1. Choose a stock control method that works for your business
There are several efficient ways to control what stock you need, how much and when to order it. You can either identify your minimum stock level and re-order when you reach that threshold; or you can choose to regularly review your stock and replenish or return goods at every review. The ‘just in time’ method can reduce costs by keeping stock to a minimum and only delivering when products are needed. However, you need to have a reliable supplier you can trust to deliver promptly.
The goal of inventory liquidation is to get rid of any unwanted or dead stock at the best price or least expense. Think about any promotions you can do to shift items to customers or suppliers fast. If you’re struggling to get any interest for the products you’re planning to liquidate, why not donate it to a non-profit organization that could benefit in some way? It’s better than throwing products away.
5. Automate your inventory management and stock control
Want to eliminate human errors and streamline productivity? Why not control your physical and virtual inventory data across all your sales channels? You can also do this from a single location that stores all your information to automate the management of millions of SKUs and variations Automating this process will help you avoid the damage of overselling by setting minimum stock thresholds that automatically trigger stock replenishment.