What is Dead Stock & How To Remove It?
Do you know what is dead stock? Dead stock is a product in a warehouse that is not moving or in other words unsold. For those who do not use the warehouse management software, the dead stock will remain available in the warehouse and become a useless item.
Dead stocks can not finance your business; instead, they will cost and eat storage space that can be used for storing more products.
How to Remove Dead Stock?
By knowing the losses caused by dead stock, it will be the right step for you to be able to remove and avoid dead stock in your business in the future. Here are some tips you can do to remove the dead stock in your business.
# 1 Lowering the selling price
By pressing the selling price of dead stock products may be enough to attract buyers. Although you probably will not earn money from your storage but you will get more than that.
# 2 Combine it with other products
Combine dead stock with other products that have better sales. The sooner your stocks die is better.
# 3 Provide discount coupons
Using discount techniques is also a great way to make sales. Give a discount for your dead stock. Create a marketing content that can attract buyers to buy the product.
# 4 Make use of online online
If you are selling offline and they have no interest in your item, do online sales. There are many websites that u can use to sold your product with thousands of people who visit the website to search for bargains.
# 5 Return it to the supplier
If you have done many different ways and have not succeeded, then this may be your last resort. But it all depends on the product as well as the supplier. Whether they want to accept it or not. Even if you are large, you will also pay a return fee for the product you want to return.
Put away or removing dead stock in storage is something that should be done for the health of your business. Because if not, gradually the dead stock will harm your business from within. So removing the existing savings in the warehouse is a step you must do.
However, you can easily avoid dead stocks if you use warehouse management software such as Acumatica Cloud ERP that lets you manage your memory well and can be free from dead stock. Want to know how Acumatica Cloud ERP does that? Call us at (021) 53675015 or email us at email@example.com