25 Nov Tips and Tricks for Inventory Management
You’ve got a thriving online store, with orders pouring in every day. Business is booming—but now you’re discovering a new challenge. How do you handle all the inventory that’s waiting to be shipped out? Where do you store it, how much should you have on hand, and how can you keep track of it all? Good inventory management can help you answer all these questions. Read on for our best tips and tricks about this often-confusing aspect of selling and shipping.
Use an Inventory Management System
Unless you’re a tiny business that sells one product, you likely have a large stock of many products. Keeping track of the coming and going inventory manually can be a huge drain on your resources and time, so consider using an inventory management system. Do some research to find the management system that best fits your store and its needs, and make sure you’re using an integrated system that seamlessly works with your online platform and your physical inventory. If you set up a good system, you’ll be able to free up a lot of time to do other things.
Categorize and Prioritize Inventory
Chances are, some of your products cost more and turn over less. Others might be cheap products that sell fast. To manage inventory, it’s a great idea to identify your best-selling items and products that are more valuable but sell less quickly. By creating these categories, you can identify the inventory you’ll need to reorder most often and plan accordingly.
Cut Excess Inventory
There are times, such as the holiday months, where it’s a good idea to have some extra inventory lying around. Most of the time, however, excess inventory simply clutters up your space, makes other items harder to find, and creates major headaches. Avoid this problem by conducting routine inventory audits and counts, identifying products that aren’t selling quickly, and cutting down on inventory accordingly. This will free up space and save time and money.
Find a Trustworthy Storage Partner
Especially as your business expands, it can be tough to store and track all your inventory. Fortunately, shipping partners can also store inventory for you. This solution frees up space and allows you to expand product offerings and sales without worrying about running out of space. Make sure you choose a partner that offers transparency and flexibility in the storage process. You don’t want to end up paying for a minimum amount of floorspace you never used or trapped in a contract designed for twice your inventory and sales.
Inventory management can be a complicated process, but with the help of a system and a few tips and tricks, it can be a much easier undertaking. If you need help managing and storing your inventory, Kable Product Services can help. We offer flexible plans and storage options for small businesses, not just huge corporations. Whatever your inventory needs, we’re here to help!