The Wall Street Journal reported Monday (July 4) that big retailers like Target and Walmart are seeing huge amounts of overstock — which could be a good thing for companies looking to help address the oversupply. Is.
Some businesses, including Liquidity Services, Access Ltd and others, are seeing significant overstocks of items such as kitchen appliances, televisions, patio furniture and clothing, which have been flagged for clearance by major companies.
In many cases, companies collect pallets from ports or warehouses without the goods reaching the warehouses. Instead, bankruptcy trustees sell goods to smaller businesses or even individuals who resell things online.
At the start of the pandemic, now two years ago, many retailers canceled orders from overseas suppliers, with most shoppers staying at home, the report said.
This changed as the economy opened up and factory backlogs and delivery delays supported the supply chain. To get around these delays, many companies began ordering additional items and pushing those orders further to ensure they arrived on time.
However, customer preferences have changed and many items that were popular during the peak of the pandemic – such as homeware and casual wear – are no longer what customers are looking for. Instead, customers are buying more expensive, flashier clothing and increasing their spending on travel and entertainment, even as inflation is changing spending patterns again.
The PYMNTS wrote that U.S. inflation has quadrupled, and the latest CPI data shows the price of food consumed at home is up just over 10% year-on-year.
Continue reading: Inflation is the unwanted party hit this July 4th
The report says the money being spent over the Fourth of July weekend is “borrowed from the future,” with data from the American Farm Bureau Federation suggesting that the total cost of a barbecue for 10 people is down $17 from a year earlier % have increased. .
New PYMNTS data: How utilities and consumer finance companies can improve the bill payment experience
around: More than half of utility and consumer finance companies have the ability to digitally process all monthly bill payments. foosball? Only 12% of them do this. Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to learn why going fully digital is elusive.