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When we engage with a customer to discuss how they deal with risk inventory (customer returns, excess, discontinued, etc.) we invariably end up in a conversation about our ability to deal with recovery, volume, and cycle time. Once clearance processes have lost their effectiveness, or the sheer volume of risk inventory is overwhelming sales and supply chain capacity, then a liquidation strategy is required in order to turn this product into cash. At that point every day this inventory remains unsold is a financial drain on the company, in terms of physical handling, carrying costs, warehouse space, and lost opportunity since those inventory dollars could be reinvested in better quality stock.
A technology partner can be critical to this success, one that is focused on recommerce and with strong connections to the secondary market. They can efficiently turn risk inventory into cash in days, not weeks, and help you stay focused on forward logistics and selling A-goods.
Too often companies with significant return volumes focus on building an excellent reverse logistics operation that quickly credits the customer and accurately documents the returned inventory. Then they put the returned product in a big pile in the warehouse and work with a broker to negotiate a recovery price and take it away. The sale is typically a loosely managed event; not a scalable or efficient process.
By partnering with the right technology partner, returned product can be triaged into the correct disposition process and, where appropriate, immediately placed into a recommerce marketplace where it can be sold in a matter of days, significantly cutting down cycle time.
Don’t invest any additional dollars into your reverse logistics process (e.g. repackaging, refurbishing, etc.) unless you can demonstrate that it drives additional recovery above the costs involved. Recovery data from your transactions can help you decide if you are better off selling it immediately.
Selling customer returns as quickly as possible, immediately after the return if feasible, will reduce shipping charges and material handling costs.
By having return centers that support a region of stores and eCommerce sales, it can reduce movement and help you build a highly scalable operation.
Your technology partner should advise you on how to remarket your customer returns for maximum demand and velocity, including display images, condition descriptions, category sorting and additional information that drives recovery and interest.
The right technology partner can be a strategic asset for an organization when dealing with E&O inventory. Despite the best efforts of product management or demand planners, it’s expected that there will be some missed forecasts or climate impact on seasonal sales, and less expected regional impact from a pandemic.
But there’s help! By using a recommerce platform, you can expect the following benefits to your team, your cycle time, and your bottom line:
Remember every dollar increase in value recovery or in reducing the cost of your recommerce activities means a dollar to your bottom line. If you’re dealing with a modest return volume of $1M then a 5 percent improvement can result in $50K of additional net profit for your company. Therefore, when choosing a technology partner, look for these 5 key success factors:
Nine out of the top 10 U.S. retailers are leveraging the B-Stock platform to drive demand and achieve higher pricing, as well as a faster sales cycle—all while maintaining brand integrity.
Let us know how we can help you offload your excess inventory by scheduling a demo today.Request Demo