Managing your inventory is vital to the success of your business. By tracking your product levels, you can ensure that you have the right amount of units in the right place, at the right time, and for the right price. Effective inventory management systems will help you keep track of how many items you have, when you might need to replenish them and whether or not it makes sense to continue stocking that item.
There are two main types of inventory management systems: periodic and perpetual. Periodic systems are those that take stock of inventory at set intervals, such as once a month. Perpetual systems, on the other hand, are constantly tracking inventory levels. So, if an item is sold, the system is updated immediately.
Each type of system has its own advantages and disadvantages. For example, periodic systems are less expensive to set up and maintain than perpetual ones. But because they don’t track inventory constantly, they can’t provide as accurate or up-to-date information about what’s in stock. It’s important to choose the right inventory management system for your business. Consider your company’s size, needs, and budget when making a decision.
When a customer goes to purchase an item, and it’s not available, that’s called a stockout.
It’s a huge problem for retailers, who lose millions of pounds every year from stockouts. In some cases, shoppers experience stockouts as frequently as one in every three shopping trips. Mango Logistics has put together ve top tips for reducing the likelihood of future stockouts for your business:
A straightforward way of avoiding stockouts in the future is to set up an automatic order. Adding your most popular items to an automatic order will mean you reduce the likelihood of running out of stock. Take care with this option, though, as you could end up with much more stock than you have room for!
Do you understand which of your items is popular and when? By learning your sales trends and adopting an ordering system that is proactive, you will reduce your stockouts from occurring and keep your customers happy.
By far, the most cost-effective and fail-safe option is to install an advanced inventory management system so you can continuously be aware of the stock you have and when you need to place an order. If you don’t have the room or the time to manage an inventory system, Mango Logistics is here to help you.
Is there a fundamental aw in your inventory and stock ordering approach? It’s always worth going over and refreshing your processes so you are aware of everyone’s responsibilities and each employee knows what their tasks are.
The chances of a customer not coming back to your store after they have been faced with several stockouts grow every time. To avoid losing your customers for good, work on your customer service and offer exibility, so your customer feels important and supported.
Keeping your customers happy by having the products they want in stock is crucial for any retailer. You don’t want to have too much of something and tie up valuable resources, but you also don’t want to disappoint customers by being out of what they’re looking for. Inventory management tools help you find that sweet spot of having enough product to meet demand without overdoing it. Utilising these tools can help you avoid dropped sales and angry customers.
Reducing inventory costs is one way that utilising a product management system can help your business. When you have a clear understanding of your stock levels and what you need, you can make decisions about inventory levels that will minimise storage and carrying costs for excess merchandise. Other potential savings with a product management system include shipping, logistics, depreciation, and the opportunity cost of not having an alternative product that might sell better.
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Inventory management has long been a challenge for e-commerce businesses, especially those with low inventory. With a wide array of products and a variety of different product categories, it’s often hard to keep an eye on all the inventory. That’s why inventory management systems are a great way to keep track of all the stock in your business and make sure that you avoid stockouts.
At Mango Logistics, our advanced inventory management systems, combined with our knowledge and experience, means we have the ability to support all our clients with their stock control. We keep a close eye on your inventory so you can worry about the day-to-day operations. Our inventory management system is clever and gets updated when an order is shipped, when orders are placed and when deliveries arrive to replenish your stock. Never lose a customer to a stockout again with Mango Logistics – get in touch today!
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Mango Logistics Group is one of London’s best-loved courier and storage companies. Based minutes away from London Bridge/Tower Bridge, the group is made up of three companies, Mango Couriers, Mango Storage and Mango International which individually and collectively offer bespoke logistics solutions to a varying number of industries