How to get rid of Unsold Inventory

First let us understand the what is unsold inventory

If you are carrying an inventory which is not being sold due to following reasons

You have bought more than market requirements

or Outdated /Obsolete Inventory

Or Damaged and not useable

or some parts are not available

or any other reason.

In any case you have inventory for which market is not there or if market is there the inventory is more than the market demand.

You have to get rid of this inventory due to following reasons:

Space constraint

Carrying costs

Financial cost and cash flow stuck up

loss of opportunity

By taking following suggested action you can get rid of this inventory

1. Aggressive pricing and Promotions like Clearance sale or Deep Discounts
2. Expansion of sales Channels like digital marketing, channel partners
3. Creative product Repurposing like Up sale, Cross sale, Ref. Sale
4. Liquidation and donation like sale to other suppliers, donations or gifts to others
5. Return to supplier if possible

By taking these measures you can get rid of piled up inventory

What you should do so that in future you do not face this situation

Do a sales forecast. Based of sales forecast do a purchase forecast

Decide the inventory model like ABC, JIT etc.

Inventory Management and turnover analysis

Inventory ratios and cycle

If you follow above measures, I am sure you can not only get rid of the excess inventory but also in future not get in to the same entangle.