Date: Wednesday, December 21, 2022
Source: Supply Chain Dive
Scarcity became excess in 2022 after businesses unexpectedly found themselves overwhelmed with inventory as global supply chains inched toward normalcy.
After grappling with out-of-stocks and shortages in 2021, many retailers chose to place larger orders earlier this year to account for soaring demand and transportation delays that had extended lead times by weeks — if not months
But lower consumer demand and easing supply chain delays in the second half of the year left businesses with a barrage of products and no easy way to clear the excess.
From cutting purchase orders to implementing broad-based discounts, take a look at some of the strategies companies took this year to address glut and begin 2023 on a clean inventory slate.