How do you manage inventory online and in store?
While how you handle your online company inventory won’t change all that much from how you handle inventory in a brick and mortar store, the inventory management tactics you employ for an online store will need to be fine-tuned to be effective. With that in mind, consider the following inventory management suggestions to help your online company thrive:
1. Be Organised
Great organising skills and procedures are required for effective multichannel inventory management. There are several items to keep track of, thus keeping these products structured as strategically as possible is an important element of your organisational administration.
Keeping similar items together is one way to achieve this. To keep track of related components and pieces, make lists and organise them into particular categories. When comparable goods are put together in this way, you won’t have to waste time looking for certain pieces because they’ll already be grouped together.
2. Utilise an Order Management Software
It’s time to move away from spreadsheets and pen and paper. While it may seem cost effective, it is not a viable long term solution for your inventory management.
Inventory management software was created with the goal of making inventory management simple. Most inventory software is cloud-based, meaning there is no software to instal, and numerous users may access and make changes from any location at any time. These solutions will aid in the inventory monitoring process by encouraging and preserving accuracy, simplifying paperwork and record keeping, reducing paper usage, and saving time in general.
3. Take advantage of analytics for purchasing decisions
Your inventory data is the best predictor of how to efficiently manage future inventories. This means you can figure out which goods to replenish, when to restock them, and how often to maintain them in your warehouse rotation by looking at previous purchase orders and sales data.
Purchasing is one of the most important and difficult duties in any retail business. You want to please your consumers by offering items that fulfil their needs while also achieving your company’s financial goals. As a result, a buying department confronts two major questions at any one time:
- When do I need to reorder more inventory?
- What quantity should I order?
Many small companies have a strong sense of what to get and when to order when they have a few hundred goods since they are often involved in the fulfilment operation and can take a fast tour of the aisles to see what needs to be ordered. As you add more goods, sales volumes rise, and your team to support your operations expands, this process gets increasingly difficult.
Many businesses use a min/max reordering strategy to determine when to restock. You can use a spreadsheet for smaller firms, but most organisations (regardless of size) utilise their cloud-based inventory software since it has this feature.