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.

Source: www.goospares.com

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.

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?

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.

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 .