Having too much inventory is pretty high up on the list of no-nos for retailers. 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.
That’s why regularly paying attention to your sales and inventory data is so important. You need to keep an eye on how products are moving so you can make the right purchasing and marketing decisions. 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.
Still, excess inventory problems can sometimes turn up because of things you can’t control. Perhaps there was a sudden change in what’s trending, or your demand forecasts didn’t pan out as well as you hoped. Whatever the case, don’t fret. If you’re looking at a surplus of merchandise in your store, there are several steps you can take to liquidate them: