We showed a retailer that more than 25% of the stock in their business was underperforming to the point that it was seriously loss making. There’s a tab on our insights dashboard that shows this.
This first week of the year is a good time to check it, to see if you have dead stock in your shop.
You don’t have to run a report or analyse data in any complex way. Click on the tab and it’s there for you, good or bad.
In the business mentioned above, the dead stock represented more than forty thousand dollars, $40,000, sitting, waiting, doing nothing, failing.
Tower Systems is not your usual POS software company. Sure, we show how to use the software. But, we also offer advice from a business management perspective – how to use the software to drive value for the business and its owners. We do this from the position of being retailers ourselves. We can speak to our experiences in our shops.
We own and run shops where we use our software ourselves.n We provide practical advice to our POS software customers based on our own experiences.
That’s what we do in this dead stock situation. Plus, we draw on decades of practical help to other retailers.
Our advice is to look at dead stock / the age of stock every 3 months. You soon learn the value of buying based on data evidence in the business and being cautious when exploring new product lines.
Your software can guide you to make decisions more likely to work, and less likely to result in dead stock.
We have been working with retailers for many years and continue to be surprised at the disinterest of many retailers in the extent and cost of dead stock in their businesses.
When we bought a retail business a few years back we had written into the contract a cascading discounts for existing stock based on its age beyond 6 months. In that business, more than half the stock had been there for 6 months.
Dead stock costs the business today, and when you come to sell.
In our POS software and thanks to our personal training we help retailers reduce the cost of dead stock in their businesses.