Time has witnessed memorable influencers through its passages yet the impact of technology remains to be the insurmountable game-changer of all- be it finance, business, warfare, education or social activities. Especially for business/retail as essential shifts, such as the clout of distribution technology, the impact of advertising and branding has on sale. Alongside this, the sea of change internet has unleashed on building a global marketplace and the ability for products to reach out to anyone, anywhere, have defined and disrupted the purchase behaviour of the better. Technology has decreased the need for commutation to purchase goods, placing convenience at the heart of shopping experiences. The latest wave of emerging technology is affecting both smaller, local shops as well as the retail giants, through synchronizing inventories with purchase and branding, giving rise to an augmented framework for retail to progress in. Technology has worked efficiently in eradicating constraints and geographical barriers, creating a common marketplace for retailers of all nationality to get a bigger chunk of consumers.
Technology has crept into retail operations in a gradual scale, beginning with electronic invoicing, computerized shipping and tracking and automated notifications that were integrated to assist better inventory management. There are sections where technology has left a phenomenal influence in enhancing sale; one of those areas being utilization of dead inventories.
Dead and sluggish inventories are a harsh reality, plaguing distributors of all scale. Accurate management of dead stock is often overlooked, yet it is a task that requires careful supervision with specific action steps, both facilitated through incorporation of technology. Integrating technology in dead inventory management reduces company's risk of being adversely affected by excess, through a three-pronged process: Identify, Prevent and Coordinate.
With the involvement of technology, sensitive inventory data can be recognized and collated in a single platform. Awareness on details such as aging of the inventory is essential in gauging the worth and hence placing a reasonable price point to sell at. Detecting accurate aging of the goods helps in further analysis and placing preventive reforms. Continuously tracking the lot items help in decoding and selling of objects that are in the verge of expiry.
One of the most guaranteed ways to nip the dead inventory problem in the bud is to place a check on the creation of new items that do not fulfil business need, another area where technology can provide greater leverage to. With precise data analysis by custom made software, all gaps for creation of dead inventory would be filled, preventing circumstances for extra inventory build-up. At present, with incorporation of technology, such preventive steps would help in a step-by-step mitigation of the problematic stocks into profitable goods.
As one begins to track more closely, he can accurately determine the value of the good, while receiving pertinent data, to analyse and build an apt product placement chart. Such sensitive data can be shared with interested buyers and even employees of the unit- giving rise to a greater platform for the dead inventory to be displayed and dispatched. Alongside, through technology, one can easily incorporate automated newsletters, which helps employees to move dead inventories at a rapid speed. This can, in-turn, help circulate/publicize inventory information to various people simultaneously, taking care of offloading unwanted stock. Added to that, the Dead Inventory Report with Inside Sales can be shared, and deeper commissions can be offered to incentivise moving these dead items. Finally, such data can be disseminated to selling platforms, ensuring visibility under the radar of potential customers.
Finding ways to delegate unwanted stock while generating profits can easily be undertaken, with the assistance of technology. As more products will continue to flood the market, the need to discard outdated items would incur an augmentation on sales, while sprucing up flagging inventories.
The article is contributed by Satendra Vir Singh, Founder, Valueshoppe.co.in.
About Satendra Vir Singh:-
The founder of ValueShoppe, a leading organization offering efficient inventory liquidation solutions for the lifestyle and fashion industry. He is the alumnus of Delhi University and he held leadership roles at various prominent government and private organizations such as Ernest & Young, Jabong and Excise & Custom Department, Government of India.