How To Manage A Deadstock Inventory
Most business at one time or another are forced to deal with “deadstock,” those products and merchandise that just won't seem to sell. Often time that inventory is warehoused, or left to sit in office space, taking up value space and costing a business owner money. There are, however, things you can do to manage your deadstock inventory that will help you save money. Below are some of the best ways to manage deadstock inventory.
Perhaps the best way to manage deadstock inventory without having to shell out cash for expensive storage or office space is to rent a self storage unit. A self storage unit can act as temporary storage for items that you haven't sold or aren't selling. For instance, if you over-ordered a certain Christmas item that was selling like hotcakes last year and this year they are not moving like you thought they were going to, consider a self storage space. The economics might make sense, and you could keep the merchandise until the following season when they will sell faster, and when you have time to do more marketing, etc.
Better Inventory Management System
Another reason people end up with deadstock is because their inventory management system is inefficient. An inefficient inventory management system can end up costing you a lot of money. There is a wide range of inventory management software out there that can help make sure you are keeping track of everything you buy and sell, so that you are never faced with deadstock.
Climate Controlled Storage
Depending on what you are selling, you might have deadstock inventory that is climate sensitive, that you can't just stuff in any old empty place. In this scenario, look into a storage facility that has units with climate controlled storage. This is especially important if you sell anything electronic that is weather and climate sensitive, or fabrics that can quickly fall victim to mold and mildew. Climate controlled units come at a bit of a premium, but they are well worth the investment when it comes to protecting your sensitive belongings.
Nobody wants deadstock, but if you run a business for long enough, chances are you are going to find yourself with some merchandise that just refuses to sell when you want it to. Keep the above storage options in mind for your deadstock, and make your excess inventory storage as economical as it can possibly be.