Is Your Inventory as Scary as Friday the 13th?
There is no question that one of the greatest fears for any retailer is inventory. Here are a few tips to take the fear out of inventory management. Share your own fears and tips below…
Tips to take the fear our of Inventory Management
- Drop ship with Vendors: Sell your vendor’s available stock levels on your website, and have them drop ship orders directly to your customers
- Inventory Management: Organize your inventory in your retail system by using an inventory structure (or taxonomy) that’s right for your business, to make it easier to run reports on your merchandise (i.e., Merchandise Sold Report, Cost of Goods Report)
- Forecast & Mange Products: Use reports to forecast and plan the necessary stock levels based on trends, season, top sellers, promotions and other valuable analytics, and determine optimal reorder points and inventory quantities.
- Mobile Inventory: Use a mobile inventory app (that communicates with your retail system) to scan, count, manage and lookup inventory in trucks, store locations or warehouses, and complete physical inventory. This eliminates the need for manual entry, reduces errors and improves customer service.
- Real-Time Inventory: For omnichannel retailers, it’s vital that your POS and eCommerce are integrated (or share the same database) so inventory is reflected in-store and online in real-time. This eliminates the need to update prices, stock levels and other product-related data multiple times.