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Alright LuLaRoe retailers, let’s talk about the newest trend in inventory management. The term I’m seeing everywhere is turn and burn. While I get where this is coming from, I feel like the turn and burn method is lacking. Why? Well, read on and I’ll explain. After that, I’ll give you more effective ways to help you sell your inventory.
What is the Turn & Burn method to sell your inventory?
Turning and burning is a method of turning your inventory where you sell as many pieces of new inventory as quickly as you can. The theory of inventory management is that you’ll always have new inventory coming in. With the new prints we’re finding in our boxes lately, it’s quick and easy to sell these gorgeous pieces!
Downsides to the Turn & Burn method of inventory management
While the idea behind turning and burning inventory is fantastic, this method of inventory management does have a few issues. Well, what are they? If you’re only focusing on the new items in your inventory, how do you sell anything that is not “new”? Some consultants will only show these items once or twice before they then try to offload their inventory to other consultants. I feel that this is a disservice to themselves because they’re not truly paying themselves.
What is a more effective way to sell your inventory?
I went to LuLaRoe’s live sale training last year (click HERE to read about my greatest takeaways). While there, a friend of mine, Danielle Fewings, said something that has stuck with me since then.
“It’s easy to sell the gorgeous pieces. Chase the high you get from selling the old or undesirable prints.”
Just think about that. Yes, it’s great to get paid quickly, but I love a good challenge. So, I work smarter to make sure that I can utilize these new pieces to sell some older inventory. So, what all do I do? Let’s break down the life cycle of a box.
(P.S. if you’d love to follow Danielle on Instagram, click HERE. She has 2 of the cutest pups, Chowder and Crackers, ever!)
1. A new box arrives.
Hype this box. Why? You’re creating the feeling of FOMO (fear of missing out). They will be filled with amazing pieces, right? No one will hype your boxes for you, so you have to become your own hype man to sell your inventory. Make sure to mention that these items may not be available soon to further drive home that FOMO. Don’t tell them this, but once they have seen these items, they are going to be posted elsewhere.
Tip: Take a picture of you with the box or boxes. Why? Facebook gives priority to pictures with faces. It also helps your customers recognize YOU! You are your brand, friend! I keep an extra box or 2 that’s empty just in case I need to make a shipment appear larger. You could even throw some older pieces into your boxes. You’re giving your customers permission to look at these items with new eyes.
If you can, go live. Facebook gives priority to live sales. Start with an item that you know will sell immediately. This subconsciously tells your customers that these items will go quickly. I would love to go live with a box, but I’m limited due to my damn country internet. If I know a box is going to be exceptionally amazing, like a capsule, I will ask a customer to host me for a live. They get to pick a piece for free as a thank-you. Most customers love to see what it is like to receive a box of inventory.
Once I get a new box, I take these pieces and photograph them. I’ve been doing my inventory photos as flat-lays, so this works for me twice. First, I can then upload them into my inventory management system (I use Sonlet, in case you were wondering). Then, I schedule these items to Facebook in my group as wall drops. (What are wall drops? They are where you post pictures to the wall of a group or page on Facebook instead of in an album.)
I have found that I sell 30-50% of my items this way.
2. Create outfits partnering old with new.
If you’re only focusing on the new items, how do you plan on the older items that you have sitting on your racks? It’s a wise inventory management practice to mix the old with the new. Who knows, that Cassie skirt you’ve had for a year may have needed that perfect Lynnae to create the most gorgeous outfit. I would rather sell 2 pieces than 1 because it’s a more efficient use of my time. It take the same amount of time to ship 1 item as it does 10.
Tip: Be flexible. Someone may need to sub out a piece for a different size or style based on their body shape. If you refuse to break outfits, you may be losing a sale. I understand keeping outfits intact for a certain period of time, but then let them buy the single piece. Your customers will be appreciative.
3. Drop those outfits outside of your group.
You’ve already created content, so why wouldn’t you post these items elsewhere? You could put them on your business page, your Instagram stories, or in a multi-consultant sale. The more eyes you get on these pieces, the greater chance you have of selling new or old pieces.
4. Put it in an album sale.
This one is easy. Put these items in an album sale. I went away from doing album sales, but I still have customers who prefer this method of shopping, so I make sure to cater to their needs twice a month. Yet again, Sonlet saves the day because it helps me save time with loading. I select what I want to go where, push a button, and walk away. It’s that easy.
5. Share your outfits with other retailers.
There are days when I’m going in about 57 directions and don’t have any new content created. When I find myself in one of these binds, I’ll turn to my fellow retailers and ask to post their outfits or wall drops in my group. I, yet again, use FOMO to encourage people to claim quickly since these items aren’t mine.
After you’ve done all of these steps, you’ve truly maximized the miles you can get while you sell your inventory. You can always keep using these items in new outfits or wholesale them to other retailers. You want to turn items on the hanger as many times as possible, but be efficient as possible. I feel like this is a great way to accomplish both of those goals.
Do you have any other ways to sell your inventory that are your favorites? Feel free to send me a message HERE. And please feel free to join my community group HERE. We’re all about having fun and causing shenanigans!