Manage Unproductive Inventory

Inevitably some products within your inventory are going to move faster than others, but rather than letting items grow cobwebs, there are steps you can take to limit the impact unproductive inventory has on your bottom line.

Mark It Down: Put a markdown cadence in place before you purchase merchandise that has potential obsolescence, such as date-coded consumables or seasonal and holiday items. Waiting until after Easter to mark down Cadbury Eggs may be too late.

Offer Customers a Deal: Create one-day sales or skid sales of unproductive merchandise. Develop fun events around the selling of merchandise. For example, have a Black Friday event in June.

Develop a BOGO Program: Create a buy-one-get-one-free offer and tie the items that are not selling actively with the items that are. You can get as creative as you want! This is so much better than throwing items in the trash or letting them rot on your shelves, taking up valuable selling space.

Sell It Online: E-Bay can be used to sell one offs, especially inventory with high retails that may no longer be able to be sent back to vendor.

Find a Bulk-Buyer: Local scrap or bulk buyers are always interested in a good deal. Do the math and if the product is truly dead, these options can be valuable partners.

Offer it to the Competition: There is a possibility that one of your competitors is having better luck with certain products than you are. If that is the case, check with your vendors to see if they could make a transfer happen.

Work With Vendors: Speak with your vendor partners to see if they can help you sell the slow-moving item via a sales initiative rather than agree to take the item back.

Donate It: If you’re not going to sell a product, do some good with it and donate it to a charity. It is an opportunity for you to pay your blessings forward.

Turn to Staff: Offer your team members the opportunity to earn extra cash by developing sales programs around inventory that needs help. With the correct incentive, staff can really move inventory.

via Business Feeds

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