Smart Ways to Make Money from Excess Stock

Excess stock or excess inventory is almost a tough task in business. Inventory seems to face loss in many forms like overstock, unused stocks, surplus stocks, obsolete stocks, slow moving stocks, and non-moving stocks.

Then inventory would come up with Queries like, how to dispose excess stocks? How to make much money out of this obsolete inventory? How to overcome this slow moving inventory?

Need Identification

Foremost step is to spot out the business need, discover the value of our property in other's area or businesses.

Before starting business, study the customer. Who are they? What they want?. This is very easy and helps in convincing with your products and services.

Branding

Buyers have changed recently. They are carrying out a massive research and started to check for brand credibility online before initiating a conversation with sales person. No people exist without smartphones, great medium to establish a global communication, sorting out their needs in all smart ways.

Branding, main factor in converting the obsolete inventory to cash.

Online Sale

Consumers are very pleased to remain at home and finish their purchase online since the boundaries to online shopping seems to be subverted. People hate walking in to the store, search of needy things and stand in queue for billing.

It is very common to connect commercial consumers, but when coming to B2B consumers sometimes have to strive for the trust. But one ensuring them good hope, it is quite possible to engage in your business.

Bulk Sale

Just like bulk purchase, yet another excellent thought is to bundle up products and sell off them for maximum discount. On most occasions, buyers check out for such deal, since value for money is attained. This in turn helps to liquidate excess inventory.

Goospares.com, deals with excess stock and helps in liquidating your slow/non-moving/obsolete inventory.

How to liquidate and Control Slow moving Inventory/Surplus Inventory?

Are you struck with Slow moving /Surplus Inventory? Steps to Avoid Slow moving /Surplus Inventory

How to avoid Slow moving Inventory/Surplus Inventory?

Have excess stock, unused stocks in your inventory?  Looking for ways to clear your inventory? Finding your right buyers?  Leave all your stress and turn you excess inventory into cash.

Slow moving/excess inventory are considered to be a great headache to many business. Such problems are tough barrier in expanding your business which also affect your capital/ROI. This is why a constant attention is required on an inventory all the time. Regular tracking is needed between demand and supply

Sometimes surplus inventory issues could show up by sudden change in the market and inappropriate demand forecasting. But still every problem has a solution, in that case now it is possible to manage your inventory in a right way.

Here are few tips to control and liquidate your excess stocks in many ways. 

Better Demand Forecasting

Demand forecasting is nothing but to determine when your products are in need by the consumers. Also forecasting need to be done on future maintenance and requirement too.

It also included capital investment, inventory space, material management, man power supply etc and so on.

 Stock Ordering

Limited and necessary stock ordering needed to avoid slow moving inventory.  And it also helps easing the process of liquidating excess stocks . Before posting any buy requirement, assessment must be done on every aspect in order to avoid redundancy in stock placement.

Excess stock stacking is the result of for many non-moving inventories.

Constant Attention On inventory

Avoid stacking dead stock in your inventory. This is one solution to manage your inventory in an easy way. It is better to sale every product as soon as it enters, because the more it gets older, more the chance to become a dead stock. For this purpose, a well-organized master data and structured warehouse is necessary.

Remarket: Dead to live stock

Slow moving/ Excess inventory leads to Dead stock, is something that is unused, this is not something that cannot be used again. Requirement varies based on the area, geographic, use, service, function etc. So there is more possibility to sell non-moving inventory. Identify the need of the product and audiences who are looking for an arrival of such excess stocks and remarket those surplus stocks to them.

One such way is to have an online store to meet your demands of selling our your non-moving, slow moving inventory.  Goospares, an online market place , serves as a bridge between buyers and sellers and helps you in converting your dead stock to live stock.

Dealing with slow moving and non-moving inventory

Giving life to the dead stock and moving the non-moving inventory

In any business, inventory in finished goods reflects the fusion of intellectual property, associated technical expertise and its management proficiency. Inventory in finished goods is one of the biggest assets of any business. The turning of finished goods inventory to cash is the crucial part of working capital cycle of any business. The inventory in raw materials and work in progress is equally important part of the business as it facilitates the creation of the finished goods. But, the very same inventory, be it raw materials, or work in progress or finished goods, can easily turn into a liability when it is slow moving. Slow moving inventory ties up the business capital and absorbs the resources that could have been otherwise used for the growth of the business.

Slow moving inventory reflects the merchandise that is unable to move out of the company’s business for which to has been produced or procured. They are typically defined as Stock Keeping Units that haven’t moved out in 90, 120, or 180 days.

Reasons for the accumulation of slow moving and non-moving inventory

The problem of excess, unused, slow moving and non-moving inventory (Inventory defined here as, finished goods, idle plant and equipment, raw materials & work in progress and MRO spare parts) at majority of the business can be attributed to two main reasons. 

• The financial crisis of 2008 has caused a significant economic downturn. There has been a marked shift in the demand patterns across the developed countries. The fall in demand across the developed countries has been a cause of worry for the Industries concentrating on those markets and thus has accentuated their inventory base. The unused inventory did not have the demand to move out of the Business, thus making it slow moving or non-moving

• Technology has also contributed its part in this cause. Owing to rapid changes in technology, certain industrial parts used in the initial device configuration do not find an application in the newer versions of the devices. In some cases, even the industrial device becomes obsolete due to adoption of another device. The business that has produced the old industrial parts/devices in excess has to face the issue of handling the excess unused inventory here. Similar fate rest with the business which has ordered the industrial parts/devices in excess

Dealing with excess, unused, slow moving and non-moving inventory

The world isn’t flat and the same applies to technology and demand. If a certain technology is outdated in one part of the world, the same needn’t be outdated in every part of the world. Similarly, if one product doesn’t have demand in one part of the world, the same needn’t be the case all over the world. Both technology and demand are geography specific.

Goospares uses the above concept and attempts to provide a solution to the business having excess, unused, slow moving and non-moving inventory.  Goospares is a new business which will use the web to bring the sellers and buyers of unused, slow moving and non-moving items that are held as stock for long time by the business. Since, the demand and technology is geography specific, Goospares would ensure that slow moving and non-moving inventory find an avenue to move. The global presence of Goospares along with the subject matter expertise which it has got across multiple industrial verticals would ensure that it gives life to dead inventory.

www.goospares.com would provide more insights regarding this service.

Liquidating Slow moving /obsolete products

Obsolete Stock ?

  Dealing with obsolete products is considered to be the great risk factor.  A lot of old stock are a notice sign for financial specialists, that an inventory 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 an organization makes will give speculators a thought of how well the item is offering and of how powerful the organization's stock procedure is.

How to deal with obsolete stock?

Are you aware the amount of dead stock that you have in your inventory? Are you aware life cycle of every products you have?More industries fails to keep track of the product life cycle and make the blunder of non liquidating the excess stock. Such excess stock, where turns out 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 do better planning of product life cycle and forecasting on each products.

Goospares , you get the majority of your key execution markers ascertained and refreshed consequently so you can effectively take after your administration level, improvement of your capital tied up in the stock, delay purchases, and stock turnover rate.