Your excess electronic component inventory has more to offer you. Don’t let your excess inventory occupy valuable storage space when you could move it quickly through a consignment program.
We’ve talked a lot about the shortage market and the threat of continuous shortages lately. On the other side of shortages, the need to relieve excess inventory looms. One of the solutions to these market swings that you’ve probably seen mentioned is building partnerships. If you have excess electronic component inventory, you have an opportunity to start building a partnership.
Component inventory consignment: Standard offerings abound
You’ll find that most supply chain partners have consignment programs in place. These programs should include the tools to move your excess component inventory quickly through the proper channels. All consignment programs have the same goal: to offer you a smooth and easy experience while the supply chain partner does the heavy work of moving your excess electronic components. And there are plenty of partners out there who can do this.
Finding distinct programs for component inventory assignment
The standard consignment program is fairly straightforward and will probably meet your basic need: to move inventory. The best offerings, however, involve a little discernment and offer a lot more in return. Here are some distinctions to look out for when evaluating potential partnerships.
Global programs for global companies
Keep an eye out for a supply chain partner that matches your scope. If you’re working on a global scale, you want a consignment program with a similar reach to find your best return. Your consignment should reach a wide range of global buyers, and demand creation programs can further extend your reach. When available, demand creation programs can maximize value for your excess inventory.
Longevity in the excess component inventory space
Your goal is finding global channels to move your excess inventory quickly, and with a good return. While both newer and more experienced supply chain partners may offer connections, a partner that has invested decades in developing their niche in the consignment market will offer you more depth than a newer player. Finding a partner with many years of inventory solutions and consignment programs experience means that you are tapping into established, time-tested relationships. Newer players may offer connections but without the same scope of relationships.
Tailored excess inventory consignment options are out there, and there’s no need to settle for a standard consignment program. The degree of flexibility that a consignment program offers will make or break your long-term partnership. In our experience, flexible purchasing solutions will provide you with the most value. Storage options to keep your consignment inventory healthy and working for you are helpful as well. Ensuring that the details of a program meet your needs is the first step to building an enduring, beneficial partnership in the consignment space.
The bottom line: Don’t miss out on opportunities by viewing consignment as a one-time deal. The goal on both sides of a consignment partnership should be designing a solution that builds the groundwork for a long-term relationship.