The Slow-Moving Products report in Assisty helps you identify and manage products that have experienced low or no sales within a specific period. By tracking slow-moving products, you can take proactive measures to optimize inventory levels, reduce carrying costs, and make informed decisions to improve your business's performance. This guide will walk you through the steps to access and utilize the Slow-Moving Products report effectively.
Step 1: Accessing the Slow-Moving Products Report
Log in to your Assisty account.
Navigate to the Report Library section.
Select the "Inventory Control" category.
Choose the "Slow-Moving Products" report.
Step 2: Understanding the Slow-Moving Products Report
The Slow-Moving Products report displays products that have had no sales within a specific period, possess a current inventory quantity greater than zero, and are marked as active.
The report provides valuable insights into slow-moving products, including:
Current Inventory Quantity: The quantity of the product that is currently in stock.
Last Sales Date: The date when the last sale was recorded for the product.
Days with No Sales: The number of days since the last sale for the product.
Step 3: Analyzing the Slow-Moving Products Report
Review the Slow-Moving Products report to identify products that meet the defined criteria for slow-moving status.
Pay attention to products with a significant number of days with no sales, as they may require closer examination and potential action.
Use the data provided in the report to assess the impact of slow-moving products on your business, such as tying up valuable inventory space and potentially incurring carrying costs.
Step 4: Taking Action based on Slow-Moving Products Analysis
Evaluate the slow-moving products and consider the following actions:
Review Pricing Strategy: Assess whether adjusting the pricing strategy for slow-moving products could stimulate sales.
Promotions and Marketing Campaigns: Consider running promotions or marketing campaigns to increase visibility and generate interest in slow-moving products.
Inventory Optimization: Evaluate the inventory levels of slow-moving products and consider reducing quantities to free up space and minimize carrying costs.
Product Positioning: Reassess the product's relevance and market demand, and explore opportunities for repositioning or updating the product to attract customers.
Sales Channel Analysis: Analyze the sales performance of slow-moving products across different sales channels and identify areas for improvement or potential adjustments.
Vendor Relationships: Engage with vendors to discuss slow-moving products, explore options for returns, exchanges, or renegotiation of terms to mitigate inventory risks.
By utilizing the Slow-Moving Products report in Assisty, you can identify and manage products with low or no sales within a specific period. This information empowers you to take data-driven actions to optimize inventory, adjust pricing, implement promotions, and make strategic decisions that contribute to the overall success of your business.
Updated on: 12/07/2023