Let it go
Your obsolete inventory may not be selling, but it is still actively costing you money. Carrying costs are comprised of insurance, warehouse space, electricity, dusting factor, rack usage, etc. Even the best inventory management techniques will likely leave you with some leftover stock to be accounted for.
In the vast library of inventory management techniques, there are many channels and methods of dumping the old inventory to make way for the new. The goal of a successful inventory management program should be to “Hunt for Cash” in your Dead Stock. Your goal is to recover some portion of your investment into the stock.
Possible disposition options are:
- Can you return to vendor?
- Give Sales incentives
- List for sale on Amazon
- List for sale on Craig’s List
- Give deep discounts whenever possible
- Take advantage of the specials section of integraStore
- Give one away in every order (The shipping would probably cost you less than leaving it on your shelf for another year).
- Donate to charitable cause and make sure to keep receipt as a tax write-off.
Remember the best Dead Stock management program is Prevention! Keep track of your inventory with an application like integraERP and set automatic alerts to display when items are in danger of becoming “dead stock” so you can deal with problems before they rise.