Inventory management is a huge part of ecommerce and online retail brands and is without doubt hard work. It involves keeping track of the company’s stocks. It helps you know which products are currently available and when to replenish the products. Apart from inventory management, you need to maintain proper packaging inventory to ensure timely deliveries.
Managing packaging inventory:
Last minute calls to your packaging manufacturers would more often cause delays in fulfilling your deliveries, which disrupts your business reputation. Eliminate the stress of maintaining packaging inventory by opting for vendors who offer just-in-time packaging. If you are looking for reputable cardboard packaging vendors visit belley.net/services/warehouse-ready-to-go/.
They are the leading manufacturers of high-quality lightweight cardboard boxes in Canada. They will store your customised boxes at their warehouse and deliver it just when you need it. You can now focus your full attention on managing your product inventory.
Benefits of maintaining product inventory:
- Avoid product spoilage: Products that come with an expiry date would go waste if they aren’t sold before a specific time.
- Avoid dead stock: Dead products include products like apparel which are no more in trend. Manage your inventory to avoid such products from staying in the shelves.
- Increased productivity: When you maintain proper inventory, you can spend less resources and time for maintaining inventory and instead focus on other pressing business issues.
Inventory management techniques:
- Set par levels: Set par levels for each product depending on its popularity and the time it takes to stock the product. When you find the values reaching the par level, it is time to make an order. Change the par levels as per the situation.
- First-in-first-out: Be it perishable or non-perishable goods, sell your oldest stocks first since the older ones may get worn out sooner or its features may change over time.
- Communication with suppliers: Have a strong relationship with suppliers. Instead of stocking up many items, you can negotiate the minimum order quantity.
- Regular auditing: Make it a practice to do routine inventory checks. You can manually check the inventory of all products once a month and also spot check products randomly.
- Prioritize products according to sales: Few products like the one with frequent sales would require more attention than the rest. You can now make better predictions on when to place orders.
Take control of the inventory management. Effective inventory management helps to keep your business profitable.
