Merchandise inventory for small business

#MERCHANDISE INVENTORY FOR SMALL BUSINESS HOW TO#

If remarketing or remerchandising doesnвЂ™t work, consider lowering prices for of excess stock. Discount those items (but be strategic about it) Now, if these merchandising tactics wonвЂ™t work, you may need to consider slashing your prices. If a particular product is slow-moving, it may help to display with a matching or complemantary product. You could also identify cross-merchandising opportunities. Use that information when deciding where to place your slow-movers. Pay attention to your retail analytics and the flow of traffic in your location, to figure out which areas of your store are frequented by shoppers. You could, for example, display them towards the front of your store and then have the same products at the back. This means having those items in more places in your shop. According to her, if youвЂ™re dealing with slow-moving inventory, itвЂ™s a good idea to double or triple-expose your merchandise. This handy tip is from retail expert Christine Guillot. Double or even triple-expose your slow-movers to sell old inventory

#MERCHANDISE INVENTORY FOR SMALL BUSINESS HOW TO#

вЂњBut if you have an item that you think could be a good seller, and your current images or marketing efforts arenвЂ™t doing it justice, then this can be a good strategy.вЂќД«onus resource:В Need additional tips and examples on how to refresh, remerchandise, and remarket? WeвЂ™ve got you covered with this instructional video.Дў. A marketing refresh вЂњcan increase your cost in the item so be careful,вЂќ she says. Vanessa warns that retailers should be smart when implementing such tactics. вЂњWe will re-photograph an item for the website, we will post a blog about the uses and advantages of the product, or we will display it differently in our brick and mortar store.вЂќДo note that while re-marketing a product can pay off, it may require you to shell out funds.

вЂњMake it look new and fresh for your staff and customersвЂ“customers who may not have even seen the items in the previous location.вЂќДЇashion retailer Vanessa Cooreman Smith of Flourish Boutique shares that they sometimes вЂњre-marketвЂќ slow-moving items in their stores. вЂњFreshen the display, move things around, create new, brightly-colored signage and replace worn out price tags,вЂќ she advises. Retail management consultant Judy Crockett says that this could be an excellent way to freshen up your merchandise. Put them in a different area in the shop or switch up their shelf arrangements. One thing you can try is to reposition them in your store. Try to refresh your marketing and merchandising efforts when it comes to your slow-moving or old inventory. In some cases, the issue may lie in how youвЂ™re marketing or positioning the merchandise. When an item isnвЂ™t selling, the problem may not necessarily be the product itself. If youвЂ™re looking at a surplus of merchandise in your store, there are several steps you can take to liquidate them: 1. Perhaps there was a sudden change in whatвЂ™s trending, or your demand forecasts didnвЂ™t pan out as well as you hoped. Still, excess inventory problems can sometimes turn up because of things you canвЂ™t control. At the same time, staying on top of inventory counts enables you to get a handle on the merchandise you have so you can prevent having too much stock in your store. You need to keep an eye on how products are moving so you can make the right purchasing and marketing decisions. ThatвЂ™s why regularly payingВ attention to your sales and inventory data is so important.

In addition to taking up precious backroom or shelf space, surplus stock ties up capital and can keep you from re-investing in your business or buying things you actually need. Having too much inventory is pretty high up on the list of no-nos for retailers.

The retail inventory tools and solutions to use in order to stay on top of stock control.

How to avoid having surplus inventory to begin with.

How to creatively sell and market excess stock.

Quick take: This post will showcase the many ways to handle surplus stock.

Merchandise inventory for small business