Hacks To Bring Dead Stock Back To Life
Posted on 18 Dec, 2019
Hacks to Bring Dead Stock Back to Life
Dead stock is one term which can bring sleepless nights to business owners dealing in products. A cash-flow killer, the menace of dead stock has compelled several businesses to shut down at various instances. If you’ve a product based business you know how dreadful it could be. Therefore, it is essential that you take care of the non-moving inventory before time runs out and make necessary arrangements to save your business from any unwanted catastrophe. However, have you ever wondered how you would tackle the situation if your products unnecessarily and unproductively occupy the warehouse shelves thereby causing damage to your business? Worry not. We’ve accumulated 3 effective hacks to relieve you from the stress. Go through them and we bet you’ll be able to save a substantial amount of money by creating ways to sell those products that are getting dusted lying there on the warehouse racks.
1) Offer Discounts
A win-win situation for all, offering discounts on unsold products has always helped businesses to get rid of the dead stock and flourish in their respective industries. You can kick-off the idea by hosting a sale carnival in order to draw people to the stores, looking for your products. Running a flash sale can also create a sense of urgency among the audience, thus helping you to clear the stock that is waiting to see the light of the day. This method can even gain you potential customers for the future, as we humans love good deals and are always on a lookout for them. But remember that your decisions are rationale and do not interfere with other business strategies. Take optimum caution while timing and implementing the sale events, because one wrong move can cost you a fortune.
2) Bundle the Products
Bundling the non-moving products with hot-selling ones and selling them at a discounted rate is another excellent way to get rid of the inventory that is becoming useless and obsolete. You can also bundle relative non-selling products together and offer them at an irresistible price as a whole package. If executed properly, it can help you move out a significant amount of immovable products and enable you to recoup the investment. It has been observed that numerous businesses, which implemented this advanced technique of bundling their products, have been able to eliminate the dead stock quite effectively. However, it is important that your strategy is fool-proof and doesn’t lack precision.
3) List Your Non-moving Products on Hotshelf
Although not many are aware of it, yet listing your excess stock on Hotshelf can help you to a great extent in liquidating the non-moving inventory. By listing your dying products on the portal can create opportunities for you to connect with potential buyers, thereby helping your sales to soar and your business to thrive. A trenchant method to curb the plague of dead stock is displaying the non-moving inventory on the website. It can certainly enable you to push the unmovable stock and cover up a considerable amount of loss. Get in touch with Hotshelf and see your dead stock coming back to life. Albeit the fact that these above mentioned techniques can help you immensely in obviating the evil of non-moving inventory, yet it is of sheer importance that you take the necessary measures before time, as they say ”Prevention is better than cure”. It has been evident that businesses fail due to the lack of proper planning and execution of the inventory management system and poor business decisions. Hence you need to make sure that you’re on the appropriate track right from the beginning. A few informed and rational decisions and you’re all set to take your business to new heights of success.