You're struggling with slow-moving inventory items. How can you prevent wastage and boost profitability?
Struggling with inventory that just won't budge? Here's how to prevent wastage and turn a profit:
- Bundle items together. Offer slow-moving products with popular ones at a discount.
- Refresh product displays. Change up how items are presented to rekindle customer interest.
- Launch targeted promotions. Use data analytics to craft deals appealing to the most likely buyers.
What strategies have worked for you in moving inventory more effectively?
You're struggling with slow-moving inventory items. How can you prevent wastage and boost profitability?
Struggling with inventory that just won't budge? Here's how to prevent wastage and turn a profit:
- Bundle items together. Offer slow-moving products with popular ones at a discount.
- Refresh product displays. Change up how items are presented to rekindle customer interest.
- Launch targeted promotions. Use data analytics to craft deals appealing to the most likely buyers.
What strategies have worked for you in moving inventory more effectively?
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Sales associates will have to be encouraged to drive sales of slow mover products; some good incentive schemes can also increase their motivation level. The reach of product will have to be increased to more and more customers and conversion ratio will have to be reviewed to see what result is being achieved.
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Identify slow moving items and check if they are required and can be replaced or its purchase cycle can be revised. Inventory build up is never a good option
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Your Crew/team are the greatest movers of product. Let them speak to products by sampling them in a huddle. Empower your fellow crew members to sell product, sample product and engage your customers every day.
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Many times simply making those items a focal point in a display can make them move faster. You can also place them at the register or checkout line if practical. It's just a matter of making them visible and appealing.
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I will share this not in relation to any specific position I have held. But a couple of thoughts. You could offer a spiff to associates for selling the items. Price is another lever you could pull with a little analysis to see what affect you think it would have on profitability. Cost concession from the vendor if you aren't meeting sales targets. I have also removed a few pieces from a display to give the illusion that people have purchased. If you leave a full display that looks untouched, unconsciously I think people recognize that. I have also put one size run in shoes on an endcap, and ran the other inventory I owned around the corner out of direct sight. Create scarcity. Only one in my size left. I should buy it.
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