How do you reduce deadstock?
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There are several things e-commerce businesses can do to reduce deadstock in their warehouses. Using inventory management technology to track your inventory and analyze data to forecast sales cycles towards achieving an optimal inventory level can help avoid deadstock situations as much as possible. Vendors can also try different ways to sell their deadstock. Here are some ways to reduce deadstock
- Partnering with the right 3PL service provider, such as Phase V, to help better manage your inventory and fulfillment processes.
- Featuring products as a flash sale or a daily special. Promoting an item this way draws attention to a product that shoppers may not have noticed before, so they are more likely to add it to their cart.
- Promoting deadstock items with a time-sensitive message, such as "only 3 left in stock" can increase sales.
- Offering free shipping as an incentive for shoppers to buy deadstock products.
- Bundling deadstock along with other products as a special offering can help move deadstock.
- Running a promotional sale on these products, i.e., "end of season" or "clearance."
- Moving your deadstock products to another warehouse where they will sell.
- Listing products on eBay, Amazon and other prominent marketplaces with large customer bases can give your deadstock items more exposure to shoppers.
- Giving your products more exposure by listing them on price comparison websites - i.e., Google Shopping, Nextag, PriceGrabber, Shopping.com, Shopzilla, and others.
- Selling deadstock inventory to discount and bargain centers at greatly reduced prices.
- Liquidating your deadstock for significantly reduced prices provides a last-ditch effort to prevent your deadstock from being a total loss of income.
- Donating your deadstock to a favorite charity for a tax benefit.
At Phase V, our technology-driven inventory management software should help you avoid deadstock but if you ever find yourself in this situation, all is not lost. It is possible to reduce deadstock and our team can help you do that if it becomes necessary.
Contact us today to get a quote for partnering with Phase V Fulfillment.