Shopify Deadstock Management Systems: Top Options
Published July 3, 2024.
Deadstock inventory is a term used in business to describe goods that have been manufactured but are not currently being sold. This excess inventory takes up valuable storage space and represents a significant financial investment for retailers.
Reasons for Deadstock
There are several reasons for deadstock. Sometimes a product is discontinued because it is no longer popular or profitable. Other times, a company may produce more products than it can sell, resulting in deadstock. And finally, a company may have to recall a product due to safety concerns, resulting in unusable stock.
Ways to Clear Your Deadstock Inventory
1. Discounts & Promotions
Discounts or promotions can help manage deadstock by incentivizing customers to buy the product before it goes out of stock. This can be done by either offering a discount on the product or by offering product-exclusive promotions. By doing this, the retailer can ensure that they are not left with any deadstock and that they can sell all of their products.
Generate Discounts on Every Purchase
With Egnition's Order to Discount, you can generate auto-calculated loyalty discounts based on order information with a couple of clicks.
- Use standard or custom conditions to generate a discount as a percentage of the original order.
- Create a template for your customer emails and have them generated based on order, customer, and discount data.
- Review the automatically generated emails, personalize them for specific customers, or simply send them with the click of a button.
» Learn more about this handy app in the following comprehensive Order to Discount review
2. Inventory Management System
An inventory management system or deadstock register can be used to manage deadstock. This is done by taking into account the factors that led to the stock becoming dead, such as excess inventory, obsolete inventory, and slow-moving inventory. The system can help identify these factors and create a plan to prevent them from happening again.
3. Marketplace Listings
Listing deadstock products on marketplaces like Amazon or eBay can help manage deadstock by increasing the visibility of the products to potential consumers. By increasing the number of potential buyers, the products are more likely to sell, which will help to clear out the deadstock.
Stay One Step Ahead
The best way to deal with deadstock inventory is, of course, to prevent it from becoming a problem in the first place. By implementing an automated inventory tracking system, you can not only maintain control over your current stock levels but also anticipate any potential issues.
