What should I do with the dead stocks in my warehouse?
I own a local gadgets and accessories online store and I got my first batch of orders at a high cost which made my prices very expensive.
Some of the items were sold, as for the others, they have become dead stocks in my warehouse.
I tried making hard discounts on the items even lower than the actual cost but for some, I still have large quantities.
What can I do to get rid of these dead stocks?
Thank you in advance,
The longer your asset sits on your shelf, the less value it has. It’s a depreciating asset that has an expense associated with it every month that passes. At some point, it will have no value, and you will need to pay to have it disposed of.
The key to moving product is velocity – avoid holding inventory at all costs and when you must have inventory… move it quickly.
Your old stock could be used as a special offer to get new people in the door and see what else your offering… Whatever you do – discount it and move it fast.
You can bundle the dead product with a good selling product. Sell the bundle at the same price as the good product, so your customers will get a free product and you make the customer happy while clearing out your warehouse! Problem solved.
That is a vague request. I would assume that your gadgets are purposeful and have value to someone. I ordered a gross of alarm lights from China and didn't find a market for them so I donated them to an abuse center who offered them for free to people in need. I got positive feedback from my community for the charity. Can you find somewhere to benefit by donating these gadgets?