6 Ways Successful Businesses Manage Inventory

Posted by: Laura Hills

In working with thousands of small to medium-sized online retailers, time and again experience shows us that the customer experience doesn’t end at checkout. Efficient and effective back office inventory operations are crucial elements to any online retailer’s successful operation.

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Asked about their top challenge in 2014, 43% of retailers ranked inventory management 1. That’s more than accounting, compliance, tech implementation, e-commerce integration, order management, or payroll. *Intuitive Accountant Survey

Here are six proven ways to reduce the retail inventory management burden.

1. Track Inventory From All Sales Channels
In the “Amazon Age” of retail, multiple points of demand and fulfillment require real-time visibility into multiple sources of inventory.

2. Gain Control of Kitted & Bundled Products
Adding kits to your product mix is a great way to increase sales, but can complicate things if you don’t have good inventory control in place.

3. Better Manage Drop-Ship Orders
In a drop ship scenario, the merchant is the middleman between the supplier and customer, integrating Purchase Order management, streamlining and speeding up the process so customers get their orders faster.

4. Beat Back Backorders
With real-time inventory management across sales channels, you can avoid out of stock situations by always posting accurate available-to-sell levels on all sales channels.

5. Enable Bin & Lot Tracking
Recall anomalies can wreak havoc on inventory accuracy.

6. Implement Barcode Scanning
Barcode scanning improves picking and packing accuracy while dramatically reducing the time required to process orders.

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