- Optimize Your Marketing Strategies.
- Use Multiple Sales Tactics.
- Transform Your Store Displays.
- Bundle Your Products.
- Identify Your Slow–Moving Inventory More Early.
Also question is, how do you calculate slow moving inventory?
Another method companies use to determine slow moving inventory is by ranking items based on months-on-hand. Months on hand is usually calculated by looking at current inventory quantity and dividing it by monthly average usage. Higher months on hand means the item is slow–moving.
Also Know, how do you sell slow moving inventory? Put Slow-Moving Stock to Work
- It isn’t your fault.
- Marketing 101.
- Targeted eMails Bring Buyers and Products Together.
- Use Seasonal Promotions to Move that Sluggish Stock.
- Sell Old Inventory with a Flash Sale.
- Market Static Stock Using an Up-Sell Popup.
- BOGOs are Made for Slow–Moving Inventory.
- Bundle Up Your Products.
Likewise, how do you deal with non moving inventory?
Here are a few types of sales to run.
- Clearance sale.
- Flash sale.
- Specific item sale.
- Seasonal sales.
- Take new product photos.
- Place items in new places on-site.
- Use new keywords in product title and description.
- Bundle fast-moving products with slow–moving products.
What are the 4 types of inventory?
There are four types, or stages, that are commonly referred to when talking about inventory:
- Raw Materials.
- Unfinished Products.
- In-Transit Inventory, and.
- Cycle Inventory.
Related Question Answers
Companies report inventory obsolescence by debiting an expense account and crediting a contra asset account. When an expense account is debited, this identifies that the money spent on the inventory, now obsolete, is an expense.
The provision for obsolete inventory is based on the book value of the unsold inventory. You can find this amount by running an inventory aging report that identifies stock that has not been sold within a specific time.
- Refresh, re-merchandise, or remarket.
- Double or even triple-expose your slow-movers to sell old inventory.
- Discount those items (but be strategic about it)
- Bundle items.
- Offer them as freebies or incentives.
- Take the help of a good inventory management system.
- Transfer the deadstock to another company location.
- Have a watertight agreement with your supplier.
- Use efficient demand forecasting solutions.
- Create urgency.
- Bundle products.
- Offer free shipping.
- Plan ahead. Ways to help overcome excess inventory stock in the first place is to start tracking your past sales.
- Understand your inventory stock through different channels.
- Automate the ordering process.
- Get creative with marketing.
- Reduce demand variability.
- Improve forecast accuracy.
- Re-examine service levels.
- Address capacity issues.
- Reduce order sizes.
- Reduce manufacturing lot sizes.
- Reduce supplier lead times.
- Reduce manufacturing lead times.
- Here’s how to make the most of your excess invent
ory. Sell it to an inventory liquidator.
- Sell it online.
- Give bulk purchase discounts.
- Start bundling.
- Offer extremely steep discounts.
- Use as rewards for customers.
- Turn your excess inventory into gifts for references.
- Give a donation for marketing purposes.