With a structured, strategic approach, excess stock is an opportunity to generate new revenue.
Excess stock is part and parcel of retailing, but it can still be a huge concern for fashion businesses. The deep discounting from many high street names makes constantly slashing prices a less sure-fire method of shifting unsold product than it once was, and, without proper management, leftover stock can cost valuable time, money and manpower.
In the second chapter of this report on Optimising Excess Stock Management, Drapers looks at some of the best strategies for clearing excess stock and gives five tips for retailers to stay ahead of the issue.
1. Change from a reactive to a proactive strategy
2. Use technology to gain an advantage
3. Safeguard your reputation in relation to discounting
4. Look for international opportunities
5. Effectively manage relationships with prospective partners