Strategies for Slow-Moving InventorySeptember 4, 2013
A pallet of or slow-moving products in your inventory is a problem that no one wants to have. However, there are ways to take such products and put them to good use. [more]
Offering a discount is typically the first thing a retailer will do to move underperforming inventory. But, without the right kind of marketing, the products will continue to eat up your warehouse space. Take a close look at your users’ behavior and past purchases. Find customers that purchased similar, or showed an interest in, products that are closely related to your slow-moving inventory. By sending your discount offer specifically to these users, you’re more likely to be able to sell off the product more rapidly.
However, discounts aren’t always the best idea. If you have small or perishable products, it might be better to include them in other orders, free of charge. When a customer receives the package they ordered along with a free gift or sample, it creates goodwill between your company and the customer – encouraging a lasting business relationship.
If neither option seems viable or effective for your slow-moving inventory, you can also approach other “discount” or “off-price” retailers to buy the products from you. This is common practice for online clothing stores, which push inventory by selling through their outlet stores or other places like Marshalls, TJ Maxx, etc.
Whichever approach you decide to use, the first step in selling off slow-moving inventory is to identify it. At Fulfillment Works, our Client Access Center lets you manage your inventory (and a bunch of other things) in real-time. That way, you always have a grasp on how your inventory is performing.