{"id":87130,"date":"2023-10-16T01:07:08","date_gmt":"2023-10-15T18:07:08","guid":{"rendered":"https:\/\/www.connectpos.com\/?p=87130"},"modified":"2023-10-16T01:07:10","modified_gmt":"2023-10-15T18:07:10","slug":"eliminate-the-headache-of-obsolete-inventory","status":"publish","type":"post","link":"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/","title":{"rendered":"Eliminate the headache of obsolete inventory"},"content":{"rendered":"\n<p>Obsolete inventory can leave a considerably negative impact on your bottom line. Below, we will provide details about its definition, impacts, as well as how to handle, prevent and decrease these dead stocks.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#definition_of_obsolete_inventory\" >Definition of obsolete inventory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#its_negative_impacts\" >Its negative impacts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#how_to_handle_obsolete_inventory\" >How to handle obsolete inventory<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#write_off_dead_stocks\" >Write off dead stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#put_goods_at_a_discount\" >Put goods at a discount<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#remarket_goods\" >Remarket goods<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#how_to_prevent_and_decrease_obsolete_inventory\" >How to prevent and decrease obsolete inventory<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#leverage_stock_control_system\" >Leverage stock control system<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.connectpos.com\/eliminate-the-headache-of-obsolete-inventory\/#check_out_real-time_information_about_your_supply_chain\" >Check out real-time information about your supply chain<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-definition-of-obsolete-inventory\" style=\"font-size:30px\"><span class=\"ez-toc-section\" id=\"definition_of_obsolete_inventory\"><\/span><strong>Definition of obsolete inventory<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Obsolete inventory means goods that have got their lifecycle end. It occurs when your firm regards them as not usable anymore. The most likely reason is that they cannot be sold because of an insufficiency of market need and value. Stocks often turned into dead inventory following a specific period of time and the attainment of their lifecycle end.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-its-negative-impacts\" style=\"font-size:30px\"><span class=\"ez-toc-section\" id=\"its_negative_impacts\"><\/span><strong>Its negative impacts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Of course, you buy or make stocks with the hope of selling them. Because you fail to sell dead stocks, they are deemed a loss. Also, they can affect your business\u2019 profit margins.&nbsp;<\/p>\n\n\n\n<p>As soon as you consider some stocks as obsolete inventory, you cannot think of them as an asset. In the wrap-up of a fiscal year or the like, you need to report the unsellable stocks as a stock write-off according to the <a href=\"https:\/\/www.investopedia.com\/terms\/g\/gaap.asp\" target=\"_blank\" rel=\"noreferrer noopener\">GAAP<\/a> principles.<\/p>\n\n\n\n<p>As you can see, consumers nowadays have high expectations. Therefore, the lifecycle of goods has been shorter. So, stocks in businesses such as fast fashion turn obsolete more quickly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-handle-obsolete-inventory\" style=\"font-size:30px\"><span class=\"ez-toc-section\" id=\"how_to_handle_obsolete_inventory\"><\/span><strong>How to handle obsolete inventory<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-write-off-dead-stocks\" style=\"font-size:24px\"><span class=\"ez-toc-section\" id=\"write_off_dead_stocks\"><\/span><strong>Write off dead stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Your dead stocks have not been deemed an asset in case they no longer has value. Therefore, you should write off them as a loss on the financial statements of your business. That stock write-off will assist you in decreasing the tax liability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-put-goods-at-a-discount\" style=\"font-size:24px\"><span class=\"ez-toc-section\" id=\"put_goods_at_a_discount\"><\/span><strong>Put goods at a discount<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In case your goods still possess some potential, you can sell them at a lower price. For example, you can run a flash sale. Dead stocks are able to affect your ideal profit margins. But placing them at a discount could assist in replenishing a few of the costs by drawing in bargain customers. Also, you have the option to bundle dead stock products with a popular product.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-remarket-goods\" style=\"font-size:24px\"><span class=\"ez-toc-section\" id=\"remarket_goods\"><\/span><strong>Remarket goods<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In case your goods still possess some sales potential in a particular market, you can make proper changes to your marketing plan. For example, you can adjust your target customer in marketing or advertising plan. Also, you can sell the goods on a different sales platform.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-prevent-and-decrease-obsolete-inventory\" style=\"font-size:30px\"><span class=\"ez-toc-section\" id=\"how_to_prevent_and_decrease_obsolete_inventory\"><\/span><strong>How to prevent and decrease obsolete inventory<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-leverage-stock-control-system\" style=\"font-size:24px\"><span class=\"ez-toc-section\" id=\"leverage_stock_control_system\"><\/span><strong>Leverage stock control system<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You can get a powerful stock control system. It should assist you in monitoring stocks and forecast selling trends in the future. Also, it should be able to recognize slow-selling goods before you place the next rebuying order.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-check-out-real-time-information-about-your-supply-chain\" style=\"font-size:24px\"><span class=\"ez-toc-section\" id=\"check_out_real-time_information_about_your_supply_chain\"><\/span><strong>Check out real-time information about your supply chain<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Constant access to information throughout the supply chain is advantageous for stock control. In this way, you can get the latest data related to stocks levels. Furthermore, this allows you to have access to manufacturing timelines, warehouse receiving status, as well as other details.<\/p>\n\n\n\n<p>In conclusion, the above are a few best ways for you to eliminate the headache of obsolete inventory. <a href=\"https:\/\/www.connectpos.com\/contact-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contact us<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Obsolete inventory can leave a considerably negative impact on your bottom line. Below, we will provide details about its definition, impacts, as well as how to handle, prevent and decrease these dead stocks.&nbsp; Definition of obsolete inventory Obsolete inventory means goods that have got their lifecycle end. It occurs when your firm regards them as [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":87135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[],"class_list":["post-87130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.1 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eliminate the headache of obsolete inventory | ConnectPOS<\/title>\n<meta name=\"description\" content=\"Obsolete inventory means goods that have got their lifecycle end. 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