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Demand Planning With Inventory Management
If you aren’t sure how much product your store or warehouse needs, it’s time to incorporate demand planning into your business. Demand…
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How an Inventory Management System Can Boost Team Efficiency
The approach you take to inventory and stock, regardless of your company’s size, will influence nearly every other part of the business. Everything from employee and customer satisfaction to productivity and sales can be improved with effective inventory and stock management strategies. Many retailers implement these kinds of tools, and they are critical if you…
How to Choose Your Point of Sale System: A Full Guide for Brands
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…
6 Reasons Why Excel Inventory Management Will Not Help You Grow
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…
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…
Push vs. Pull System Inventory Management
Running a business can feel like a balancing act between making a profit and satisfying customers. An effective inventory management system can help you do both. First, you’ll need to figure out what an effective system looks like for your business. Most inventory management systems can be described in one of two ways: a push…
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…