Some items that are returned to your warehouse, store, or other facility are going to be items you can resell, either at full price or a discount or clearance price. It’s critical that you are able to properly track your stock rotations to get these items back on the shelf as quickly as possible, realizing maximum profit from returned items. For items that cannot be resold, it’s also important to manage stock rotations to ensure you get them back to the vendor to meet return-to-vendor (RTV) deadlines and avoid taking a loss instead.
TRACK ITEMS FROM CUSTOMERS TO DISPOSITION
Your reverse logistics software needs to help you track items from the moment they are shipped back or returned to a store by your customer, until the complete disposition. It’s important that items don’t get lost along the way, or stocked in an area of your warehouse or distribution facility where they get lost in the shuffle. It’s also critical that they don’t get placed behind current stock, which may have a longer shelf life than a returned item and should be sold later.
No matter what type of stock rotation system you use, having a reverse logistics platform that helps you manage inventory coming back into your warehouse or facility can prevent losses from returned goods.
TRANSPARENCY AND COMMUNICATION BETWEEN DEPARTMENTS
Properly managing your returned inventory as part of your normal stock rotation also means maintaining a high level of communication and transparency between your stock or warehouse staff and your suppliers or manufacturers. If you are getting a significant number of products returned that can be resold, you may need to reduce or modify your orders for new products to avoid overstock. Keeping open lines of communication between sales forecasters, warehouse managers, and returns managers prevents costly mistakes with inventory orders.
ROBUST INVENTORY REPORTING TOOLS
Our reporting tools provide accurate and timely information about your current stock to help you properly rotate items through inventory and avoid damage, expiration, or missed seasonal products that can’t be resold at full price later.
We also provide robust reporting to help you identify specific items that are frequently returned so you can communicate that back to your suppliers or manufacturers if necessary. If suppliers are unable to provide high-quality products to reduce the frequency of returns or provide better information and descriptions to prevent things like sizing issues, you will have all the information you need to determine whether it’s time to change suppliers.
Contact Us for a Demo
To see all the ways our stock rotation management portal can help your business better manage returned products in your warehouse or distribution facility, contact ReverseLogix today for a demo.