How to Prevent Overselling
As a retailer in the 21st century, you have many options for getting your products into the hands of customers. You might have brick-and-mortar locations and an online store, and you might sell through marketplaces such as eBay, Amazon or Etsy. All the options available mean that you can easily expand your customer base and…
Why Does Inventory Management Matter?
If you’ve ever ordered something only to receive an out-of-stock notification a short while later, you probably already understand some of the reasons why inventory management is important. Organizing the items you have available to sell — plus the goods you need to produce your company’s products — will help you streamline your services and systems…
Transitioning From a Physical Business to an Online Store
For retailers like you, taking your business online is the next big milestone. The trend toward online shopping has been rising steadily each year. In 2017, e-commerce brought in $2.3 trillion in sales, and by 2019, that number had increased to $3.5 trillion. By 2023, projections say total sales will rise to $6.5 trillion. One thing is clear — the internet…
Different Inventory Types
Managing Inventory Types Inventory management is the balancing act of having the right amount of stock at the right time to meet demand. It involves predicting sales and ordering new stock just in time to meet that demand. Having too much inventory can cause issues for your company. In some cases, products can expire or…
Anticipatory Inventory Management
If your business produces or sells goods, you know that it’s crucial to make sure your inventory includes enough stock to meet demand at any given time. For many businesses, anticipation inventory is an effective way to meet this need. What Is Anticipation Inventory? Anticipatory inventory management is the practice of procuring excess inventory to…
The Importance of Sales Forecasting
To run a business, it’s essential to keep track of your sales and spending. At the same time, diligent tracking is irrelevant if you notice a substantial amount of unnecessary spending and unexpectedly low sales. If you want to maximize profits, your business should consider taking advantage of the benefits of sales forecasting. If you feel like…
Benefits of a Purchase Order System
At some point, your business may need to purchase items or services from an outside supplier. Your orders will likely come with a record of your purchase from the supplier. What if your order doesn’t arrive on time or contains the wrong items? A purchase order system allows you to hold yourself accountable for the money your company spends.…
How to Run an Inventory Audit
Inventory audits can be challenging, but they offer important insights for growing businesses. Whether you are running an inventory audit for tax purposes or to verify the units you have for your own records, it’s important to know what to look for in an inventory audit and how to resolve any issues so you can optimize…
Tips for Kitting and Bundling Your Products
If you’ve ever purchased a set or pair of products for a lower unit price than you would have paid if you bought the items individually, you’ve participated in what marketers call the kitting and bundling process. Kitting and bundling is a highly successful tactic that businesses use to sell more of their stock. By “kitting” or “bundling”…
Objectives of Inventory Management
Inventory management can be tricky to master, but it’s essential that every commercial business practices financially responsible inventory management to promote business growth and maintain good customer relations. Decades ago, inventory management was typically done by pen and paper — and tedious hours of manual data entry. Today, most retailers use inventory management software that…
How Inventory Management Benefits Small Businesses
Managing your inventory well is critical for the success of your small business. Small business owners need to keep tabs on their inventory numbers and locations at all times, as discrepancies between a business’s physical inventory and its books can end up equaling substantial unnecessary costs. So how do you ensure that your sales translate…
Benefits of Cloud-Based Inventory Management
One of the most important parts of managing multiple warehouses and distribution centers is maintaining an up-to-date inventory management system. Keeping track of a business’s inventory is now easier than ever with advancing inventory management technology — particularly cloud-based warehouse management software. Especially with the prevalence of eCommerce as a primary means of getting goods…
Ways to Improve Inventory Management
If you are looking for ways to improve your business, consider starting with your inventory management system. Taking control of your merchandise has become easier with the help of modern technology, like specialized software platforms designed to give accurate and efficient insights into the flow of your goods. We are breaking down 10 tips for…
Benefits of Multi-Warehouse Inventory Systems
As the online shopping world grows and the demand for fast delivery increases, many companies realize that one warehouse isn’t enough. That’s where multi-warehouse inventory systems come in. Managing your inventory well is critical for your business, no matter your industry, and you need the proper inventory software to track your product’s whereabouts and coordinate…
An Overview of How Warehouse Management Systems Work
Warehouse management systems (WMS) are critical components of warehouse supply chain management, warehouse functionality, planning, staffing and distribution center management. Without a reliable WMS, running and managing a large warehouse or multiple warehouses today would be virtually impossible. WMS applications help companies manage material storage and movement within their warehouses and distribution centers, but they…
What Is EDI and Why Is It Important?
Electronic data interchange (EDI) is a staple in the business world, providing a quick and secure method for document transfer. Of all electronic business transactions, those facilitated by EDI processes total over 20 billion transactions per year. Over 60% of businesses across the United States already use EDI in their daily operations, benefitting from the cost savings, speed and…
Top Inventory Management Tips
Effective inventory management is essential to a successful e-commerce business. It can help you stay on track and develop the best strategies to optimize your business operations. At the same time, there is more to inventory management than how you arrange your inventory. To successfully minimize costs and maximize sales, keep this six tips for inventory management…
Benefits of Inventory Management Software
Inventory management software is essential if your business depends on a warehouse to fulfill orders. Proper inventory management streamlines processes and ensures everything runs smoothly. Regardless of your company’s size, inventory management software can improve your operations. In this article, we’ll discuss the inventory management software you need to optimize your warehouse management. Before that, you’ll learn what inventory…
What is Landed Cost and Why is it Important
So, you’ve found a great price on a shipment of products or materials from an overseas supplier, and you’re excited to take advantage of the deal. Before you make the purchase, take another look at what it will cost to get the products from the supplier to you. Are you seeing the whole picture? The…
Ways to Pick and Ship Orders Faster
Order picking is a necessity in any large warehouse, and improving its process is essential for customer satisfaction. The order-picking process serves as the last touchpoint between you and your customers before your product travels to its destination. To remain competitive in your market, you must constantly strive to ship your customers’ orders faster while ensuring…