You can think of your inventory as a substitute for your hard-earned money. You invest in products, and only if you actually sell them do you recoup your investment and generate a profit margin. This philippines telegram data is why effective inventory management is crucial to your success—it’s more or less the very survival of your business.
Thinking about inventory management can be a bit of a hassle. Don’t worry, it’s not impossible. Use your POS system’s inventory reporting capabilities , along with the
following four techniques, to maximize your inventory ROI. Inventory Management:
- Get rid of dormant stock.
- Evaluate slow-moving inventory.
- Double down on what sells well.
- Synchronize your inventory by tracking sales in-store and online.
1. Get rid of dormant stock
Dead stock is stock that Inventory Management: doesn’t move (i.e., stock that doesn’t sell). If you don’t use inventory management software, you run the risk of keeping dead stock in the keep testing your emails and calls to action to find out what works best back of the store or on the shelf, forgotten and neglected by your customers. And as the name suggests, dead stock kills your store’s profits.
Dead stock doesn’t just take up space; it also ties up resources, leaving you with less to invest in replenishment or marketing efforts. For most retailers, unsold stock after six months is likely to cause inventory turnover to plummet. So, take action and eliminate dead stock. Here’s how.
- Run a promotion or flash sale and offer a discount on dead stock to generate quick sales.
- Ask your distributor if they are willing to take back dormant stock in exchange for new stock or a price reduction on your next supply order.
- As a last resort: If your canada data promotions or negotiations with the distributor don’t yield any results, you can donate the dormant stock to charity, in order to benefit from a tax deduction.
The first step in stocking your shelves with stock that sells well is often to get rid of unsold stock.
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