![]() ![]() Even with the best software, it’s important to do manual auditing too. What you need to know about auditingĪuditing is making sure that you are checking how much stock you have. Having an understanding of the solutions available will speed up the process of choosing or upgrading a software tool, thus making sure your money is being spent on the right tech in the right areas. The report helps you understand the options that are available and the current market trends influencing them. If you still feel like you’re missing some information about all the inventory tech options, check out Brightpearl’s retail tech stack report. Not only does it help you sell the stock for the best profit, but it also helps clear space for new stock. It will give you recommendations on when to sell at higher or lower price points, and what sells best in which season. Using software that leverages price optimization will also be a great benefit. Makes adjustments for where the product is in its lifecycle.Takes overstocking and understocking into account.What is the quality of their technical support during troubleshooting?īased on the most common criteria, you want to find software that:.Do you need to access the inventory management software on multiple devices?.Does the software allow you to prevent stolen, lost or misplaced inventory?.Are you allowed to audit the history of your inventory?.Does the system allow for customized reporting?.Can they provide data migration assistance?.Can the software integrate with other systems?.Does the software allow for scalability as your company grows?.GoCodes suggests asking the following questions: You really have to consider the nature of your business, your company size, specific challenges and needs. However, choosing the right inventory management software is no small feat. So, having a software tool assists in avoiding chaos and human error. What this really means is 43% of small firms are vulnerable to mistakes. Source: Visual.ly Choosing the right inventory management softwareĪccording to Wasp, 43% of small businesses still use manual methods to manage inventory. Left either to go out of date or out of fashion. But without proper inventory, a lot of goods may end up unaccounted for and unsold. This is something that may seem a little obvious for things like perishables. How long stock can stay out/in the warehouse.Keeping with the toy example, if the carrot is selling well, will a squeaky tomato sell well too? Accurate inventory tracking will also help with the purchasing and success of new products. Managing inventory helps steady numbers too. Yet, you don’t want to over-order and have piles of high-pitched toys piling up in the warehouse. The squeaky carrot toys have been selling much more than you predicted. If you are running out of milk, you don’t wait until the carton is empty before you buy more. You don’t want to be in a position where you cannot provide products for customers. First, you need to know when stock is running low. Understanding stock levels helps you with knowing Inventory control doesn’t have to be complicated, but it is always important. Understand the ins and outs of inventory management Why you need inventory control Here are a few pointers to make sure your eCommerce store stays on top by adopting a proper inventory management system. Some of the biggest firms in the world have collapsed through not using the right techniques and systems. Unfortunately, many businesses still lack the knowledge in inventory management best practices. ![]() ![]() Keeping on top of supply creates more customer focus as it gives people the products they want. It prevents waste, saves costs, and saves time. Understanding how to manage inventory is crucial for any business – large or small. It is knowing how much stock you have, how much it should sell at, where to keep it, and how long to keep it for. On the most basic level, inventory management is sourcing, storing, and selling stock. And that is knowing how to use inventory management methods to make your business the best it can be. You are running your own eCommerce business! Or, you may have had an online business for years…Įither way, there is one aspect of all retailer’s lives that doesn’t get the traction it needs. So, you are living the dream! After months of making plans, figuring out costs, and putting in the hard graft, you have finally set up shop. Learn about the essential inventory management methods and enhance your eCommerce sales and marketing strategy. ![]()
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