How do you move slow moving products?

5 Tips to Help Promote Slow Moving Inventory

1. Create a bundled package. The practice on product bundling can often times be very effective.
2. Increase internal awareness & communication.
3. Develop targeted promotions.
4. Repackage and transform.
5. Incentivize your sale teams.

How can you turn slow moving stock into cash?

Here are five effective ways to turn your slow-moving inventory over into cash to help your business keep moving.

1. Optimize Your Marketing Strategies.
2. Use Multiple Sales Tactics.
3. Transform Your Store Displays.
4. Bundle Your Products.
5. Identify Your Slow-Moving Inventory More Early.

How do retailers deal with excess inventory?

Retailers that have a surplus of nonperishable products might sell those products to other businesses. By selling to other businesses, the retailer can typically unload a large amount of inventory in one sale compared to selling only a small portion of the product to consumers.

How do you move excess inventory?

Ideas for getting rid of excess or slow-moving inventory

1. Bundling. Bundling involves taking a bunch of products and selling it as one group at a lower price than it would be sold for individually.
2. Sales. This is probably the most common way to get rid of overstock.
3. Rewards.
4. Inventory liquidation.
5. Sell online.
6. Donations.

How do you determine slow moving inventory?

Another method companies use to determine slow moving inventory is by ranking items based on months-on-hand. Months on hand is usually calculated by looking at current inventory quantity and dividing it by monthly average usage. Higher months on hand means the item is slow-moving.

How do you sell unsellable goods?

Sales tips: 4 ways to turn an unsellable product into a must-have

1. Let your customer sell it for you.
2. Give the tricky product some cool company.
3. When the going gets tough, the tough get data.
4. Put it in your prospect’s context.

What is meant by slow moving inventory?

Slow moving inventory is defined as stock keeping units (SKUs) that have not shipped in a certain amount of time, such as 90 or 180 days, and merchandise that has a low turn rate relative to the quantity on hand.

How do you determine fast and slow moving inventory?

A product that has a lower number of average days to sell the inventory is a fast-moving stock, whereas, a product that has a high number of average days is a slow-moving stock.

How can overstocking inventory be prevented?

Consider following these five tips for reducing your risk of overstocking and implementing better stocking practices.

1. Invest in inventory management software.
2. Track sales with a POS system.
3. Use ABC analysis.
4. Assess economic and market trends.
5. Audit your inventory regularly.

What is considered slow moving inventory?

Slow-moving items are goods or products with a low turnover rate and are stored in the warehouse for much longer period. Generally, slow-moving items include the goods that are stored for more than three months and takes time to be sold.

What means slow moving inventory?

Slow-moving inventory is generally defined as stocks or products that sit in your storage room or warehouse (and have not moved) for a certain period of time.