You're struggling with slow-moving inventory items. How can you boost cost efficiency?
Struggling with items that just won't move? Revamping your approach to inventory can save money and space. To boost efficiency, try these tips:
- Bundle slow sellers with popular items to create compelling offers.
- Implement dynamic pricing strategies to make these items more attractive to buyers.
- Analyze sales data to avoid future overstocking of similar products.
How have you successfully handled slow-moving inventory in the past?
You're struggling with slow-moving inventory items. How can you boost cost efficiency?
Struggling with items that just won't move? Revamping your approach to inventory can save money and space. To boost efficiency, try these tips:
- Bundle slow sellers with popular items to create compelling offers.
- Implement dynamic pricing strategies to make these items more attractive to buyers.
- Analyze sales data to avoid future overstocking of similar products.
How have you successfully handled slow-moving inventory in the past?
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En mi experiencia he trabajado en equipos multidisciplinarios para revisar los ítems de bajo movimiento para determinar estrategias desde la parte del impacto en costo, revisión de estrategias de promoción de productos. Pero antes revisar el porque la falta de movimiento ya sea por un una mala planeacion o ejecución. Después de eso ejecutar las estrategias de promoción o de eliminar el ítem si es que no impacta en costo.
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Know your guests tastes, likes and dislikes and have people like your Chef, Bar Manager and Maitre D come up with ideas as to how to move slow moving items. Make sure that whoever is in charge of Inventory creates a slow moving items list in advance and also makes sure that items with a 'use by' date are flagged early enough to be used up. Challenge your team to move slow moving items, have an incentive scheme to use up products
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Quando trabalhava no varejo, a forma que fazíamos para movimentar o estoque de um produto lento, eram as campanhas promocionais, destaques em pontos estratégicos na loja, e promo??o interna para a venda do/os iten/s em quest?o, porém n?o bastava isso era nescessário um balan?o completo para entender o cliente e sua procura, e fazer uma proje??o mais acertava.
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At work, we once faced the same issue and took action by analyzing our inventory data to identify slow-moving items. We created promotions to increase demand and repurposed some of those items into new dishes, reducing waste. In my experience, collaborating with the kitchen team and refining orders based on real demand can make a significant difference. I also found that negotiating with suppliers for smaller, more frequent deliveries can help maintain optimal stock levels. Lastly, implementing a first-in, first-out (FIFO) system ensures older items are used first, preventing spoilage and maximizing cost efficiency.
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Mark down slow-moving products to encourage sales. Flash sales, bundles, or “buy one get one” promotions. Expand your sales reach by listing the items on online marketplaces (e.g., Amazon, eBay, etc.) Consider selling the slow-moving inventory to other retailers at a discount FIFO (First In, First Out): Ensure that older stock is prioritized for sale before newer
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