Do away with your pre conceived notions about Inventory Management and look at it in a new avatar.
Hard Work ahead
Managing Inventory does take a lot of effort but that doesn’t mean it is extremely hard. The level of difficulty lies in your perceptions. If you manage everything at once, yes it is difficult. However if you get into a rhythm of managing jobs one at a time, the task will not seem insurmountable anymore. Selling your inventory on EzyTrader makes managing it a piece of cake!
I have been managing inventory well enough
As a business evolves, inventory management becomes a complex process. It now becomes essential to update every inventory management procedure. This would make a big difference in the customers’ experience if they can get their products quicker and more reliably.
Inventory Management Software?? Not for me
With a growing client base, product line and location, inventory management software is a good investment to start looking into. Do away with the complexity of running a system on paper or in Excel spreadsheets.
Managing inventory can be a lot easier if you modernize the way you do it. EzyTrader is the perfect platform to do just the same!
Yes, inventory is an asset; however excess of it is a non-productive asset because it earns no interest in handling insurance, taxes, shrinkage and space.
What do you do with excess inventory?! Here are 5 tips to dispose of the excess:
Tip 1:Sell Harder
Your Sales Department is the real hero who explores all options with the consumer. Either the business relationship is maintained with the original customer for whom the inventory was produced or other customers with similar product requirements are looked at.
With the changing times, obsolete inventory too is brought up to date with the latest version of the product. The principle supplier may be consulted on how to modify or re-work the merchandise to be saleable. You know you have a good deal if modification cost is below 25%!
Tip 3:Discount! Discount! Discount!
These 3 golden words grab our attention anywhere, anytime and for any kind of selling! In this case, some finished goods and/or unused goods can be sold through brokers or after markets at discounted rates.
Tip 4:Mix and Match
Where there is a will there is a way! Try taking apart the assembled product can use some of its components in other products or sell them as spare parts.
Tip 5:Donate for Tax Credit
Your business may be sitting on an important tax deduction and you may not even realize it! The key is to donate some overstock inventory.
Tip 6:Sell Online
Utilize the vast opportunities present on the World Wide Web and list the inventory on E-Marketplaces like EzyTrader.in which not only save time and are cost effective but also provide greater access to buyers generating more leads.
As a trader, manufacturer, small scale business, stockists and dealer you may like this practice. But, question of ‘What’s in it for me?’ still remains. Let’s take a glimpse at the benefits of selling excess inventory:
Free from clutter in Warehouse: Be it space, labour, insurance, shrinkage and utility, storing excess inventory is rather expensive.
Focused and Targeted marketing attention: Save on the disproportionate amount of money, effort and time to clear nonmoving inventory and invest in better marketing options
Say a final goodbye to all problems of liquidating overstock: Now say hello to a larger availability of space that is easier to control and count.
Now the question arises ‘How to identify which the merchandise or goods to clear?’
Slow Selling and Nonmoving SKUS are a good place to start. Just as it is unadvisable to keep a stock or mutual funds and hesitantly unload it on under performance, similarly it is risky to hold stagnant inventory. Wholesalers, distributors and catalog businesses regularly review their offerings, weed out the slow-movers and concentrate on top-selling items.
Unsuccessful Product Innovations, Undamaged Returns and Discontinued Models can also be considered for selling surplus inventory. Cancelled Orders can be quite cumbersome to manage, however listing cancelled orders for buyers can prove to be quite cost and time efficient.
In today’s VUCA (Volatile, Uncertain, Complex and Ambiguous) world, a stand-out packaging design is imperative to grab the consumer’s attention. Updating package graphics is a good way to makeover the unused products.