Getting rid of excess inventory is pretty much the foremost task on the to-dos list of retailers. Not only does it takes precious storage space but it also keeps the capital tied up thus preventing you from reinvesting or buying things actually required.
It is a well-known definition to qualify liquidation is to get rid of that excess inventory. Hence inventory liquidation is one of the best ways to consider when it comes to minimizing the loss due to excess inventory stock. Whatever was your primary reason for purchasing too many products, unforeseen circumstances such as a change in trend or technology or market can result in surplus stock.
Items that have been dormant for more than 200+ days or items with low turn rate should best be liquified to help limit misfortunes and furthermore to dispose of surplus stock. Over the long haul your surplus stock decreases in its worth so as opposed to sticking on to these in a far off any expectation of selling them sometime in the not so distant future, it is prudent to discover strategies to clear such stock.
Stock is the absolute most critical resource that can upset your accounting report. Consequently watching out for how items are moving causes you to settle on the correct acquiring and showcasing choices. Each retail business has seen this circumstance where they needed to manage an item that should be gone however never left. Stock liquidation system can be best required on items that are low sought after so most extreme profit can be produced for the ventures with least misfortune.
How To Inventory Liquidation
On the off chance that you think about a purchaser’s perspective, stock liquidation accommodates an important chance to buy merchandise at amazingly low costs. Additionally, the simple to move items with a longer timeframe of realistic usability are favored when contrasted with transitory or in vogue merchandise or products that are costly to ship and store.
Refresh and Re-Market:
Rebranding or remarketing the redundant products is a great way to get rid of them. Changing the display location of the item or changing product layout does the trick.
Discount those items
Organizing a clearance sale for out of trend items. consider lowering the prices of an excess lot and see how it goes. Some sort of event such as a Flash Sale would instill a sense of urgency among customers. This not only helps you dissolve excess lot but also helps you gain customers.
Bundling the redundant item with other fast-selling items in a package in the form of freebies not only helps you get rid of the excess inventory but also boosts the sales of stocked items.
Look for Exchange or Return
Whenever possible try to return the merchandise to your vendor in exchange for credit or new lot. If you have a great relationship with your vendor, he would want to keep you as a customer. Explore this very fact and try to have the excess inventory returned or exchanged for new stock.