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…

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…

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…

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…

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…

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…

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…

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…

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…

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 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…

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…

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 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…

Online retailers lose $22 billion annually when products go out of stock. One way to reduce those losses is to place an item on backlog. As a retailer, you may sometimes see this from your suppliers or consider using the strategy yourself. So, what does it mean when an item is on backorder? Under this scenario, customers…

Keeping a clean and organized warehouse affects much more than just aesthetics. It can boost your efficiency, keep employees happy, reduce errors, minimize safety hazards and lower costs. There are many ways to optimize your warehouse, so let’s look at a few of the top strategies. How to Keep Warehouses Organized Follow these tips for…