Quick Answer: How Do I Make My Inventory Move Faster?

How do you clear stock quickly?

Liquidating Old and Surplus Inventory: 10 Smart Ways to Get Rid of Excess StockRefresh, re-merchandise, or remarket.Discount those items (but be strategic about it)Bundle items.Offer them as freebies or incentives.See if you can return or exchange them.Sell them on online marketplaces.More items…•.

How do you move a dead stock?

Tips for Managing DeadstockTake the help of a good inventory management system. … Transfer the deadstock to another company location. … Have a watertight agreement with your supplier. … Use efficient demand forecasting solutions. … Create urgency. … Bundle products. … Offer free shipping.

What is a slow moving item?

How to Define “Slow Moving” Inventory. Slow moving inventory is defined as stock keeping units (SKUs) that have not shipped in a certain amount of time, such as 90 or 180 days, and merchandise that has a low turn rate relative to the quantity on hand.

How do I get rid of inventory?

How to get rid of inventory:#1: First, re-merchandise. … #2: Discount and then discount some more. … #3: Host Facebook Live sales. … #4: List on an online marketplace. … #5: Take items to a Consignment shop or list with an auction site. … #6: Host an in-store blowout sale. … #7: Donate it.

How do you determine fast and slow moving inventory?

A product that has a lower number of average days to sell the inventory is a fast-moving stock, whereas, a product that has a high number of average days is a slow-moving stock.

How do you get rid of excess inventory?

Here are 10 ways that might help you reduce your excess inventory.Return for a refund or credit. … Divert the inventory to new products. … Trade with industry partners. … Sell to customers. … Consign your product. … Liquidate excess inventory. … Auction it yourself. … Scrap it.More items…

What are the 4 types of inventory?

The four types of inventory most commonly used are Raw Materials, Work-In-Progress (WIP), Finished Goods, and Maintenance, Repair, and Overhaul (MRO). When you know the type of inventory you have, you can make better financial decisions for your supply chain.

How do you handle slow moving inventory?

Here are five effective ways to turn your slow-moving inventory over into cash to help your business keep moving.Optimize Your Marketing Strategies.Use Multiple Sales Tactics.Transform Your Store Displays.Bundle Your Products.Identify Your Slow-Moving Inventory More Early.

How do you fix inventory problems?

The 9 steps you need to solve your inventory problemsDefine the problem. … Determine the value for each category. … Develop auditing and reporting procedures to track the problem. … Establish inventory problem levels as a standard performance measurement. … Create a short-term cure. … Plan and schedule the disposal of problem stock. … Determine the causes of the inventory problems.More items…•

How do you control inventory?

Regardless of the system you use, the following eight techniques to will help you improve your inventory management—and cash flow.Set par levels. … First-In First-Out (FIFO) … Manage relationships. … Contingency planning. … Regular auditing. … Prioritize with ABC. … Accurate forecasting. … Consider dropshipping.