7 Ways To Reduce Your Excess Inventory

7 Ways To Reduce Your Excess Inventory

No matter how expert you are to handle things, you will still end up with excess inventory at some point.  You may be purchasing too much, but unforeseen shifts in the marketplace can also result in overstock. If you don’t manage it properly, you can hope to sell off the excess stock to break to lose a percentage of your profit. So, list dead stock in the USA and clear your shelves.  Excess inventory is taking the valuable space in the warehouse and can be a burden you need to address. Here are 7 ways that can help you to reduce your excess inventory.

1. Return for a refund or credit

If the supplier allows and gives you a refund or a discount, then this can be one of the best options. You will likely take a hit on shipping but you can at least swap out the dead excess.

2. Trade with industry partners

the competitors might be your friends when it comes to sharing inventory and supplies.  Your excess items might be taking up space in your warehouse but that’s the items another company might need.  In the same way, they also might have some items that you can use.  This type of interaction not only helps inventory management but also builds relationships which are always valuable.

3. Divert inventory to new products

The raw materials or components can be used in other things as well. Your inventory might need some rework so that cost should be taken into account. Many companies may have created some new products from scrap.

4. Sell to customers

This depends on whether the customers are consumers or businesses.  If you sell to the distributors directly or businesses, then approaching them with a special deal might work for you.  You may try packaging the product for a discounted price. The end users really don’t care about having the latest model and will just buy out-of-date inventory.

5. Liquidate excess inventory

If you are looking to get rid of your excess inventory, a liquidator can help. A liquidator will buy up what you have for a negotiated price and that’s all you will see from the deal.

6. Auction it yourself

With the availability of online outlets, you can directly sell your inventory to anyone you want. It needs staff time and can be a little slow and tedious process. Obviously everything will sell.

7. Recycle it

When everything fails rather than landfill inventory and you can’t dispose of in any other way, see if it can be recycled.  Many municipalities have recycling programs. There are also services that will pick up recyclable goods.

Disposing of excess inventory is a balancing act between maximizing what you can get and further investment of staff time or other resources.  In order to prevent this issue from becoming a headache, monitor and dispose of excess inventory all year round. So, if buying or selling deadstock inventory has been your aim and you have been looking for a place, look no further.  Bustleboard is here to make things easier for industrial salespeople, manufacturers, and distributors.

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