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E-commerce Expert Insights: Q4 2024
The upcoming Q4 holiday shopping season is set to be one of the most lucrative and unpredictable yet. With a perfect storm of factors in play—ranging from shifting consumer habits and economic pressures to supply chain hiccups—this season will be anything but predictable. For e-commerce sellers, it’s not just about riding the holiday wave, but…
Markup Pricing: How and When You Should Use It
Businesses rely on various pricing strategies to find the best price for their products to drive sales and maximize profits. After considering production, overhead and marketing costs, a company must then decide what percentage they’ll need to mark up the selling price to cover costs and make a profit. What Is Markup Pricing? How to…
How to Use QR Codes for Inventory Management
Inventory management is a complex operation that requires fast and accurate product tracking and a well-organized database of information. Quick response (QR) codes efficiently record product information and trace each item’s path along the supply chain. QR code inventory management is an easy solution to make your warehouse a powerhouse of efficiency. QR codes are squares…
What Is Obsolete Inventory and How Can You Manage It?
For companies of all sizes, an important part of the business is ensuring that you do not have too little of an item or service to fulfill customers’ wants, but not so much that you don’t sell enough of your products. Understocking and overstocking can harm a company monetarily and can harm its reputation if…
5 Tips for Boosting Your Inventory Performance Index (IPI) Score on Amazon
Are you an inventory director or in charge of ordering and managing inventory for your company? Managing inventory is a large task for small businesses and large businesses alike. If you do any e-commerce on Amazon, you’re going to want to know about an Inventory Performance Index score. Do you want to increase your company’s…
The True Costs and Hidden Expenses of Bad Inventory Management
Though it may seem counterintuitive, too much inventory isn’t good. In fact, the costs of bad inventory can be steep for a business — you could lose both money and time to poor inventory management. In serious cases, you could even lose your business altogether. Every company, from small businesses to mega-corporations, can be severely negatively impacted…
How to Calculate Cost of Goods Sold for Your Business
Your cost of goods sold is an important accounting metric that can indicate your company’s financial health. You’re also required to report your COGS to the IRS, making calculating your COGS an essential part of doing business. Let’s go over the formula for COGS and talk about why this figure is so important. What Is…
Black Friday and the Holidays: Having Enough Inventory for the Buying Season
For retailers, preparing for the holiday season can be daunting. Black Friday kicks off a buying season unlike any other throughout the whole year. Did you know that between Black Friday and Christmas, 30% of all sales for the year occur? This uptick in sales means stores must shift their operations during the holiday shopping season if they want…
Bill of Lading for Hazardous Materials
When a company ships a product, particularly a hazardous material, it needs to know that the company that ordered it has received it. It also needs to ensure that the product makes its way safely to the recipient. Shippers, carriers and retailers rely on Bills of Lading to ensure that a product is shipped safely…
How to Design a Warehouse Layout for Optimization
The importance of a practical warehouse layout design is significant for your operations. A good layout allows for better efficiency of movement and worker productivity. Plus, better layout designs ensure easier transitions to high-tech solutions such as using mobile barcode scanners for receiving or picking orders. All designs start with creating a plan to solve…
Perpetual Inventory System
If your business uses a periodic inventory system where you frequently update your stock levels and conduct physical stock takes, the idea of an inventory system that updates automatically in real time sounds pretty enticing. Indeed, transitioning to a perpetual inventory system has many advantages, including saving you time and providing you with more accurate…
What You Need to Know About Demand Forecasting
To remain competitive and profitable, you need to do more than stock the right products. You need to stock the right product in the right quantity and at the right time. Effective demand forecasting helps you achieve this year after year. If you’re curious about this forecasting for your business, learn what you need to…
8 Things to Consider When Choosing an Inventory Management System
Once your business grows, makes more sales and deals with more inventory, you realize it’s time to upgrade from manual to software-based inventory management. Then, once it grows a little more, you may even outgrow the current inventory management tool and decide it’s time for a more sophisticated, feature-rich solution. The good news is that the right software can accelerate…
What Is Dead Stock and How Can You Avoid It?
On average, 20%-30% of a company’s inventory is dead stock — which is a sizeable concern. At its most basic, dead stock is inventory that’s impossible or very unlikely to sell. It’s a step above overstocked goods, which is at risk of becoming dead inventory unless it is sold or otherwise repurposed. Unsellable inventory is a huge…
Margin vs. Markup: How Are They Different?
Margin and markup are often mistaken or used interchangeably. Because you calculate both using the same variables and the two figures are closely related, it’s easy to mix them up. Understanding the difference between the two can give you a more complete understanding of your business so you can plan for long-term success. Let’s compare…
Barcode Label Printing
Printing barcode labels is an integral part of a complete barcode inventory software system. At some companies, stock and assets arrive with barcodes already applied with sufficient detail for the company’s process. If your deliveries do not have barcodes already, we can help. Finale Inventory’s barcode label printing software allows you to quickly label everything as it arrives and then control its use…
5 Tips for Stock Replenishment
When working in a retail setting, it’s essential to know how much product is ordered and sold. Cafes and restaurants need to examine their stock levels often, as the amount of product available can quickly shift day to day based on promotions, seasonal trends and customer spikes. For online businesses, knowing how much stock you…
Everything You Need to Know About Minimum Order Quantity
If you have an e-commerce business that’s considering adding another revenue stream with wholesale, you suddenly face the prospect of setting a profitable minimum order quantity for your goods. Whether you manufacture your products with raw materials or buy finished goods straight from a manufacturer, you’ve likely encountered an MOQ as a buyer. Maybe you’ve…
Just-in-Time Inventory: What It Is and How to Manage It
Just-in-Time Inventory: What It Is and How to Manage It Are you searching for ways to reduce your e-commerce inventory level and slash costs without affecting product availability and prompt order delivery? The just-in-time inventory management system may be your ideal solution. This article will cover everything you need to know about just-in-time inventory management…