Dealing with excess inventory is a challenge for all direct-to-consumer (D2C) brands on Shopify. Excess stock can tie up valuable capital and space, but it doesn’t have to be a burden.
By using Prediko.io and ReferralCandy, brands can transform the excess inventory into the right Custom Rewards, enhancing existing referral programs and driving customer engagement.
Identifying excess stock using Prediko.io
In order to identify excess stock, brands first need to install Prediko’s Shopify App from the App Store.
Once a brand has installed the app, Prediko’s app picks up historical sales data and current inventory levels. Prediko shows the existing inventory levels in the form of a Buying Table.
D2C brands can easily use pre-existing filters inside the Prediko Shopify app to identify the excess stock within these inventory levels.
Once a brand has identified overstocked SKUs, they can effectively use those excess SKUs as Custom Rewards, one of most popular options in ReferralCandy’s different Reward Types.
By using Prediko’s search functionality, brands can easily navigate through SKUs and products to find the right SKU as the Custom Reward for their intended target audience.
Understanding Custom Rewards within ReferralCandy
ReferralCandy platform supports various reward types, including cash, discounts, and custom rewards.
Custom Rewards, in particular, offer a unique way to engage customers by offering something special and personalised.
Why Use Excess Stock as Custom Rewards?
Using excess stock as custom rewards offers a lot of benefits:
1. Cost-Effective Inventory Management:
- Reduces excess inventory without additional cost.
- Converts stagnant stock into useful marketing assets.
2. Enhanced Customer Experience:
- Surprise gifts create a delightful experience for customers.
- Personalised rewards increase customer loyalty and satisfaction.
3. Increased Engagement and Retention:
- Unique rewards incentivize customers to participate in the referral program.
- Engaged customers are more likely to make repeat purchases.
Promoting Your Custom Rewards:
- Communicate the custom rewards to your advocates through email campaigns and social media.
- Highlight the unique value of the reward, emphasising on how this particular reward is complementary to their previous orders with the brand.
Monitor and Adjust:
- Track the performance of the excess inventory within your Custom Rewards.
- Collect feedback from your customers to refine and improve the reward offerings.
Best Practices for Choosing the Right Custom Rewards
- Relevance: Ensure that the reward is relevant to your customers’ interests and preferences.
- Value Perception: Choose items from the excess stock that customers perceive as valuable.
- Quality: Choose an item from the excess stock that has high quality for the rewards to keep customer satisfaction high.
- Variety: Offer a variety of custom rewards to cater to different customer segments.
Transforming excess stock into custom rewards with Prediko.io x ReferralCandy is a smart strategy for any Shopify D2C brand- This creates a win-win situation for both the brand the customer.
