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Open the appExcess inventory can tie up capital and clutter your retail space, but strategic management can turn surplus into success.
Excess inventory can tie up capital and clutter your retail space, but strategic management can turn surplus into success.
Excess inventory might seem daunting, but with the right strategies, it can be an opportunity for growth. Consider these effective tactics:
- Launch a targeted promotion to move stock quickly and attract bargain hunters.
- Bundle products to create new offerings and provide value to customers.
- Explore alternative sales channels such as online marketplaces or pop-up events.
How have you turned excess inventory challenges into business victories? Share your strategies.
You need to look at 3 things when it comes to merchandising and driving inventory . You need to have the right price, product and placement. You need to determine those things in order to get the best results . Sometimes you need to take a margin hit in order to move product. Always build relationships with your suppliers . You might be able to get a vendor buyback .
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