At some stage in business, every retailer is going to find a product that they thought was going to sell but it just doesn’t.
Today we’re talking 9 strategic ways to move old stock.
How do you determine if something is slow moving, apart from the obvious of seeing it on the shelves constantly?
There are a few methods, but the one I go to is turn over. You generally get 30 day terms with a supplier, so if an item is still sitting on your shelf, or in your storeroom 60 or 90 days later, it’s time either rethink the product, or the amount you purchase.
Every square meter of your store is real estate. Even if you have an online store.
And for every item that takes up space, but isn’t selling, it’s costing you money, either in lost sales, or the inability to free up those funds to purchase new or different stock. Should you keep it, just because? Someone MIGHT want it, right? It makes your store look full. That might be the case with one or 2 items, but when you start to have 10, 10, 50 skus that just aren’t moving, all of a sudden, it adds up.