Inventory Management

When you have leftover products, you may wonder how to sell them. Selling excess inventory can be difficult because a large stock often means the demand for your product was lower than anticipated. There are ways to get rid of those extra products, though — two solutions are promotion and freebies. How Retailers Approach Stock…

When you are looking over audits, paperwork and receipts, you may feel your stomach drop if the numbers are not adding up. Shrinkage is a problem that many businesses suffer from every year.  If you’re searching for ways to keep your inventory and sales numbers in line, follow our guide to prevent shrinkage in retail. …

Are you getting ready to bring in a new product that you’re hoping will boost your business’s e-commerce sales? Consider using preorders to grab attention and stir up excitement for your product — while bringing in some early cash flow.  When it comes to preorder marketing, the right strategy is key to a successful product…

The COVID-19 virus has greatly changed the landscape of commerce today. The sudden changes in consumer spending, rise in unemployment and labor and material shortages created demand and supply shock that required retailers to rapidly adapt. In the current economic situation, it’s crucial to understand how the coronavirus impacts your business so you can respond…

As the risk of the coronavirus dramatically changes the landscape of retail and consumer shopping behaviors, small businesses are among those most affected. If your small business is struggling to navigate the changes the coronavirus has caused, the right strategy can help you adapt to serve your customers better.  What Is Retail Delivery? For the past…

Inventory count accuracy was one of the top five priorities for distribution centers in 2019. To keep pace with the ever-tightening demand for accurate inventory counts, warehouses and retailers need automation. Automated inventory monitoring is more reliable than manual methods, and it frees up valuable time for small business owners and logistics managers.  So, what is an automated inventory system?…

As the world increasingly turns to online shopping and expects more from retailers, effective inventory management is crucial. The need to continuously improve operations is coming into sharper focus. Getting the right amount of merchandise to the right place at the right time requires a proactive approach. Inventory managers must develop best practices to avoid…

Minimizing inefficiencies is a goal of warehouse management teams everywhere. Increasing warehouse productivity has benefits for the bottom line, customer satisfaction, accuracy and many other parts of your operations. Here are five factors to consider if you want to strengthen warehouse efficiency. 1. Automating Processes If you want to boost efficiency, automation is probably at…

A warehouse is an integral part of customer service. It’s the last touchpoint for an order before it reaches the customer. Make any errors here, and your customer service representatives (CSRs) may hear about it in the future. Warehouse processes have a significant effect on the speed at which customers get their orders and the…

Warehouses have the potential to be eco-friendly environments. Environmentally friendly efforts in warehouses can help both your business goals and the plant. You can reduce your utility bills, minimize your carbon footprint and boost your reputation, all while helping the planet. How to Go Green in the Warehouse There are many ways to implement green…

If you work with inventory, you may have heard of terms like “pipeline stock” and “decoupling stock.” While they cover similar concepts, these two words have different meanings, and understanding them can help you manage your products effectively. What Is Pipeline Inventory? Pipeline inventory or stock refers to transit stock, or items that are in…

Leveraging Reorder Points to Maintain Stock Levels Without some statistical analysis, knowing when to reorder stock can feel like a guessing game. While you can’t predict the future, Finale Inventory is the next best thing. Our intuitive stock management software uses a sophisticated reorder point formula based on the inventory replenishment rules you set. Our…

Automated kitting is an excellent way to improve your efficiency and speed up the fulfillment of certain types of orders. It maximizes the work of your skilled and highly paid workers by moving the more tedious tasks to automated storage and retrieval systems (AR/RS). Automated kitting can speed up processing common purchases or improve the…

Gap analysis is an excellent way to ensure that your business is reaching its fullest potential. It allows you to identify areas where you could be improving by comparing current success with attainable goals. Let’s take a look at inventory gap analysis in strategic management and how it can work for your business. What Is…

According to recent reports, 41% of consumers expect in-store sales associates to know about their previous purchases. As a retailer, you may be wondering how you can collect that kind of data and use it to make your in-store experience that much better. The answer lies with a sophisticated point of sale system (POS). A POS system…

Many small businesses use Excel as their initial inventory management tool as it is easy to use and readily available on most computers. For a short while, using Excel for inventory management works just fine for many small companies. As their inventory management needs become more complex, business owners learn the hard way that Excel is…