November 15th 2022 11:00:00 AM
Inventory Tracking Keeps Tabs on Slow Movers so You Can Speed Them Up
May 23rd 2019 15:00:00 PM
Inventory tracking, whether through RFID tags, scanners, or other devices, helps you keep track of all of your inventory. Even the slow movers (turtles) in your backstock area can be tracked to help you make decisions about their fate.
You know which items we’re talking about … the inventory that’s so dusty you can’t read the labels. Yes, those. Those the ones that really need to be tracked.
Why? Because you can’t sell what you don’t know you have. Inventory tracking software keeps tabs on every item, big and small, so you won’t lose a dime in your inventory.
What to Do With Slow Moving Items
Using your inventory tracking software, you can identify the turtles in the inventory herd. But then what do you do?
You can …
- Discount them. Try tiered discounts starting with 10%, 20%, and so on. Assess how well items sell at this rate. You may find that the slow movers sell at a lower price point.
- Add ons: Use them as add-ons. Offer them as incentives or gifts with a purchase. This typically works better in a B2C setting, but can also work in B2B with the right creative touch
- Return them to the manufacturer: Some manufacturers accept returns, or you can negotiate terms in which they will take unsold items. Check your terms and conditions to see if you can get all or a percent of the original costs back.
- Donate: Donated items to a nonprofit organization may qualify for a tax write-off. Be sure to get a receipt for the donation from the nonprofit with their tax ID on it and the amount of the donation. Both B2B and B2C items can find a good home with many nonprofits.
Items gathering dust in the backstock area or aging until the packaging gets brittle drain your profits. Turn laggards into sellers with these strategies or at least make room for new, fresh items.