Inventory Management – Everything You Need to Know
Your inventory is crucial to your business success. Without an inventory, customers have nothing to buy.
That’s why a strategic inventory management process is needed, regardless of what kind of business you run or who your customers are.
Inventory management affects your bottom line. It impacts your warehousing and storage costs, your ability to fulfill orders on time, and your product availability.
Whether you’re operating a physical or eCommerce store, or both, inventory management can be challenging.
How do you know if you have enough inventory? What happens if you run out? What happens if you don’t even know that you ran out of products?
Here are some of the biggest challenges you might face when it comes to managing your inventory.
Eliminating Mistakes for Shipping
When customers order a product, they expect to receive the exact item they purchased.
It’s important to ensure that the correct item is sent to your customers because mistakes can result in poor customer satisfaction.
Shipping errors can also be costly because you lose the inventory and shipping cost of sending the product to the customer.
You might also have to cover the costs of returns and resending the correct item.
Only Sell What You Have in Stock
When your inventory counts are inaccurate, it’s easy to oversell.
If you can’t deliver the items your customers are looking for, they’ll become frustrated and might not come back.
In addition, you delay the sales process by making your customers wait for the products to become in stock again, which causes you to lose revenue.
Good inventory management ensures that you always have an accurate count of available inventory that’s ready to be sold.
Automate Inventory Restock
When there are so many things to think about when operating a store or brand and you have so many products, it’s hard to keep track of when inventory runs out.
When you automate your inventory restocking by setting restock levels, you ensure that inventory is reordered before reaching a critically low level.
Low stock can create other challenges such as restock costs, reduced sales, unfulfilled demand spikes, and more.
At Storesupport, we can help you with:
- Inventory management;
- Stock replacement;
- Merchandising management;
- And more.
With our experience in inventory management, we can help ensure your inventory is always in stock and accurately delivered to your customers.
Learn more about how you can leverage Storesupport by calling 1-877-421-5081 or visiting www.storesupport.ca.« Back to Blog