Are you stuck with an influx of inventory and don’t know what to do? Luckily, you found the right article! Read these effective ways to deal with excess inventory for helpful information. You will find fantastic solutions that will solve your problem.
Return Products to the Supplier
One of the first things you should do with inventory overload is to contact the supplier. Ask to return the items for a refund or credit. If the supplier agrees, the extra stock is no longer a problem. Make sure you keep the products inside the box and ready for pick up! Plus, you’ll have a reliable source to get the items back if you receive a credit.
Rearrange Warehouse Space
When you initially receive the inventory, you need a place to store the items. With limited warehouse and storage space, this can become an issue. Luckily, simple rearrangements can help the situation. For instance, using vertical racks and stackable bins are practical ways to optimize warehouse space. You can consolidate large shipments without changing the flow of your warehouse.
Create a Bulk Discount
“Buy more, save more” promotions encourage people to purchase items in bulk. This comes in handy when you deal with extra stock because you can sell items quickly! Whether you’re a business-to-business company or a business-to-consumer establishment, people like deals. And this is a great solution.
Another effective way to deal with excess inventory is to implement cross-merchandizing. You can achieve this through websites or in-store displays. When people see items that go well together, they will likely purchase them together. Visual marketing and product recommendations are the foundation for this idea, and they can be the key to letting stock go.
Partnerships and collaborations between companies and non-profit organizations are beneficial. You can hand off the extra inventory, and the organization can use the products for different uses. For instance, if you have an influx of book bags or laundry baskets, the non-profit can give them to community members or local school districts. It’s a win-win situation for everyone!