Promotional Goods Inventory Management
Promotional products are items used for advertising and marketing purposes, typically imprinted with a company's logo, name, or message. They promote brand awareness, increase customer loyalty, and encourage customer engagement. Swag promotional products can range from everyday items such as pens, mugs, and keychains to more unique items such as stress balls, water bottles, and tote bags. They are typically given as gifts, prizes, or incentives to customers, employees, or potential customers. The goal of using promotional products is to increase the visibility and recall of the company's brand.
According to the Promotional Products Association International (PPAI), the US promotional products industry alone is estimated to be worth over $24 billion, with an annual growth of 4% to 6% per year. The industry includes many suppliers, distributors, and retailers and serves many customers, including businesses, non-profit organizations, and government agencies. The industry has grown in recent years due to increased demand for effective and cost-efficient marketing solutions and the continued popularity of promotional products to connect with customers and increase brand recognition.
Inventory management is a critical aspect of the operations of a promotional goods company, as it affects the company's ability to meet customer demand and maintain efficient use of resources. Effective inventory management involves keeping accurate records of the quantity, location, and status of each item in the company's stock, as well as managing the flow of products from suppliers to customers.
Overview of Promotional Management Inventory Software
Our cloud-based jewelry software solution offers a host of valuable features.
Reorder Point Automation
Prevent costly stock-outs by setting reordering thresholds. Or, save time with Finale's dynamic reordering features to handle the numbers for you. Finale can calculate reordering points based on the product's sales velocity to make smarter purchasing decisions for restock forecasting, which also allows you to keep your carrying costs low. Finale will automatically calculate dynamic reorder points based on your inputs – supplier lead time, desired safety stock, and expected sales growth — to make smarter, faster-purchasing decisions.
By establishing reordering thresholds, a company can ensure that it always has enough inventory to meet customer demand. Stockouts can result in lost sales and dissatisfied customers, so it is important to have a system to avoid them. Reordering thresholds help to maintain optimal inventory levels, ensuring that the company has enough stock to meet customer demand without overstocking and tying up too much capital in inventory.
Restock forecasting from Finale gives you one less thing to worry about. When your inventory gets low, we’ll send you an alert letting you know it’s time to send out a purchase order. You can email the purchase order directly from Finale, and when you receive your shipment with Finale, Finale will update all your selling channels with updated stock quantities.
Kitting is a process used in the promotional products industry to assemble and package multiple items into a single, ready-to-distribute unit. Kitting is commonly used to create promotional product bundles, gift sets, or promotional kits that can be more convenient for customers to receive and use. Combining compatible items like t-shirts and bags into kits or bundles enables you to increase sales and provide more value to your customers. Our software can automatically track inventory levels to ensure your customers can only purchase these kits when there is an available supply.
In kitting, individual items are selected and grouped based on customer requirements or marketing goals. These items are then packaged in a single unit, which may include additional packaging materials, such as a box, bag, or promotional insert. The kitted items may be pre-packaged by the supplier or assembled on-site by the customer, depending on the specific requirements and preferences.
Barcode scanners can greatly assist with the pick and ship process in a warehouse by providing a quick and accurate way to identify and track products. Barcode scanning can improve the efficiency and accuracy of the process by performing the following tasks:
- Order picking: Barcode scanning can quickly and accurately identify the items to be picked, reducing the risk of errors and speeding up the process.
- Inventory management: By scanning barcodes on incoming and outgoing products, a warehouse can accurately track inventory levels in real time, ensuring that orders can be fulfilled quickly and efficiently.
- Packaging: Barcode scanning can assist with the packaging process by providing a quick and easy way to verify that the correct items have been included in the shipment.
Leveraging a mobile barcode scanner barcode scanning is an important tool for improving the efficiency and accuracy of the pick and ship process in a warehouse. By automating many of the manual tasks involved in the process, barcode scanning can help to reduce the risk of errors and improve customer satisfaction.
The landed cost is the sum of all fees and expenses a business incurs when delivering a product to its destination. Landed cost is important for promotional products companies because it provides a comprehensive view of the total cost of a product, including all of the associated costs beyond the purchase price, such as shipping, handling, taxes, duties, and other fees. Finale will take the guesswork away and will calculate the landed cost of each product.
Landed cost is an important concept for promotional products companies, as it provides a complete view of the cost of products and helps companies to make more informed decisions about pricing, profitability, cash flow, and inventory management.
Multichannel Inventory Management
Are you attempting to juggle multiple store locations and warehouses? Our promotional good inventory management system supports over 40 marketplaces and shopping cart integrations. Get real-time tracking of all ordering transactions, enabling you to monitor sales across all locations. Prevent overselling by pushing updated product quantities to every selling channel.
Why Partner With Finale Inventory for Your Promotional Goods Inventory Management Needs?
Implementing our jewelry inventory management software provides many benefits for your business:
- Increased inventory management accuracy: Reduce costly out-of-stock situations and experience real-time monitoring of inventory levels. Set up automated reordering based on the parameters you provide.
- World-class service: Our phenomenal service team will help you get started and provide ongoing support. Your dedicated account manager will provide free training and consulting during the trial period. Our paid plans are available on a month-to-month basis with no long-term commitment.
- Enhanced efficiency: You'll be able to bolster your kitting and bundling capabilities, enabling you to focus on other areas of your business's growth.
- Scalability: Our software can scale with your business, whether you're looking to expand your brick-and-mortar or online store operations — or both.
Take the Next Step: Sign up for a Free Trial Today
Discover the value of integrating Finale Inventory promotional goods inventory software into your operating processes without risk. Schedule a convenient product demo today.