Inventory management is an important business operation for every business that deals in some kind of physical product. A lot of businesses follow the best inventory management practices. They use demand forecasting tools to make purchase decisions, install the best inventory management automation tools in the warehouse and hire the best warehouse labor and staff to manage and look after the inventory.
Despite following all these practices, businesses end up falling prey to the problem of excess inventory or overstocking. Surplus inventory in the warehouse is a problem that almost every business faces at some point or the other. This is an inevitable problem and thus every business is on the lookout for appropriate solutions to deal with this problem. If you are also looking for a solution to this problem, here are the answers for you.
One of the most common ways adopted by almost every business is to run discounts and sales on the excess inventory. There are seasonal sales, flat sales and festive sales that are run by businesses throughout the year to deal with excess inventory. It is a simple solution but businesses need to make sure that they are not selling these products while compromising huge profit margins.
Bundled Deals :
Another way to counter the problem of excess inventory is to create bundled deals for the excess inventory. A business owner or a trader can use this method to accelerate the sale of slow-moving products. Make a bundle of the slow-moving products in the warehouse with the fast-moving products. Offer a value that makes the deal worthy. Buyers will be prompted to buy more products at lesser prices.
A lot of times rebranding and remarketing products helps the sellers in moving the unsold goods out of the warehouse instantly. It might be possible that certain products are not getting sold due to the improper branding and marketing used to sell them. Try rebranding these products and testing if some of these products are getting sold faster as compared to the old marketing techniques. But make sure to do it in an economical manner that would not add the marketing expenses to the already slow-moving inventory in the warehouse.
Donate or offer as freebies :
Donating or offering the excess inventory to an organization can help you in reducing your taxes. It can also help your business to get involved in charitable activities along with providing the resources to an organization that could make use of the stock that is a waste for you and your organization. Businesses can also offer the excess inventory as freebies to customers to increase the overall sales and customer retention of the business.
Excess Inventory Liquidation :
Many people are unaware of the services provided by an excess inventory liquidation company when it comes to dealing with the excess inventory of a business. Excess inventory Liquidation companies provide instant liquidation for the overstock of a business.
Excess2sell provides a B2B platform for different products from different industries like electronics, apparel and even home appliances. Excess2sell helps businesses sell the overstock at a good profit margin. The excess2sell is a platform that offers the option of bulk sales of the overstock without compromising the profit margins.