The easiest way to define \u201cdead stock\u201d is with a retail point of sale (POS) system<\/a>: it keeps track of all inventory and can quickly define the stock that has been holding up your store\u2019s space. After you have defined the non selling stock, the first try to get some of the ROI is to launch a sale. In the best case scenario, the sale would help you get rid of most of the stock. If that doesn\u2019t work, try offering the items back to the distributor or offer items to a charity organization to get a tax write-off.<\/p>\n\n\n\n Define inventory which is often selling, however not as much as the store\u2019s bestsellers. Slow moving inventory is the stage before having \u201cdead stock\u201d, therefore is good to analyze to avoid having more non selling inventory. Analyze it with your POS system<\/a> and depending on the category, for example, if your store offers clothing, basic t-shirts might be selling all year round, however shorts will be selling only during the spring\/summer seasons. Use positioning to sell more t-shirts during the winter season by putting them inside of a hoodie jacket. React timely to the seasonal items- as soon as the sales are decreasing, offer a summer season sale to sell most of the stock before the season ends.<\/p>\n\n\n\n After you have defined the lowest selling and non selling stock, it\u2019s time to define the bestselling stock. The store\u2019s best selling items may give even 80% of its sales only by selling a fifth from the whole inventory, which is why it\u2019s important to always have bestsellers in stock. Use the bestsellers to increase the overall sales by offering complementary products, for example, have a special offer on hand cream when purchasing a body lotion. If the same item is available in multiple colors but only two out of three are selling, offer a \u201cvalue pack\u201d option with a special price when the customer buys all three.<\/p>\n\n\n\n Doing an analysis of your bestselling, slow selling and non selling stock can be crucial to the retail store\u2019s success. Minimizing costs is important for each business and the first step to do that in a retail store is by using a point of sale system. Not only the business can improve profitability but also future growth.\u00a0Lightspeed Retail is one of the top selling retail point of sale systems in the world.<\/a>\u00a0It’s well known brother Lightspeed Restaurant is already being commonly used in Malta and now the same experience is available for the retail businesses as well.\u00a0Contact us now to learn more<\/a>.<\/p>\n\n\n\n *The article was inspired by\nLightspeedHQ article \u201cInventory Management 101: techniques to increase your\nROI\u201d<\/p>\n\n\n\n **Thank you for the photos pexels.com<\/p>\n","protected":false},"excerpt":{"rendered":"Inventory can be described as an investment because you only receive profits after the items have been sold. Slow moving inventory stops the retail store\u2019s cash flow which is unhealthy for the business. Not only it\u2019s holding the shelf space for items which are selling, it also becomes less and less valuable over time. Let\u2019s go through some of the tips and tricks on how to manage your inventory better.","protected":false},"author":4,"featured_media":644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[130],"tags":[95,122,40,124,123],"_links":{"self":[{"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/posts\/641"}],"collection":[{"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/comments?post=641"}],"version-history":[{"count":0,"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/posts\/641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/media\/644"}],"wp:attachment":[{"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/media?parent=641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/categories?post=641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.progressive.com.mt\/wp-json\/wp\/v2\/tags?post=641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/progressive.com.mt\/wp-content\/uploads\/2019\/06\/image-66.png\")
<\/figure><\/div>\n\n\n\n2. Decrease slow moving\ninventory<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/progressive.com.mt\/wp-content\/uploads\/2019\/06\/image-67.png\")
<\/figure><\/div>\n\n\n\n3. Increase the amount\nof best selling inventory<\/strong><\/h3>\n\n\n\n
Conclusion<\/strong><\/h3>\n\n\n\n