Addressing Inventory Management Inefficiencies The Right Way
An inventory-based e-commerce business is undoubtedly one of the most potentially lucrative businesses that you can start in this day and age. This is because we are now firmly in the digital age, and online shopping is fast becoming most people’s preferred way of acquiring goods.
In fact, in 2018 alone, an estimated 1.8 billion people worldwide shopped online — a figure which has undoubtedly escalated since.
Despite its earning potential, carrying and moving inventory does have its fair share of challenges. Unable to understand and recognize them could result in inefficiencies, such as wrong or inadequate items sent out, or inventory becoming stale, and so much more.
These, in turn, could then translate to lost revenue and unhappy customers. These, of course, are outcomes that you want to avoid at all costs, so let’s explore the best ways you can do exactly that.
Make Efficient Inventory Management Your Main Objective
In an inventory-based business, it can be said with certainty that inventory management is king.
In a nutshell, inventory management refers to the flow of inventory, from acquisition to storage to order fulfillment. In some businesses that involve manufacturing, this can also include the handling of raw materials, production, quality control, warehousing, and the like.
It goes without saying, therefore, that for your inventory-based business to prosper, you need to make efficient inventory management central to your operations. This will invariably entail streamlining your workflow and processes to ensure that everything moves smoothly and without interruptions.
This, by the way, is easier said than done, which is why it’s also important to employ methods such as demand forecasting, automate where possible, and even optimize warehouse and storage layout.
Another idea is to utilize RFID tags for fast inventory processing. As a bonus, you also potentially increase productivity while reducing costs at the same time with these measures.
Invest in the Right Platforms and Tools
It is a fact that much of the inefficiencies that occur in inventory management are due to outdated systems and human error.
Needless to say, to be able to cut down on the many possible inventory management mishaps from occurring and damaging your business, you need to invest in the right platforms and tools to keep your workflows really flowing without a hitch.
Know that there are a number of inventory management software packages available today, but they are absolutely not created equal. It’s important, therefore, to really do your due diligence and get to know the best inventory management platforms on offer and see how they are able to serve your particular operational needs before making your choice.
Equally a good idea is to explore added features and tools that could prove to be beneficial to your workflows, as well.
Bring in the Pros to Help Elevate Your Operations
Of course, it’s also a distinct possibility that out-of-the-box solutions simply will not serve you and your business, especially if there are unique parameters to consider. With this in mind, it can also be worth getting expert help.
Consider hiring freelancers like an e-commerce specialist to build a web dashboard or a full inventory management system that can help you manage your inventory more efficiently.
The best freelancing sites are a great source for business owners like yourself when you’re in need of individuals to help you in certain areas of your business, running the gamut from technical tasks to admin support.
Suffice it to say, putting in place a seamless inventory management process for your e-commerce business can be a demanding task that requires you to invest in the right tools and possibly expert help, as well as leverage appropriate resources.
This, in turn, keeps your workflows streamlined and your processes efficient. But with happy customers and a healthy bottom line to look forward to, you know for certain that it’s ultimately well worth the effort.
About The Author:
Marcus is an abilitator: one who helps people with differing abilities start their own businesses through training and/or mentorship. He created his site, Abilitator, as a way to reach out to those who are disabled and show them that becoming an entrepreneur is a goal they too can achieve.