Excess stock or excess inventory is almost a tough task in business. Inventory seems to face loss in many forms like overstock, unused stocks, surplus stocks, obsolete stocks, slow moving stocks, and non-moving stocks.
Then inventory would come up with Queries like, how to dispose excess stocks? How to make much money out of this obsolete inventory? How to overcome this slow moving inventory?
- Foremost step is to spot out the business need, discover the value of our property in other’s area or businesses.
- Before starting business, study the customer. Who are they? What they want?. This is very easy and helps in convincing with your products and services.
- Buyers have changed recently. They are carrying out a massive research and started to check for brand credibility online before initiating a conversation with sales person. No people exist without smartphones, great medium to establish a global communication, sorting out their needs in all smart ways.
- Branding, main factor in converting the obsolete inventory to cash.
- Consumers are very pleased to remain at home and finish their purchase online since the boundaries to online shopping seems to be subverted. People hate walking in to the store, search of needy things and stand in queue for billing.
- It is very common to connect commercial consumers, but when coming to B2B consumers sometimes have to strive for the trust. But one ensuring them good hope, it is quite possible to engage in your business.
- Just like bulk purchase, yet another excellent thought is to bundle up products and sell off them for maximum discount. On most occasions, buyers check out for such deal, since value for money is attained. This in turn helps to liquidate excess inventory.