Slow-moving inventory is defined as stock that has had little customer demand over a certain period of time. But how do you identify slow-moving inventory? What qualifies as little customer demand? All of these questions are important to ask yourself when reviewing your inventory strategy. If your focus is on growing your business and staying ahead of your competitors, it’s important to dedicate time to improving your fast-moving inventory and managing the slow movers. Here’s why slow movers are a problem and how you can identify them to establish a strong growth strategy.
One way to increase the profits of your company is to reduce supply chain costs. While you want to maintain high-quality products and services, there are certain areas that you can look to in order to cut back on e-commerce supply chain costs. These areas include but aren’t limited to: warehouse space, inventory stock, transportation modes, and order processing. If you’re looking for some supply chain cost saving ideas, consider these thirteen useful tips:
You likely own a number of products—maybe even the device you are reading this article on—that were manufactured in China. As markets become intertwined on a global scale, the way customer demands are being supplied is getting redefined. Raw materials, labor, and production can be obtained from a dynamic range of sources as businesses large and small look for the lowest costs. However, getting a product made cheaply across the ocean doesn’t help unless you have a way to get it to a customer ordering from, say, New York City.
This is why supply chain management is incredibly important to the growing e-commerce sector. As production takes on a more global field, coordination and control of the flow of a company’s goods becomes all the more integral to ensuring smooth and productive operations.
From startups, to small operations, to large corporations; one of the common methods many businesses use to get an edge is to go global. This can involve anything from moving manufacturing to a more affordable foreign location, to actively expanding operations and sales to an international level. As the supply chain grows longer and branches grow further, increasing complexities and risks will occur that require proper management solutions to avoid harming your business.
Getting a product from point A to point B sounds so much easier than the actual reality. The truth is, gaining effective supply chain visibility takes the trust and cooperation of several partners, along with the implementation of modern technology, in order to successfully track a product from manufacturer through to the customer.