How can I manage slow-moving inventory effectively?

How can I manage slow-moving inventory effectively?

To manage slow-moving inventory, consider strategies like discounting, bundling products, or improving marketing efforts.

What are some common causes of slow-moving inventory?

Common causes include overstocking, lack of demand, seasonal trends, and ineffective marketing.

How can I identify which items are slow-moving?

You can analyze sales data, track inventory turnover rates, and categorize items based on their sales velocity.

What strategies can I use to reduce slow-moving inventory?

You can implement clearance sales, offer promotions, or consider donating unsold items to charity.

How often should I review my inventory?

It's advisable to review your inventory at least monthly to identify slow-moving items and adjust your strategy accordingly.