Category Archives: Inventory Management

If you're an online business owner, then you know the importance of managing your inventory. One element that can have a big impact on how well you manage your stock is knowing about minimum order quantity (MOQ). Knowing what MOQs are and understanding how to properly use them for your business can prevent potential losses in profits caused by excess or understocked inventories. Below, we’ve put together the ultimate guide on everything you need to know about MOQ for e-commerce businesses. What Is Minimum Order Quantity (MOQ)? Minimum order quantity (MOQ) is the lowest amount of a product that a...

Are you attempting to keep up with inventory levels in your business, but not quite sure where to start? If so, you’re not alone! Businesses in the e-commerce industry need a system for tracking inventory—and physical inventory counts can certainly help. In this post, we'll explore what a physical inventory count is, why it's important for businesses like yours, and how to successfully execute them What Is a Physical Inventory Count? A physical inventory count might sound pretty daunting, but in reality, it's just a fancy term for counting up all the products and goods your business has on hand....

Inventory days on hand is one of the most important metrics that a business can track. It is used to measure the number of days it would take to sell all of the inventory currently on hand. This metric is used to help businesses manage their inventory levels and keep inventories lean. In this post, we will explain why it is important and how to calculate it. Why Does Inventory Days on Hand Matter? As mentioned, inventory days on hand is a measure of how long it would take a company to sell through all of its inventory given the...

With production uncertain during this unprecedented global pandemic, one of the best things your e-commerce business can do is to improve its inventory management. By equipping yourself with a streamlined and improved inventory management system, you’ll be better suited to handle the uncertainties in production chains that now plague businesses of all types and sizes. The good news is that you don’t need a ton of capital or resources to improve your real-time inventory management. With the addition of strong inventory management software and a few improvements made to your process, you can begin to see immediate benefits. That in...

If you're a business owner, then you know that time is money. The faster you can get orders through your system and delivered to your customers, the more money you'll make. That's why improving order cycle time is so important. In this blog post, we will discuss the benefits associated with improving order cycle time and how you can go about doing so. What Is Order Cycle Time? Order cycle time (OCT) is the total time from when an order is placed to when it is received. In other words, it is the time it takes to manufacture a product...

Businesses have a lot to worry about—from inventory management and sales goals to meeting customer demands. But one of the biggest concerns for business owners is inventory risk. Inventory risks refer to various circumstances that might make a company unable to sell their products due to unexpected changes in demand or a loss in product value. This can lead to lost sales and a decline in customer satisfaction. In this blog post, we will discuss some common inventory risks and how to avoid them. We will also talk about how a 3PL provider can help you resolve any inventory risks...

A dreaded term in the fulfillment industry is inventory write-off. It is the formal recognition that some of a company’s inventory no longer has value and cannot be sold. Sometimes inventory write-offs are necessary; sometimes items go out of style and need to be reworked or recycled for another purpose. Other times, a product gets damaged in the warehouse, either during storage or transportation, and has to be written-off. If write-offs happen here or there, it won't cause a huge loss to your organization; however, if they are happening frequently, it indicates that your company has poor inventory management. Here...

[caption id="attachment_6004" align="alignleft" width="300"] iStock.com/SeventyFour[/caption] Any organization that stores items in its warehouse needs some sort of inventory management. Without a proper strategy in place, your organization will face multiple challenges that could cost you money, waste time, and lead to poor customer service. Since the marketplace is constantly changing, you need to be able to adjust your processes to adapt to unexpected shifts. If you work within the e-commerce realm, you already know how important inventory efficiency is to draw in more customers and meet their demands. If you want to have a positive brand reputation, you will need...

[caption id="attachment_5995" align="alignleft" width="481"] iStock.com/gorodenkoff[/caption] What is real-time inventory management and why does it matter? Real-time inventory management is the process of keeping track of inventory sales and purchases as soon as they occur by using software that gives the entire company a picture of what's happening. It allows your organization to have the information it needs to react faster to specific needs in the supply chain. Real-time systems record every transaction immediately, to allow for greater accuracy than periodically updating the inventory at certain intervals. Here are the benefits of real-time inventory management and why you should implement it...

[caption id="attachment_5985" align="alignleft" width="507"] iStock.com/gorodenkoff[/caption] Inventory management is one of the most important aspects of a successful business. Understanding the need for effective stock control is only part of the solution. You should also know how to implement it and make the most of it. There are various reliable strategies for improving inventory control, such as characterization, integrated mobile technology, warehouse management systems, and supplier relationship management. These strategies and more provide a foundation to improve your inventory management. If you're wondering how to improve stock control, here are some tips to consider. (more…)