Almost every consumer products manufacturer has to deal with having excess inventory. Excess, seasonal or expiring products can be damaging to the bottom line, and represent up to 2% of their inventory. And if they can’t sell it, they must destroy or donate it.
To add to the issue, the process of selling excess inventory generally includes either a) distribution center and operations resources creating inventory lists that salespeople must then filter and email to each relevant retail buyer, or b) paying a meaningful commission to a broker to sell these items while getting little to no detailed reporting. The process is similar on the retailer side, who receive 1,500-2,000 different offers per week in various formats.
Switchboard’s LQD Module (Limited Quantity Deals) improves operational efficiencies for manufacturer salespeople and retail buyers. Manufacturers are able to reference a singular product database with all relevant product information from image to packaging and shipping details; create a singular inventory list from various distribution centers with specific lot codes and expiration dates; upload available inventory for sale and send to one or more of their valued customers in minutes; negotiate, contract, track and analyze reporting immediately. Buyers are able to do the same with the added benefit of using Switchboard’s proprietary TruckBuilder application to build trucks and generate POs much faster. It is estimated the cost for a Buyer to generate a PO is reduced by 25 percent or more.