3 Ways to Get Rid Of Your Dead stock
The fearful dream of many businesses today: Dead stock. If there's no movement in your inventory, I'm afraid you'll get this bad surprise. You become invisible to sell your goods, which unfortunately means they take up an unfortunate lot of space in your warehouse. So what exactly does dead stock mean? Is there a way to fix this problem? What, if any? You will find answers to these questions in our article today.
As with all areas in the retailing world, there are many conveniences and challenges. Dead stock is the cause of these difficult periods. You don't have to worry. There has been a period in the lives of every retailer and every distributor with products that they keep in their warehouses as dead stock. Deadstock is a stock product that waits for more than the time set in stores and no one buys it.
What Causes Dead stock?
If you have a company and have trouble selling specific products, this problem creates a decrease in your company's potential and results in dead stock. Of course, there are reasons for this.
The most common reason is that customers don't want to buy your products. Don't they believe your promises? A lot of things could have caused this. Perhaps the competitor has introduced a product similar to your product with a much better marketing technique, and it is more attractive to customers to buy it. Or competitor firms sell products they produce for the same purpose as you at a cheaper price.
A second reason is that the quality of your product is not directly proportional to the price you put on your product. Maybe the customers don't think they deserve the price of the product they bought, and they chose not to buy it again.
Let's face it, the customer and seller relationship is a huge factor in the sale of a product. Of course, no one will want to stop by that store if the seller doesn't give informing customers about their products or make them feel a positive vibe! There's no door for sweet dialogues to open, is there?
Let's say your product is excellent but there was a shortage of color and texture and it didn't suit your customers' tastes. Keep in mind that visuals are just as important as the quality, and your customers don't have to buy just one variant of a product. If you produce a product in a variety that will appeal to everyone's tastes separately, you will be attracted to people from all walks of life in your store.
You may be interested in: Inventory Control: Definition, Methods, Beginning
Why is Dead stock Bad for Business?
Every product in the dead stock category on the shelf of your stores takes you down on the sale of the product you sell the most. If your best-selling products are often out of stock, you don't have enough space to stock them, which is a problem in itself. It's also important to remember the extra cost of keeping products that no one else buys.
3 Ways to Fix Dead stock
1. There is a legal period for customers to return each product after purchasing it. If you have good inventory management software, you can determine which product will cause you problems in the future, so you can get through the process smoothly by taking timely precautions.
2. You can make small additions to your ads and marketing strategies that your products are an opportunity product that can't be rejected. Your customers will be interested in your products so you don't miss a great opportunity, and you'll be able to breathe with small profits.
3 And the last way out of the Dead stock nightmare is to sell the remaining products at a real discount. If the discount percentage is a minimum of 50% and delivery is free, no one can say no to it!