![]() Nothing is foolproof, but sometimes people don’t use the data available to them as assiduously as they could. Sometimes it can take years to realize this useless inventory is still there gathering dust sometimes a retailer may have decided to hold onto something in the hope that they’ll be renewed interest in it at a later date. Usually, sales for these items will gradually drop off until they stop altogether. And depending on what it is, it may also need attention, in which case it’ll be taking up your employees’ time without benefit to you. ![]() Obsolete inventory takes up valuable space that could be used for items that shoppers want. It’s become obsolete because you can’t sell it. When you’ve ordered a lot more of a particular item than there’s a demand for, or miscalculated the market and added items no one wants to your inventory, you’re left stuck with it. This blog is going to explore how companies end up with this obsolete stock, give suggestions to get rid of any you have, and put forward ways to prevent this overstocking from happening in the first place. The point is that no company wants to end up holding inventory they can’t sell – obsolete stock. While it’s important to have safety stock, there’s a limit to the amount of it a company should carry. And then there’s the factor of safety stock, having a little bit extra to make sure orders can always be filled. Sometimes stock can’t be sold sometimes it just goes out of style. Even with the tracking and forecasting capabilities of inventory management systems, surveys, and knowledge of the market, mistakes are made. ![]()
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