Even if you utilize every Inventory Management feature that Amplifier offers, you will inevitably accumulate excess or unsold inventory because no one is able to perfectly forecast demand.
You have several means to reduce and eliminate the unsold stock that will accumulate.
Liquidate the items.
Liquidate, i.e. turn into a liquid cash.
- Put Them On Sale -- Put simply, lower the price, i.e. offer these excess items at a deep discount. It is common to see such sales both online and offline after major holiday periods, for example, because every retailer must deal with this issue.
- Add Them To A Promotion -- Certain items make great promotional add-ons, e.g. "Every order over $100 receives a free _____.” Be aware and beware that such giveaways will impact the freight and fulfillment fees associated with those shipments, so factor in those costs in your planning.
- Grab Bag -- A popular move, especially with apparel, is to take the excess stock across a number of older designs and convert them to grab-bag or mystery SKUs, e.g. “Mystery Tee in Small for $5.” The item is sold, for a deep discount, and the customer doesn’t even know which design they purchased until they receive the shipment. This method works best when there are small quantities of many different apparel designs in excess inventory. Also note relabeling this inventory under new SKUs will constitute a Warehouse Project.
- Many charities and organizations happily receive excess goods.
Dispose of them.
- Some inventory is eventually thrown away.
- Each year Amplifier helps clients dispose of excess inventory.
Ship to yourself.
- You can also enter a Manual Order to have Amplifier send some of the excess stock to you.
- It can be useful to have some physical goods in your office so that you can give them to visitors and etc.
- Twice a year, Amplifier will share with clients a report revealing SKUs that are slow- or non-moving. Amplifier will prepare orders for moving applicable inventory to Long-Term Storage, and Clients may confer with Client Service regarding next steps.