How to maximize success and run an easy ecommerce store

How to maximize success and run an easy ecommerce store

There are very few businesses that do not have an online presence, and the majority of companies who have tangible products to sell will also have an ecommerce element to their site. Managing ecommerce in business is no easy task, but some key processes could help to improve your ecommerce inventory management system. Organization is key to an easy ecommerce store Do you know exactly what stock you have and how much you currently have available? Could you quickly locate each item in your stock room if an order came in? Organizing your ecommerce stock management system is vital to a smooth running business and an easy ecommerce store. Not being able to find an item cause delays in the procurement process and result in a dissatisfied customer. Most customers will just find an alternative supplier who can fulfill their order immediately if you are not able to, and to regain their custom and trust would be extremely difficult. The resulting cost in marketing and customer relationship management that would be required to rebuild the trust with a disappointed customer would be significant. To avoid this, it can be beneficial to invest in technology that will assist you with your stock management. The complexity of an ecommerce inventory management system will vary depending on the size of the business. Companies with large amounts of stock could introduce more sophisticated technology, such as barcoding, to keep track of their inventory. This kind of technology will also help to reduce the risk of human error and provide accurate figures for future forecasting purposes. … Read More

Is Inventory Management the key to your bottom line?

Is Inventory Management the key to your bottom line

Is inventory management the key to your bottom line? If you are in the business of selling products, your inventory may be your most important asset. If growing your business is your goal, then you must make inventory management your primary focus. In merchandising, inventory is the backbone of your business, and a healthy inventory management system will keep you on top. Take an in-depth look at how you’re handling your inventory today, if you are ready to take your business to the next level. It can make all the difference as to what shows up on your bottom line. Here are some benefits of building a robust inventory management system for your business: Your cash flow will strengthen Your inventory turnover will instantly improve You will be freed up to experiment with new markets Inventory management and cash flow When you manage your inventory properly, you get access to hidden cash. Cash flow gets stifled when you hold on to the wrong type and amounts of stock. To manage your inventory properly means that you will have the correct amount of inventory to meet your customers’ needs.  Not too little—not too much. And certainly not the wrong kind! This goes to say that you will have the optimal quantity of the right inventory to meet your customers’ needs. This also means you will reduce your expenditure on up-keeping of the wrong inventory. When you maintain the right inventory in the right amount, you will not have to worry about running out of stock. Sometimes when you run short on stock, … Read More

Build your Inventory Management System with asset tracking

Build your Inventory Management System with asset tracking

All businesses want to keep track of their assets and their inventory – often using an inventory management system to do so. What we mean by ‘assets’ is the sort of things that are used within the organization to help the business operate. For example, things like IT systems and computers, office equipment and stationery (photocopiers, staplers, etc.), warehousing equipment, tools (such as forklifts, trucks, ladders), as well as the people who work within the company. Inventory, on the other hand, is made up of the goods and products that the organization holds in stock to sell to customers. This inventory may be housed in a warehouse, or it may be held on your behalf somewhere else (e.g. in a distribution center). How an inventory management system works From the earliest days of commerce, retailers have needed to keep track of their stock. You can probably go back far enough to store owners who would have been using an abacus to count the items they were keeping. Then through the ages to pencil and paper and towards more recent times, when a spreadsheet would have been the most common inventory management system that was used. Since the internet inventory software solutions have become more common, with cloud-based systems being quite standard nowadays compared to a few years ago. Fundamentally, what you need to do is keep an accurate record of each item you hold in stock and how many there are. Many more elements go into how inventory management systems work – such as taking account of geographic location, seasonal predictions, … Read More

10 Best stock control software tips for inventory management

10 Best stock control software tips for inventory management

10 Best stock control software tips for inventory management Wondering how the big businesses do it? Here are some of the best stock control software tips to help you manage inventory more efficiently. Various experts have defined inventory stock management as the process of coordinating and supervising the supply, storage, recording, and distribution of stock. The aim of which is to maintain adequate stock levels, enough to satisfy demand without any over-supply or loss. By decreasing the amount spent on inventory, the best stock control software helps companies maximize their profits. However, all businesses suffer from some degree of inventory stock management problems. The most common cause of this is “shrinkage,” which is caused by theft and administrative errors. Shrinkage accounts for losses that amount to at least 1.4 percent of all sales per annum. While the best stock control software focuses on cutting down human or administrative errors, it is still important to know how stock levels can affect your company. This is especially true for businesses that are trying to expand their operations. Inventory stock management can affect how much the company makes, as well as customer satisfaction in your products and services. The best stock control software tips Here are ten inventory management tips that can help your company improve its inventory stock management: 1. Check all your stock Every time a supplier delivers new stock, your first step should be confirming that it is exactly what you ordered. This rule applies to both the number and quality of the delivered inventory. This might seem like an … Read More

13 Reasons to use ecommerce inventory management software

13 reasons to use ecommerce inventory management software

Good ecommerce management is essential for accurately tracking inventory operations and efficiently managing multi-channel selling on marketplaces such as Amazon and eBay. If ecommerce inventory management is done poorly (which is often the case when executed manually) your business will suffer as a result. No ecommerce business should have to experience profit loss or a decrease in custom due to management errors, especially when these problems are easily avoided with ecommerce inventory management software. With ecommerce inventory software you can prevent problems such as stock outs and overselling. Not only is this the most efficient way to manage your ecommerce inventory, but this software is beneficial to many other areas of your business. 13 Ways ecommerce inventory management software benefits your ecommerce business: 1. Track all your inventory with one system With ecommerce inventory management software, it’s easy to keep track of your inventory all in one place.Each stock movement that occurs in your warehouse is easily tracked, as ecommerce inventory management software gives you a complete view of stock levels in real time. With such an accurate overview of your ecommerce inventory, you can prevent stock outs and avoid unfulfilled orders by distributing stock from existing inventory, enabling you to fulfill customer orders efficiently. 2. Avoid overselling With stock levels continuously changing, accurately updating ecommerce inventory levels manually is virtually impossible. Without accurate stock updates, you’re at risk of overselling which not only leads to loss of sales but unhappy customers.If your clients are sold a product that isn’t available, they will leave negative feedback and are unlikely to shop with … Read More

3 Proven tips to help you learn how to manage inventory effectively

3 Proven tips to help you learn how to manage inventory effectively

These three expert tips will show you how to manage inventory effectively and save money. Do you know how to manage inventory? Inventory management is one of the biggest problems that inventory-based companies face. It certainly does not help that this issue can quickly become unmanageable as the business starts growing and expanding its product portfolio. Think about the piles of stock that are lying in your warehouses right now. You will begin to see how poor stock management can affect your company’s profits negatively. Unmoved inventory represents working capital that your business could have used to run other parts of its operations. Taking stock and clearing out idle inventory should be a regular part of your company processes. That is why learning how to manage inventory effectively should be a top priority for your business. However, it is important to recognize that your efforts can be affected by certain factors. For instance, activities such as sales, procurement, and manufacturing can impact your inventory directly. It can also be influenced by outside forces such as dynamic trends and changes in the economy. While you could certainly study and predict some of these impacts, most are much harder to manage. Three tips that will help you learn how to manage inventory effectively Inventory managers must be able to take all these unique factors into account and develop an effective way to administer the company’s inventory. Here are three proven tips that will help you learn how to keep your inventory in check. 1. Keep lean stock Your primary goal should be … Read More

How to manage stock inventory: Top tricks to boost efficiency

How to manage stock inventory- top tricks to boost efficiency

Many factors go into running an efficient business, but one of the most important considerations is the way you choose how to manage stock inventory. To maintain a smoothly-run, efficient inventory system, it’s important to track how often the inventory turns, that is, how many times you sell through your entire inventory (or whatever is financially equal to that). Many companies track this differently – some calculate it monthly, others choose to do so weekly or quarterly. Whichever you choose, calculating how often your stock turns and managing your inventory will help you keep your budget in line, learn how often to reorder, and teach you which products work best for your company. Check out this list below for tips and trick on how to manage stock inventory: How to manage stock inventory: Know your market & know yourself: No one knows your products or needs better than you, but make sure you’re considering everything when determining your inventory. One of the best ways to manage inventory is by meticulously acknowledging the types of stock you have. Do you only have finished products? Do you need to have raw materials on hand to create your products? Make sure you always have the right amount of product on hand. Keep a sharp eye on the market. You know what works for your store and what doesn’t, but make sure you’re also tracking inventory trends happening around you. If you notice some items flying off the shelves while others are sitting dormant, adjust your inventory. Make sure you’re always staying true to … Read More

Inventory management advantages – How it can improve your business

Inventory management advantages - How it can improve your business

How inventory management advantages can grow your business Inventory management advantages are endless and can help your business prosper. With Inventory Management software you will make better business choices, boost profits and save valuable time. Retail businesses really benefit from effective inventory management. It sets them apart from competitors still using manual methods. Here’s how the benefits of inventory management software can positively impact your business: Effective decision making Making quick and efficient decisions is easier when you have instant insight into inventory levels, profit turnover, and product information all in one easy-to-manage system. You can sync various devices and cash registers and make immediate changes across all linked systems. Manage all your inventory in one place Inventory management advantages are great if you have multiple warehouses or a chain of stores. The benefits of inventory management software let you manage all outlets in a single system that’s also accessible through mobile devices and barcode scanners. Reduce expenses The benefits of inventory management software are that real-time inventory movement and product information is always available. You’ll get alerts on the number of goods on your shelves and any item shortage. Having this information on hand increases productivity and allows you to make correct and timely decisions regarding stock levels and repurchasing. These insights are useful as they help cut down expenses by eliminating the risk of under or over buying. This software can help you put savings back into your business due to reduced operating costs. Integrate inventory data and ecommerce Want a complete overview of your business? Inventory management software can … Read More