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A variety of factors can lead to the buildup of excess inventory management, including things like changing consumer trends or spending habits, unexpected weather, forecasting errors, and purchasing setbacks. Many brands, even those with strong planning solutions in place, struggle with excess inventory due to uncontrollable external factors like market disruptions and global events. Recent significant events, like the lingering effects of the COVID-19 pandemic, inflation, increasing economic uncertainty in the US, or the ongoing war in Ukraine, have each made an impact on the rising levels of excess inventory.
Inventory discipline will be critical this year and beyond as brands struggle to navigate between inventory shortages and excess inventory management issues. Excess inventory in particular, is quickly becoming a major challenge as global brands and big-box retailers alike lose profits because of it. Despite this, many companies are still ill-equipped to Excess Inventory Management.
To get ahead of inventory challenges, brands need to focus on a proactive approach with regard to managing and selling their excess inventory. A proactive approach enables businesses to reduce inefficiencies, improve margins, and maximize cash recovery. If your team experiences any of the signs above when it comes to managing and selling excess inventory, here are some things you should look out for to get ahead of the competition:
Excess inventory management is creating headaches for many brands due to poor visibility, lack of data, and tedious internal processes, and these challenges will only continue to grow. Evaluate how existing processes and systems are currently working for your team in the areas described above to enable your teams to act faster and make strategic decisions when managing and selling excess inventory.
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