E-Commerce · Hardware

How to clear out old hardware inventory?

Ahmad Zahran Non-Linear Thinker | Strategist | Entrepreneur

July 15th, 2014

A couple of years ago we ran a highly successful kickstarter campaign which raised over $500,000 and became the largest tech project on the site outside the US. Two years later we've focused our strategy and moved on to making never versions of the product and the first generation units that we delivered to our customers are quickly becoming obsolete (still useful but old technology). At the same time we still have a few hundred of these units in stock and don't know how to sell them.

Initially our strategy was to sell online, mainly through our own website. But as we fine-tuned our strategy and moved away from this model, traffic to the website decreased, and with it sales of the product. Our new strategy of selling the new product through our partners meant not sell through our website or even directly through us, reducing traffic and demand for the old product even further To the point that I'd like to stop the hassle of online sales all together. I thought about writing the last remaining bit of stock off and just scrapping it but I wanted to see if other entrepreneurs here had better ideas.


Just a last point to consider, we don't have a large sales and marketing team that can blog/post/promote the product or any promotions we could come up with (that was one of the main reasons we moved to working with partners). So trying guerrilla marketing techniques is not really an option.


Thoughts?

Jason Oliver Founder and Technology & Product Executive

July 16th, 2014

Groupon Goods or Living social - love deals.


Daniel Wiser Innovative & Entrepreneurial Marketing Executive

July 15th, 2014

There are many retail chains that sell distressed inventory.  They are nice, as you can move old product, recover your costs, and not worry about reaching your target consumer (assuming they don't shop at distress stores).  Not knowing the retailers of your country, it's hard to comment - there are many such places in the United States.  For online, you might want to consider something like an Overstock.com (or equivalent) - or run a daily deal / discount.  You can consider removing your brand from something like that (if it's possible...not knowing your product).

Chris Heuer Futurist, serial entrepreneur and change agent

July 15th, 2014

overstock.com

EM

July 15th, 2014

a) Hit up the old Woot team at Mediocre.com -- looks like they are getting started (again) on a new daily deal site and I imagine it will be very Woot-like. There are lots of other liquidators but they are one of the few teams that go direct to consumer so there's no other middlemen or middlewomen to pay. b) hit up ebay daily team deal team and see if they will handle it. c) approach a disti/liquidator

Paul Bostwick

July 15th, 2014

Overstock.com? People do not expect the latest and greatest there so you's not cannibalize you channels worth a think.

Phillip Mobin Founder and Chief Wish Maker at WishExpress

July 15th, 2014

What is it? : )

Ahmad Zahran Non-Linear Thinker | Strategist | Entrepreneur

July 15th, 2014

Thanks everyone. Overstock.com seams interesting. WiIll contact them to see what they say.
@Phillip, it's an HDMI dongle called Pocket TV. More here http://www.infinitec.com/pocket-tv/

More ideas always welcome.

Phillip Mobin Founder and Chief Wish Maker at WishExpress

July 15th, 2014

Hey Ahmed,

Pretty cool product!  Going to e-shop doesn't show anything newer.  Two places that I think may be useful for you to contact that sell all kinds of things like this are
www.meritline.com
www.rapidbuyr.com
and may be the grommet  (google them)

Steve Vigus Senior T&E Engineer at Garud Technology Services Inc.

July 16th, 2014

Ahmad, Assuming that it's a tech product you may be able to liquidate a good portion of your inventory by selling through woot.com. Best of luck to you. Steve

Brett CAIA Managing Director at Azimuth

July 16th, 2014

Check out meh.com. They move a lot of heavily discounted, older stuff. Founded by the guy who started Woot.com, which was also a daily deal site. Amazon bought woot. That may be a channel as well. Not sure how they work from a supplier side you can probably contact both companies and see if theyll move it for you. Im sure youve considered eBay or Amazon marketplace. Good luck Brett Odom, CFA CMA CAIA (m) 202-386-8914