Numerous retailers have made headlines for surplus inventory – forcing them to offer discounts to move inventory out of warehouses and salvage as much value for the inventory as possible. However, some companies are turning to a quick-term solution to solve their inventory dilemmas.
Stores are overstocked by more than 30% and there’s no place to put everything. A shipping expert believes that the supply chain crisis may last well into 2023 given how global trade has been reshuffled to meet surging American demand.
Some companies are disposing of inventory, adding to landfills, and facing the risk of consumer backlash for their unsustainable methods. While storing idle inventory can be expensive, disposing of inventory comes at the expense of our environment. With the supply chain crisis forecasted to last well into 2023, companies must find conducive and sustainable ways to handle their overstocked inventory.
Sustainable Asset Management (SAM) offers a variety of programs that companies can utilize to tackle their inventory dilemmas sustainably. The programs vary depending on a company’s inventory needs and offer solutions that help companies find alternative ways of handling their inventory – with disposal as the last resort. The ultimate goal of SAM is to handle inventory in a sustainable manner while lowering a company’s overall carbon footprint.
Depending on the type of inventory your company is dealing with, SAM will find the best strategy for your company’s excess inventory. From inventory management solutions to recycling programs, SAMs programs will always find the proper recycling method based on your company’s inventory. SAMs programs have a reputation for donating reusable items to charity organizations and finding the best recycling programs that maximize the value of the recycled materials, all while reducing carbon emissions. Your company can leverage SAM today, while sustainably lowering operating costs without hindering your bottom line.
Cash for Trash
If you’re planning on disposing of your inventory, why not get some cash back? There are many waste management companies that offer environmental services where they partner with companies to hand and downsize their waste – or in this case your company’s unused inventory. These companies not only handle disposal but will salvage inventory for parts that can be recycled or reused.
Many governments and municipalities offer “cash for trash” programs that encourage companies to cash in on their trash. This ensures that organizations follow the appropriate steps of disposal in a sustainable manner. Inventory that can be repurposed or recycled can be a great way to keep your company’s Environment, Social, and Governance (ESG) rating high, and prove to stakeholders that you are following the appropriate guidelines. Finding alternative strategies for repurposing or recycling your inventory also avoids adding to landfills.
Upcycle, Resell, and Discount
Spare landfills of more trash and consider upcycling your inventory. Upcycling requires far less energy and water consumption, not to mention reducing harmful gas emissions since your inventory won’t have to go through the breakdown process recycling requires. Many brands have made headlines in recent months for adopting upcycling initiatives. These initiatives offer buy-back programs and find ways of giving those products “new life.”
In some instances, depending on the state of the inventory, companies who buy back inventory will resell them to discount retailers to maintain or salvage some of the value of their idle inventory. With the holiday season right around the corner, consumers are searching for great deals even earlier than in previous years. Consider finding a discount retailer who can relieve you of your inventory woes and make way for next season’s inventory.
In some instances, disposal is unavoidable. If this is the case, partner with a reputable waste management company that will properly dispose of your company’s inventory. Many waste management companies dispose of waste in sustainable ways, that lower carbon emissions and deter more waste from ending up in landfills.
Many sustainable solutions and organizations will help find alternative strategies for moving your company’s idle inventory. Companies have an opportunity to avoid adding to landfills and take sustainable action. Consumers are more adept to purchase from brands that place importance on sustainability, which in the long run may help your company’s bottom line and maintain customer loyalty.
If all else fails, call Net Trade and learn how we can help relieve your company of your inventory dilemma and keep business moving forward!