What does deadstock mean?
A pile of unsold inventory in a company’s store, whose demand has declined and is no longer a need of end-users.They might be slow-moving products in the past, and due to a decline in demand are now the deadstock that doesn’t add any profit to the company’s revenue.
Stocks are considered dead when they are not sold for at least one year and are piled up in the inventory, occupying the warehouse space. A company needs to identify the root causes of a deadstock to help it avoid it in the future. Common root causes might include:
- Poor quality
- Defective items
- Seasons leftover items
- An item that doesn’t meet the end-user requirements
- Better products available in replacement in the market
This reason builds up a deadstock, and it doesn’t meet the standard requirement of the market and end-users.
How can Companies avoid deadstock?
The best way a company can avoid a deadstock that has run out of demand is because better products are available in the market or because it doesn’t meet the customer’s requirements to invest in smart inventory. This investment can be a firm’s best decision to reduce its deadstock. This is possible when decisions are data-driven and based on intense market research.
Understand the current purchasing decisions of your customers and learn about the expected demand changes from your consumers to create a better product that remains in demand. Since time requirements changes, a firm should keep updating their products to keep the products or services in demand of the public.
But where to conduct this research?
Market research has become easy in the era of social media when communication is easy and flexible. But all the platforms consist of millions of people, all sharing different thoughts and beliefs. A firm can see how people react to the content they share through feedback and get their insights to build up their brand’s inventory that remains in demand.
How about a platform that lets consumers and brands meet in one place and let them generate a conversation? Where do users share their insights, suggestions and experiences, and can brand collect that info to provide their consumers with a better user experience?
End-User Insight Platform – One Pick:
To help brands invest in smart inventory through research, a platform where only marketing insights are shared by the end users who consume the products or services offered by the companies is necessary. This reason initiated our idea of forming One pick to bring a community together of like-minded people and get their insights on products and services that will help the brands to get their insights and build a product that meets their requirements.
It’s a valuable and trustworthy platform for companies to perform market research and gain access to real-time users without interference. It provides both the consumers and the brands with better decision-making and saves their money.
For brands, One pick is a decision-making platform for their products and services based on consumers’ insights. For consumers, it’s the best decision-making platform to help them choose a product or service with better user experiences, suggestions, and more votes from other users and positive feedback.