1.
actual item; the item itself
The physical item in question, as opposed to a description, photo, or catalog listing. Often used when asking to see or inspect the real thing.
2.
stock on hand; current inventory; display item
The last remaining item in stock, often a display model or floor sample sold at a discount.
Usage
現品 is used in retail, business, and online shopping contexts. Sense 1 emphasizes seeing or verifying the real thing, while sense 2 refers specifically to floor samples or last-in-stock items sold at a discount.