Posts Tagged ‘inventory spreadsheets’

5 Ways to Stave Off the Dreaded Stock Out

Friday, October 30th, 2015

stave off stock outs

Failing to deliver a customer’s purchased product puts a serious damper on the customer experience. When inventory stock outs create a loss in loyalty and sales, what’s a retailer to do?

“70 – 90% stock outs are caused by defective shelf replenishment practice, as opposed to the 10 – 30% resulting from the upstream supply chain, such as a shortage in supply from the supplier.”

If you sell electronics, perishables, flowers or nutraceuticals, this post is especially for you. These industries historically have a much higher chance of dealing with the dreaded inventory stock out. To get around the dreaded OOS sign, consider the following.

How to Avoid Inventory Stock Outs:

 

inventory stock outs

  • Set up ‘Low Inventory’ Alerts to Know When to Restock
    -Setting up these system alerts allows for stock replenishment in advance of becoming OOS
  • Prepare Ahead When Ordering Stock- Highlight Best Selling Item
    – Using historical product sales data helps Gain Insight on Trends & Peak Selling Seasons

Although adopting these practices and managing your inventory stock levels are essential to ensuring product availability and increasing sales productivity, the process can get complicated, time consuming and messy.

So, let’s get down to the basics and see how we can turn this around. The quickest way to get your orders under control, without having excess inventory trailing behind, is to first centralize your order processing workflow.

Having an automated multichannel inventory management system gets your inventory under control, and fast. With an automated order and inventory management system, you would be able to automatically download new orders from all sources, publish product information and keep inventory synchronized.

Inventory spreadsheets become a thing of the past. What could be better than fulfilling orders in the present moment, avoiding stock outs at every possible turn?

An online inventory management system can ease your retail qualms and boost customer satisfaction. Why keep your customers waiting or frustrated, when preventing inventory stock outs is just a few clicks away?

To find out what you may be missing to avoid stock outs, check out the OMS eBook below.

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How to Simplify Purchasing throughout the Inventory Process

Thursday, October 22nd, 2015

how to simplify purchasing throught the inventory processs

How can retailers toss their inventory spreadsheets aside and finally streamline purchasing?

It’s as simple as implementing automated and effective purchase order (PO) management throughout the inventory process.

Let’s start with the basics. Like what’s a purchase order and why is it so important? A PO is a sales contract between the buyer and seller specifying the exact merchandise received from a vendor.

Within that, there are details related to the payment terms, delivery dates, item specifications, quantities, shipping terms and other relevant terms and conditions.

When you’re managing a retail business, purchasing and online inventory management go hand in hand.

Why PO Management is the Answer to Budgeting & Forecasting

Every time you purchase stock items from a vendor, a purchase order is the document of record that allows you to keep track of purchase requests, outstanding orders and to manage your accounts payable and accounts receivable. This process is crucial to the financial health of the business.

Inventory control and planning with PO’s is the key to maintaining available-to-sell product levels and replenishing orders in the fastest time possible. To prevent any errors from occurring, it is best to manage both your inventory levels and purchase orders in the same solution.

When these are managed separately, there is more room for discrepancies in inventory numbers, lack of visibility and overall inefficiencies.

Multichannel selling adds another level of complexity, with orders coming in from multiple sales channels. Managing available inventory across multiple sales channels can be prone to errors in the purchasing process, but with the right order and inventory management (OMS) software, this can all be avoided.

How Can an Order Management System Help?

With an order management system, you can easily see all of your purchase orders on all of your sales channels. But that’s not all.

You have the ability to create your own dashboards, which lets you keep an eye on product level alerts, from warnings to alert low level product inventory to visibility into your top selling products. You can also see those that historically sell well at peak seasons or with specific promotions.

With easy access to keep track of product returns and
where your most popular sales are coming from across all sales channels, the benefits keep coming.

Throw away the inventory spreadsheets and check out how an OMS can streamline the purchasing process.

inventory process order management

  • Easily See When To Re-Order Products:

-Alerts will be sent when reorder points [thresholds you set] are reached

-Create & send a PO to the correct supplier(s) with a few clicks

-Store supplier contact information & order history for reconciliation & forecasting

  • Quickly Update Inventory:

-Reconcile & update order levels & your sales channel inventory levels automatically

-Sync back to the channels on which you sell the items

-Any back orders for received items would automatically be updated and queued up for processing.

  • Know Your Costs:

-Automatically include the correct ‘buying level’ pricing on each PO, for special terms, discount levels, etc.

-Gain an accurate understanding of how much the product is actually costing you

  • Avoid Stock Outs:

-One solution=complete visibility over your operations

-Real-time solutions help to avoid stock outs and improve the customer experience

Check out the free eBook below on Multichannel Order Management for eCommerce to learn about back office strategies, optimizing the order process and more.

Multichannel Order Management for eCommerce

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