1. Reduce waste with AI inventory management Forecasting demand can be a big challenge for retailers duringpeak season. Understock and you’ll have some disappointed customers on your hands; overstock and you’ll have unnecessary handling and storage costs. Fortunately, Artificial Inte...
While some items cannot be put to better use and need to be scrapped, other products can be recycled. Instead of disposing unneeded items, recycling is a much more sustainable option for businesses concerned with their environmental impact. Similarly, if stock is of use to others outside of t...
Stock rotation is a strategy retail stores use to prioritize sales of certain products over other products. Here’s how to make the most of a stock rotation strategy.
Our expense management tool and integration with popular accounting software can also reduce your overheads when expanding into new markets. In fact, our customers that have expanded into new markets have added as much as 3% back into their bottom line by switching to Airwallex. Avoid sneaky fees...
Even with lean inventory management, you need some inventory for a margin of safety in case of an unanticipated surge in customer demand or delays in production and supply delivery. Use your historical sales and supply-order data to forecast demand and decide how much buffer stock is appropriate...
When proper inventory management and planning are in place, the entire business system can be run efficiently while simultaneously acing stock control. This is because you will be able to identify the most in-demand products and even take measures to further improve your inventory system...
Spending big on advertising only to run out of stock is a clear waste of money. Raise Your Prices Raising prices might seem like a win-win situation: you stay in stock longer while boosting your profit margins. However, this needs to be done carefully. Raising them too much too quickly ...
Forecasting mistakes can result in too much stock at one retail location but not enough at another. Demand forecasting is only as good as the data and models used to predict future purchases. Warehouse management Warehouses receive products from manufacturers and other suppliers, where they’re ...
Learn how to use the min-max inventory system to automatically replenish inventory, ensuring you always have the right amount on hand.
2. Optimize stock levels Finding the right balance of stock is key. You don’t want too much, which ties up your money, or too little, which can lead to shortages. Shopify’s inventory management features can help you maintain optimal stock levels by: Tracking the quantity of each product...