Online retailers and e-commerce are having more than a moment. When you take a look at some of the top online retailers out there, the profits they are generating are pretty shocking, to say the least.
Now obviously these big players eat up a sizable chunk of the marketplace, take Amazon, for example, who held 43.5% of the online market in 2017. But despite that large market share, there is still plenty of room for small and medium-sized online retailers.
If this is an area you’ve been thinking about setting up shop or have already launched your own online retail store, then there’s a good chance you’re learning about just how important careful tracking of your retail merchandise is.
In an online environment, it can be a little trickier, but not impossible. Here’s a look at three invaluable tips to help you stay on top of your inventory, which means things like your costs, expenses, and profits will be reflected accurately as well.
1- Use the Correct Software
One of the most important tips is to ensure that you’re using the correct software solutions. It’s not about what is trending with other retailers, it’s about what makes sense for your business, the structure of your company, and the merchandise. A great example is Logic, which is an integration partner of Oracle Retail Solutions systems.
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The Oracle Retail Merchandising software solutions are scalable and relatively easy to implement. By using Logic, you’ll be able to improve your existing platform, start realizing bigger success and then position your company in the best possible way. Inventory management software has become an absolute must-have in today’s busy online environment and is truly the best and only way to go.
2- Make Sure Organization is Priority One
While the inventory management software will certainly help a whole bunch and get things in order, you also need to take a very organized and methodical approach to your inventory management. Many find it helpful to break items into categories of like products.
Breaking things down into small groups/categories can make things seem more manageable and make more sense.
3- Don’t Let Audits Slip By
It’s also very important to adopt a regular schedule of auditing. No-one enjoys the auditing process, but it is the best way to double-check that your inventory is correct and up-to-date. Audits can help find “lost” merchandise, added inventory, or low stock levels. It’s a great way to shine the light on what is really happening with your inventory.
As long as you are doing your inventory audit on a regular basis, you will have three different ways to go about it. These are spot checking, which happens throughout the year and you just focus on one product or category at a time and count it; cycle counting is a full count on a rotating schedule throughout the year of one particular product; then there is physical inventory, which involves counting everything usually once a year.
Getting Your Inventory Under Control
By using all of these tips, you’ll find that you’re able to get your inventory under control and keep it on track.