5 Ways to Manage your Inventory Better
Here’s how you can manage your inventory better
In the labyrinth of ease and convenience that online retail offers, overlooking the importance of managing your inventory could mess up your whole system of business.
If one product were unaccounted for, how would you track the error?
Here’s a quick checklist to take stock right away –
- Label products
Ensure all your products are labeled with the correct SKU codes. Since SKU codes become the reference point for each product, there is no way your team can take this step lightly.
- Organize products
Separate products category and subcategory wise. Additionally, you could sort them based on the speed of sale. Something that sells faster and more frequently should be at an arm’s length.
- Track product quantities
Over time, you should be able to pre-assess demand and procurement of products. Factor in the time taken to order and get delivery from manufacturer and place orders accordingly.
Tip: Mark the date of procurement on the boxes so that you can track the ones (older ones) that need to be disposed of first.
- Assess product variations
Order more of the sizes/quantity, colors etc. that are popular and lesser of the not-so-popular ones, to avoid the dead stock.
- Utilize technology
As you expand, it would be wise to invest in multichannel order and inventory management software like Browntape to eliminate the woes of multiple excel sheets.
Contact us to know more about how a single dashboard can considerably ease your daily operations.
Nice Article!! Can also include SKU which Plays a major important role in managing inventory better.