You have determined your slow moving inventory items, now what?
Stock that sits in your warehouse and does not sell or sells extremely slowly costs you money! The space and the capital they take up can be better utilised on faster moving products. Once you have identified your slow moving inventory, you have to put a plan in to action to reduce your slow moving merchandise quickly and efficiently.
Some of the simplest methods to reduce stock consist of ‘Special Offers’, where the pricing is reduced to try and turn over the stock as quickly as possible. There are however a few other methods that you can try before you go this route. How are the items marketed?