Traditional approach of analysing the Aged inventory and giving discounts is not going to work anymore. This blog is more focussed about the sales than on the purchase / production of inventory
It about making your inventory available across various channels and liquidating the inventory smartly with the use of technology. By Channels, I mean Ecommerce, Retail & Wholesale.
Its not only about making inventory available in all channels but also about sharing the inventory across channels and making them available in the right channel.
Ecommerce: Ecommerce presence is very essential, both in B2B or B2C business. You must have your products listed in Amazon, Flipkart etc., You should have own Ecommerce site and it’s very easy to have one today with the ecommerce platforms like shopify, Magento, Presta shop etc, these are cost effective and very impactful. You should have your inventory pool available in the ecommerce to ensure that you reach maximum potential.
Retail Operations: In Case of B2C operations, you should certainly have your stores to create visibility for your brands. Based on your target audience, you should select the right location for the store and make all the store operations. You should also have your non-moving inventory displayed at stores to liquidate the same. The Customers should also be given option to order from inventory in warehouse / other stores / Ecommerce website from a particular store.
Wholesale operations: It’s the regular and most standard way of business. In today world, you can also give customer’s their own portal like B2B site to place orders, make payment and manage their relationship with you.
The Best part is how you share the inventory between all the channels effectively. You should plan to share your inventory in the stores / warehouse to the Ecommerce websites. This way you are exposing the inventory to thousands on buyers online.