Having a great inventory management system is something that can set a company apart from competitors and help growth improve exponentially. Brandon Levey wrote on Multichannel Merchant that to best capitalize efforts and keep inventory off the shelves with this software, there are some tips to follow.
Tips from Leavy included maximizing profits by bundling similar items next to each other, remember that inventory quantity could be limited before making too many promises and analyzing order history to see which areas can be improved upon.
“Drilling down your orders based on channels, outlets and more is key to increasing sales. With software tools, you can easily view what products are selling best through your multiple channels,” he said. “This is a great way to make smarter purchasing decisions when you’re filling your shelves after the holiday rush.”
Inc.com said one benefit that can come from a system like this is faster and better decision making. With running records of stocks, the number of items left and sales records, organizations can get a better feel for what needs to be done with their inventory.
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