your business. This cloud-based software works no matter where you are, whether you’re in the office or working from home.
Click here to set up your free, no-obligation demo today, or contact us with any questions you have about the Vogueboard platform.