As an online retailer, you know that managing your inventory levels efficiently is becoming ever more critical to your bottom line.
You can’t afford stockouts, but you also can’t risk tying up your capital in excess inventory. You have to find that Goldilocks “just right” number for each SKU.
One of the best ways to do that is to figure out your optimal inventory to sales ratio.
With the rise of generative AI like ChatGPT, Bard and Adobe Firefly, there is great potential for DTC brands to increase their productivity using the power of machine learning.
When it comes to inventory planning, there is no such thing as one-size-fits-all. With more brands selling on more channels, omnichannel commerce is here to stay. But is your inventory planning capable of keeping up?
Whether you’re scaling an existing wholesale channel or just starting to accept wholesale orders, inventory management can get tricky — especially as your business grows. Even if you have the most organized system for tracking your retail inventory, wholesale inventory requires deeper insights into customer data and product availability.
In the early days of retail, a small business could survive and thrive while operating a single storefront with in-store only sales. Though some businesses still operate this way today, anyone in the retail game knows that multi-channel inventory is becoming less of an option and more of a necessity, especially if you want to scale.
Measure twice, cut once. The direct meaning of this common saying is relevant for carpenters, but its symbolic meaning is important for businesses in all industries.
Every ounce of preparation is worth its weight in gold, especially when it comes to processes and practices that have significant repercussions when done improperly. Demand planning for your supply chain is one such process.
Have you ever sold a product you didn’t actually have in stock? If so, you’re not alone: 34% of businesses have been forced to delay shipping a product because they sold something they didn’t have in hand.
Though not uncommon, these types of mistakes aren’t great for your customers’ experience. So, how do you manage inventory replenishment processes efficiently enough to prevent it?
Inventory is the lifeblood of any product-based business. Without the right products, in the right place, at the right time, you can lose sales and customer trust.
You want to implement inventory optimization processes but don’t know where to start.
If your brand sells direct-to-consumer in 2022, you know how important it is to meet shipping deadlines.
With rising delivery demands and increasing postal delays, missing a shipping deadline means your consumers will receive their purchase late, resulting in poor reviews at best and demands for refunds at worst. Still, an estimated one-third of businesses regularly miss shipment deadlines. Why?
They’ve sold a product that wasn’t in stock. In other words: Poor inventory forecasting.
