How to liquidate a losing product

We currently have a product on our Amazon store that we are looking to liquidate.

What would you advise would be the best way to
do that?

Alysha

 

Hello Alysha,
Liquidating a product is never fun, not only because we know there will a monetary loss,
but because that money could have been growing with a winning product.
And, there is also a bit of ego being hurt haha

Here are a couple things I do when that happens.
First thing I do is create a looser account, with Amazon’s permission under the wife’s name or sister, or cousin, etc
Recall all the product to your home or to a 3rd party company so they can remove 1 FNSKY and add the new one.
Then send all the product to this “loser” account where they can be for another 6 months before having big storage fees.
Before the 6 months are up, you need to get rid of the product and to do that my best suggestion is on Facebook groups for Amazon sellers.

Go on a big FB group and ask who is interested in a product you are liquidating, normally you will get a lot of PMs.

Since the product is now on your looser account you can give the seller all the information he needs without him knowing your main account.

Most sellers struggle with the liquidation part, because of not wanting other sellers to know their main account.

Some are afraid of competition, but most, are simply afraid that other sellers find out how low their sales volume is.

If you wish you can skip step 1 and go straight to FB.

besides these options, there are a few more, but both will just increase your losses even more, although one will make you feel good about yourself.

One is to go to a liquidator, but they are going to offer you close to half of your cost.

and the other is to donate to charity, where you can make a bunch of people happy and get a tax deduction

How to liquidate a losing product #158

Quin Amorim, Host of Selling Online Podcast