Restyle your Fashion Business: Resurrect that dead stock.
A growing number of niche brands are finding success with apparel repurposing; but many larger apparel companies have no best practices in place for managing their enormous volumes of unsellable merchandise. Fortunately, a new sub-industry of upcycling partners is stepping in to ‘reimagine’ increasingly large volumes of deadstock.
For anyone who is starting a business in fashion, a boutique, reselling for other brands, manufacturing, retailing or even an online store, their first few concerns could be one or more of the following:
- Sourcing / Designing
- Distribution / Sales
- Stocking / Warehousing
- Vendor Management
- Online Sales / Ecommerce Management
However, here is a major concern that many businesses fail to work out before jumping into this red sea of a business.
DEAD STOCK MANAGEMENT!
What to do with/of the products that did not sell or are out dated?
For small and mid-sized brands that are into ‘ready to wear clothing’ business in this industry have the least organised process for managing their dead stock.
Here are some of the ways for small and medium sized clothing companies to manage their dead stock at the end of their sale cycle.
- Donate: Do a good deed and find groups that would benefit from the charity of your products. Donating your left-over stock to schools or institutes for purpose of evets, celebrations, studies or learning purposes is also a great way of managing the dead stock.
- Upcycle: Get those creative juices flowing and look for a new product closest to your current design and a few changes here or there your dead stock would have found a new purpose before you know it. Upcycling is a trend that’s picking up and is being sought after today’s young generation and that is why it is the most productive way of dealing with your dead stock and recovering the cost of those products and make some profit on the way.
- Promotional Barters: Your dead stock is a great way to offer as barter products to your influencers in exchange for their content and promotional activities. This might not be useful for driving up sales of a particular product but is a great way to keep the consistency going for brand promotion activities overall.
- Discount Sale: Easiest way to clear up deadstock is to launch a mega sale with unbelievable prices. While some brands look at this as a brand diminishing activity the reality of the situation is that it increases the brand’s equity in today’s time and works as a huge opportunity to ensure brand recall.
- Couple’em Up: Why not couple them up as a freebie or an additionally discount for minimum purchase sale drives? Offer the stock as a coupled product with your fresh stock to attract customers looking for that brownie point for shopping from your brand. Reward your customers for being loyal or repeating a purchase with your brand.
- Thrift your way out: Tie-up with the local thrift stores and supply good quality stock to them regularly. Thrifting is trending all over the fashionable streets of the cities in India. Social Media as added to the fuel of acceptance of this concept by today’s conscious and trendy youngsters who are flocking up the thrift stores almost every weekend.
While these might be some of the best ideas that we could come up with it is finally upto the business and the brand that it has built up to pick and chose from these or find their own unique ways of dealing with their dead stock in the most effective manner. If you too have some ideas that has made its way in your mind while reading this article, we’ll be please to read them in our comments. And for all you know we may quote you and recognise you in one of our other upcoming blogs.