Goospares - Online warehouse

How to liquidate excess stock with better realization

Surplus inventory may be a challenge faced by almost every business. regardless of the propotion of the business, inventory management is one among the foremost crucial aspects which must be achieved seamlessly.

Here are a number of the best-proven solutions to urge obviate extra retail inventory and maximise profits for your business.

Use an online marketplace:-

Online marketplaces, including goospares provide a perfect way to sell excess goods fast. You’ll either use an auction model, during which you'll set rock bottom price that you’re willing to accept for the item, or use a group pricing structure. If you’re employing a set price, make certain to research what other sellers are charging for an equivalent product: Online marketplaces offer access to a broad network of consumers. It can take a time to plug your products online.

Sell your excess goods to a liquidation company:-

If you've got tons of additional stock that you simply want to proceed as much as possible with minimal effort, a liquidation company could be your best bet. You'll lose out on some potential profits, but you’ll be ready to clear the space quickly and receive cash immediately. Particularly if your brand is high-end, you'll want to use this method to avoid damaging your name by offering deep discounts.

Creating Product Packages and Bundles:-

Packaging products alongside bundling them with a high selling product to liquidate inventory can step up sales to an honest amount. That’s where your visual merchandiser can put his/her talent to use and save the day also as bring along some profits to business. Ensure the new package may be a part of a trend and not standing out odd or simply as an add-on. The more the discount, interest or value a consumer finds within the product, the more willing they're going to be to distribute their hard-earned money thereon .These new packaged products attract more shoppers thanks to more cost-effectiveness, and thus, they're tempted to take a position their money in it. That is the foremost crucial and effective liquidation technique for inventory.

Change Your Marketing Strategy:-

The next strategy is remarketing. Your slow-moving products might not be selling due to how they're marketed. A touch little bit of freshening up could also be all you would like to urge them moving of the shelves. Once you write product descriptions they need to contain the proper keywords also as evoking the will to buy for. Try rewriting your descriptions using different keywords.

Seasonal Sales:-

You can utilize changing seasons or holidays to supply sales of your excess inventory. It’s an honest time to plug to those customers who are always trying to find an excellent deal. Using pop-up promotions to notify your shoppers is a method you'll market to bargain hunters.

If none of those solutions work, retailers can sell the excess inventory to liquidators. Inventory liquidator could also be an individual or an organization which buys non-saleable products at a deeply discounted price or would buy your redundant products then resells them using his/her branding. Although, this might incur some loss for the retailer, but it’s definitely better than having stocks compile within the warehouse adding zero value to the business.

8 Proven Tactics to Realize Predictive Maintenance Greatness

Predictive maintenance in industries is a methodology of preventing machinery or product failure by analysing production data to identify patterns and predict the problems before it happens. For every industrial asset, predictive maintenance needs to be carried out as it is a crucial role. There are certain factors that can explain why is it very important and how it actually helps both customers and producers at the same time. Let’s look at some of them.

Reducing downtime

Identifying the potential problems, failures and tracking assets can help any business in the long run. Prediction on future downtime issues can maximize production capacity and ROI. Predictive maintenance can reduce the unplanned machine’s downtime by predicting when a machine requires check-ups. There are proven methods that helped industries increasing their revenue by 8 to 12 percent in the past.

Increased productivity

There will be lesser maintenance for good parts, quicker repair of faulty parts, and effective repair handling will improve operational efficiency. This can lead to rise in productivity and efficiencies of processing plants.

Lower maintenance cost

Predictive analysis techniques like big data analysis, using machine learning etc. has helped May industries and plants to a greater extent. It has been found that predictive maintenance can reduce maintenance cost by 25% to 35%.

Extend the equipment lifetime

PDM reduces the machine failure and provides secure operation in the background. Periodic examination of a machine’s efficiency, quality output over time, throughput, usage and also the shelf life needs to be analysed constantly. These can improve the duration of the equipment and thereby extend the lifetime of the equipment’s.

Reducing stock of spares

PDM will play a fundamental role in stocking spare parts. It gathers machine data and by using advanced analytics it allows manufacturers to reduce the repair time. Instead of purchasing all the spare parts as stock, it provides the industrial plants enough time to order the spares and replacement parts as and when required.

Constant alertness

Predictive maintenance can help send alerts regarding the system degeneration, parts change schedules, so that no eventuality happens in the plant leading to downtime. Automating these alerts and ensuring every aspect of maintenance is monitored there is constant alertness in the operations leading to maximum uptime with great productivity.

Improved safety

Industry maintenance should be part of the operations strategy to avoid unexpected accidents. Equipment failure can sometimes be catastrophic and can even cause death. Modern technology with alert systems and sensors can help with improved safety in plants.

Improved customer satisfaction

Consistent quality delivered through proper maintenance will result in better products and more satisfied customers. Timely maintenance tasks and automatic alerts for replacing parts can uplift company brand image to its customers and also provides competitive advantage in the market.

Predictive maintenance techniques will improve the overall operations and also better customer satisfaction for any manufacturing and process industries.

How additive manufacturing helps supply chain

The scope of Additive manufacturing (AM) has recently expanded from prototyping to tooling and production of end-user parts. AM has its influence across many industries including aerospace and defence, automotive consumer goods, industrial products and so on.

As a highly innovative production technology, additive manufacturing is gaining fast interest, due it the advantages it offers over more traditional production methods. This enables high flexibility in product design, manufacturing and downstream throughout the supply chain.

Using additive manufacturing technology to develop supply chain may give strong value proposition and competitive advantage to businesses. The two main advantages are functional integration of parts and a higher resource efficiency, for production.

Source: www.goospares.com

AM’s impact on supply chain can be understood from below points;

· Help optimize weight ratios of goods, reducing the amount of raw material needed in the supply chain.

· Simplification of supply chains by reducing the number of assembly steps, to get the final product.

· Reduction of labour inputs, tooling,machining centers, and inventory of work-in-process.

· AM production systems are versatile and configurable, capable of producing several different parts without additional costs such as creation of equipment

· Improve the flexibility of the process and respond more quickly to demand.

· Redesign supply chain networks for distributed production networks.

Reduce the cost of capital access to new markets.

Additive manufacturing can have a positive impact in building a new age collaborative innovation methodology, in which AM impacts supply chain to improve overall efficiency. From layout to logistic operations, it can influence the supply chain significantly. With AMs impact, all associated activities too can see improved performance.

The flow of information would increase as material flows decrease

Additive manufacturing systems rely not on the operator’s skills, but on the designs. It limits worldwide product movement as only the design document is transferred to production locations instead of the material in digital format. The design is printed and the material is made available to the most appropriate printer.

Local market-oriented supply chain

AM will help shorten the supply chains and reduce stock by closely following the market demands and reducing lead times.

The faster supply chain: Less Logistics

As products are manufactured on the premises worldwide, the transport needs will thus decrease the lead times thereby improving the efficiency of the supply chain.

Additive manufacturing provides companies with the ability to reduce lead times and reduce uncertainty by simple processes. In addition, additive manufacturing may eliminate significant financial obstacles that have prevented other competitors from entering the market until recently. AM reduces supply chain costs and improves supply chain responsiveness.

How Goospares helps in Liquidation of excess inventory?

By moving your inventory to Goospares, there’s a chance that you could still get away with a profit. However, in order to sell your product elsewhere, a removal order must be created within the main seller. It shifts your stock officially from the store of the Goospares to the next spot.

Goospares liquidation strategies will help you get to the higher side, while the company will make profits on goods you were unable to sell before.

Inventory liquidators buy the products at a discount and market them to customers at lower prices, they can choose to work with a designer to restyle the product to suit the trendy wavelength. It won’t earn you the expected profit, but it’s a great way to move stock.

It will also help you unlock physical space in the centre of distribution and release money invested in an obsolete inventory that can be spent further in more effective purchases.

This inventory winding will surely help you clear some space in the display shelves and replace the inventory of items that can actually be sold. It will be important for growth in the industry and will lead to its success in the future.

Source: www.goospares.com

Goospares’s liquidation:-

Here’s a quick snapshot over how Goospares work

· You can upload your excess inventory listing to market your products and sell them in Goospares.

· If your inventory includes large volumes of unsold items, you can make a bulk sale here.

· Customers can view your products at goospares.com — Customers are provided with quick and easy purchases with features.

· When customers place an order, Goospares notifies you. You can let Goospares take you out the shipment.

· Goospares transfer payments to you — protects your bank deposits and notifies you of your payment received.

7 potential advantages to be gained

Now that you know which inventories do not provide income, let us know how to best utilize them.

· Give an ideal way to quickly sell the excess inventory.

· Provide access to a large consumer network, but is much greater than its local marketing expertise.

· You can either use a Goospares auction model, in which you can set the lowest price to accept or use a pricing system.

· Compared to other online marketplace this platform offers reduced marketing costs.

· As part of an established online marketplace creates a level of confidence between seller and buyer.

· They create opportunities for new trade relationships with distributors and suppliers to be formed in your supply chain or across supply chains.

Increased transparency — supply, prices and stock levels in an open environment is available

How to liquidate excess stock with better realization

Here are a number of the best-proven solutions to urge obviate extra retail inventory and maximise profits for your business.

Source: www.goospares.com

Use an online marketplace:-

Sell your excess goods to a liquidation company:-

Creating Product Packages and Bundles:-

Change Your Marketing Strategy:-

Seasonal Sales:-

More and more industrial spares products are being sold every other day, which usually comes with risk in any industrial procurement. This article will explain the risks faced by procurement professionals and how to handle those better when buying Industrial / MRO Spares.

Source: www.goospares.com

Difficulties in purchasing Industrial Spare Parts

Procurement professionals in spare parts industries face many challenges. On an average three quarters of industrial spare parts buyers are wasting their cash. Here are the hot 6 issues that happens when making buying decisions.

1. Cost Control
2. Handling too many vendors
3. Inflexible Suppliers
4. Ineffective procurement
5. Cost Negotiation
6. Lead Times

All the above listed problems are being experienced because of traditional buying.

Industrial Procurement Online (E-Procurement) – Why is it the best way?

Online Shopping has evolved 20 years ago, and still procurement or business owners are not exposed to the benefit they can derive. Many suppliers aren’t familiar with the ecommerce technology, or they are unsure as to how to move forward. A Buyer, whether he is looking for consumer or industry products, today they prefer to get it in one place that they can get all the best combinations right – low price, quicker delivery, trustworthy and a place where they can look for as their first choice.

Vendor Management

For traditional buyers, coordinating with multiple suppliers is becoming more of a nuisance as the process becomes too time consuming and hurting the procurement time when the need is immediate.On the other hand, Online buying provides access to more than one vendor or industrial spare parts suppliers at one place. This in-turn helps the buyers to compare product features, price options, product discounts, location, delivery timeframe, etc.

Quick Accessibility of Top Brand Products

When you are looking to source multiple products, numerous vendors need to be involved; this obviously increases the process time in procurement and also delays the product arrival time when in need. When immediate procurement is sought, vendors may overcharge for the same product exploiting the situation.

Online procurement can help drastically cut short the procurement time and is a boon when multi-branded products are required; all that can be procured from a single place. This helps in building TRUST with the buyer and seller.

Zero Lead Time

When handling traditional procurement process, lead time can significantly vary from one supplier to another. Procurement times cannot be estimated when shipment is across locations, as it lacks the transparency as to where the goods are and when exactly it is likely to touch your plant or factory.
But with trusted online marketplace, the delivery schedule will not just be transparent but you will be able to track the spare parts right from the time of order placement.

Expert Assistance

For instance, Buyer may not be aware that some spare parts have compatibility with other products also. But there is more chance of acquiring replacement industrial spares, with expertise advice on the online platform.

On Budget Purchasing

Products can be at higher rates across vendors and negotiations take a toll every time product(s) get procured. If there is an online place where one can buy with trust, where the prices can be significantly lower with great quality, it helps to buy MRO or Industrial Spares right in time, and either on budget assigned or even way below the budgeted prices.

Needless to say, when it comes to bulk procurement, the savings can be very significantly and online might pave the way to disrupt this Online MRO Industrial Spaces buying and selling process.

Why should you sell or buy industrial products with Goospares?

As INDIA has transformed itself in this digital age, industrial shopping today has become user-friendly enabling transactions like never before. Online shopping helps understand buyer trends and making more and more adapting to this behaviour constantly.

Goospares helps connect thousands of buyers, sellers and suppliers. Most consumer and manufacturing products are produced and sold in large quantities. Online buying in bulk can enable transactions between buyers, sellers and suppliers.

Goospares.com is designed as one of the best online places to sell and buy industrial goods and is intended for reducing inventories. The suppliers will be able to sell their goods and the buyers will have an opportunity to buy goods /parts anytime anywhere. Goospares aspires to make the online buying and selling of goods/parts convenient for B2B procurements.

Source: www.goospares.com

Why Goospares – Top 10 reasons

· Customers can purchase items from the comfort of their own place from anywhere in the world and do not have to spend time travelling.

· It encourages buyers to buy a product through search. Customers can also search for the items needed through keywords in the portal.

· The purchasing of industrial products is made easier and convenient for consumers, enabling anyone to order online through a simple process, to sell or purchase products.

· There is no sales pressure which they may experience in a physical one-to-one interaction while buying / selling.

· Online shopping offers a broader range of products along with multiple brands, allowing you to choose goods that best meet your requirements and budgets. In addition, with your convenience, you can review all the available options.

· Detailed product catalogue, model number, specification, price, etc. Are available. The innovative search engine helps you to quickly check the prices and compare them with similar products, in just a few clicks. It is really convenient to make price comparisons from one online shopping platform to another.

· Procurements are made faster, straightforward and simple and no currency notes or cash is required for the transaction. Cash on delivery, which is very beneficial to new users if in case they don’t trust on-line payment modes. There are other payment methods / options that the users can feel free to choose from.

· Digital product buying and selling is available 365x24x7. Therefore, wherever the vendor and buyers are, time is not a barrier to buy/sell.

· Users can press intuitive search or use a search box to quickly narrow down their product search. And to help them buy again, customer choices and shopping lists can be provided assisting the users of their previously viewed or favourite items.

· Cheaper and safer way to better access surplus or unused inventory at a rock bottom price without involving a middlemen is a boon to all.

“As industrial products are functional in nature and repeatedly needed to run a company, entrepreneurs may greatly benefit from repeated purchases here without any problems”.

Selling Perks

· Increasing sales revenues covering the global audience.

· Getting payment through online transactions are quicker.

· Improve the offers with the data collected and insights from customer purchases.

· Now companies can liquidate the surplus, unused inventory quickly saving them space, and adding to revenues which otherwise might have been written off.

Buying Perks

· Immediate purchase of industrial products that are not available in local stores.

· Goospares is available online at any time any day.

· Ability to track the products during transit.

· Possibility to read reviews and know about the product before purchasing.

· There is no need to fear or fraudulent purchases, scams and personal data theft.

· Speed and ease of communication with Goospares team who will assist and support you through this process.

REASON FOR ACCUMULATION OF EXCESS STOCK

Every organisation has some stock that is of no additional use. That aren't any longer demanded and with industrial progress, there's no responsibility of the priority once more beginning the assembly of constant product that these materials were used. Therefore, investment on such stock can't be complete or absolutely complete. However, it occupies area that may be higher utilized for storing different things. Materials unlikely to be ever consumed within the producing of a finished product measure classified as dead inventory. It should include numerous classes of things like obsolete, surplus inventory, stock, stock surplus, scrap, excessive stock, or excess inventory.

REASON FOR ACCUMULATION OF EXCESS STOCK, SURPLUS INVENTORY OR OBSOLETE:-

· INACCURATE FORECASTING

· LONG LEADS TIME

· NO MANAGEMENT OF OBSOLETE INVENTORY:-

· FAULTY PURCHASE PRACTICES:-

· RATIONALISATION

· INADEQUATE MANAGEMENT INVENTORY SYSTEM

· POOR PRODUCT QUALITY OR DESIGN

INACCURATE FORECASTING:-

Bad predict of consumer demand means that you risk can find yourself with excess stock. What if this stock becomes obsolete before you'll be able to sell it all? Once a product hits the tip of its life cycle, these goods won't be able to sell. Effective forecasting ways can facilitate your business accurately meet demand and avoid surplus stock.

LONG LEADS TIMES:-

An inefficient supply chain may end up in long lead times. So, you will accumulate excess inventory that may never sell. Reducing lead times can facilitate contour your supply chain and reduce the quantity of stock you wish to stay reachable. As a result, this can stop obsolete stock risks by up the accuracy of purchase orders to customer demand. You’ll be able to try this with correct forecasting or a just-in-time delivery strategy.

NO MANAGEMENT OF OBSOLETE INVENTORY:-

Expecting dead stock to sell as your storage expenses gather is much from economical. Instead, you should have a listing reduction idea in place/ this can mitigate the chance of stock stilt up. What will this idea entail? You’ll assign a team of staff to actively work up inventory processes which will cut back your levels of obsolete inventory.

FAULTY PURCHASE PRACTICES:-

Sub-optimising choices like buying in bulk to require care of discounts and transportation economy while not taking under consideration factors like time period, warehouse space necessities and technological changes yet again cause the buildup of surplus and obsolete stocks.

RATIONALISATION:-

Sometimes raw materials area unit rationalised thus on minimise selection and modify procurement. The rationalization method renders some things as surplus or obsolete.

Inadequate Inventory Management System:-

Manually pursuing and designing your company’s future orders is fallible and takes up loads of your time. But, you'll avoid these errors and save the prices. An inventory management system to trace your stock levels will stop surpluses. Less surpluses, less likelihood of getting obsolete stock. Finding the correct system will facilitate your business avoid carrying obsolete stock.

Poor Product Quality or Design:-

Poor quality or design happens once a product doesn't meet the expectations of its customers. As a result, demand can quickly decline. You’ll be left with big quantity stock that can't sell. Also, this value isn't simply financial. Not alone can it shorten the product’s life cycle, it may damage the name of your trademark. Prepare wonderful quality assurance and thorough marketing research can assist you avoid these losses.

OTHER CAUSES:-

Many things are command as insured spares for several years with none consumption. Faulty store keeping strategies, while not adequate preservation, result in spoilage. Inferior handling, improper codification and poor producing strategies additionally lead to obsolete, surplus and scrap things. Poor maintenance of machine tools could lead to excessive tool wear and larger method scrap.

Why should you sell or buy industrial products with Goospares?

Goospares helps connect thousands of buyers, sellers and suppliers. Most consumer and manufacturing products are produced and sold in large quantities. Online buying in bulk can enable transactions between buyers, sellers and suppliers.

SOURCE:www.goospares.com

Why Goospares – Top 10 reasons

§ Customers can purchase items from the comfort of their own place from anywhere in the world and do not have to spend time travelling.

§ It encourages buyers to buy a product through search. Customers can also search for the items needed through keywords in the portal.

§ The purchasing of industrial products is made easier and convenient for consumers, enabling anyone to order online through a simple process, to sell or purchase products.

§ There is no sales pressure which they may experience in a physical one-to-one interaction while buying / selling.

§ Online shopping offers a broader range of products along with multiple brands, allowing you to choose goods that best meet your requirements and budgets. In addition, with your convenience, you can review all the available options.

§ Detailed product catalogue, model number, specification, price, etc.are available. The innovative search engine helps you to quickly check the prices and compare them with similar products, in just a few clicks. It is really convenient to make price comparisons from one online shopping platform to another.

§ Procurements are made faster, straightforward and simple and no currency notes or cash is required for the transaction. Cash on delivery, which is very beneficial to new users if in case they don’t trust on-line payment modes. There are other payment methods / options that the users can feel free to choose from.

§ Digital product buying and selling is available 365x24x7. Therefore, wherever the vendor and buyers are, time is not a barrier to buy/sell.

§ Users can press intuitive search or use a search box to quickly narrow down their product search. And to help them buy again, customer choices and shopping lists can be provided assisting the users of their previously viewed or favourite items.

§ Cheaper and safer way to better access surplus or unused inventory at a rock bottom price without involving a middlemen is a boon to all.

“As industrial products are functional in nature and repeatedly needed to run a company, entrepreneurs may greatly benefit from repeated purchases here without any problems”.

Selling Perks

§ Increasing sales revenues covering the global audience.

§ Getting payment through online transactions are quicker.

§ Improve the offers with the data collected and insights from customer purchases.

§ Now companies can liquidate the surplus, unused inventory quickly saving them space, and adding to revenues which otherwise might have been written off.

Buying Perks

§ Immediate purchase of industrial products that are not available in local stores.

§ Goospares is available online at any time any day.

§ Ability to track the products during transit.

§ Possibility to read reviews and know about the product before purchasing.

§ There is no need to fear or fraudulent purchases, scams and personal data theft.

Speed and ease of communication with Goospares team who will assist and support you through this process.

LIQUIDATING SLOW MOVING /OBSOLETE PRODUCTS

Obsolete Stock?

Dealing with obsolete products is taken into account to be the good risk factor. Tons of old stock are a notice sign for financial specialists that a listing is in absolute loss. These are all the results of poor management of products list, poor estimation etc. Taking a gander at the measure of outdated stock a corporation makes will give speculators an idea of how well the item is offering and of how powerful the organization’s stock procedure is.

Source:www.goospares.com

How to deal with obsolete stock?

Are you aware the quantity of dead stock that you simply have in your inventory? Are you aware life cycle of each products you have? More industries fails to stay track of the merchandise life cycle and make the blunder of non-liquidating the surplus stock. Such excess stock, where seems to be the dead or obsolete stock, which is finally difficult to handle.

More inventory management systems has now emerged now in managing your inventory, in bypassing excess and obsolete stock. They are doing better planning of product life cycle and forecasting on each products.

Goospares , you get the bulk of your key execution markers ascertained and refreshed consequently so you'll effectively take after your administration level, improvement of your capital engaged within the stock, delay purchases, and stock employee turnover .

Role of Goospares in circular economy

The linear economic model is reaching its physical limits. During this linear model, goods are manufactured from raw materials, employed by the consumers and therefore the materials are finally discarded as waste after its useful life. Any system supported consumption instead of on the restorative use of resources entails significant losses along the worth chain. Furthermore, the rapid acceleration of consumptive and extractive economies since the beginning of the 20th century has resulted in an exponential growth of negative externalities. Hence, there needs a financial system which is restorative and regenerative intentionally, and one that aims to stay products, components, and materials at their highest utility and value in the least times. Such a model is mentioned as a circular economy. It preserves and enhances natural capital, optimises resource yields, and minimises system risks by managing finite stocks and renewable flows. It’s conceived as endless positive development cycle that preserves and enhances natural capital, optimises resource yields, and minimises system risks by managing finite stocks and renewable flows. This economic model seeks to ultimately decouple global economic development from finite resource consumption. During this blog, we discuss the role of Goospares in circular economy.

Goospares aims to bridge the supply-demand gap in idle assets. This ensures that the assets which are idle in one place find its relevant application in another place. Tons of effort have would been put into place to manufacture an asset. Moreover, variety of resources would even be involved in creating an asset. These idle assets got to find its relevant application instead of being discarded as obsolete items. Goospares ensures an equivalent. Thus, the merchandise life cycle is extended by optimising the utilization of idle items. By being a platform to trade slow and non-moving assets, Goospares ensures that resource utilization is optimized. This prevents product wastage and thus significantly contributes to a circular economy.