Tell me, if this sounds natural, you have too much inventory and you simply don’t know what to do with it.

How to Best Inventory Management Software for Shopify ;  how about a customer places an order, and you don’t have those items in stock. So if you’re an e-commerce entrepreneur and you’re dealing with problems like these, that’s because you need to improve  your inventory management. So you’ve come to the right place, in today’s video we’re going to be talking about what inventory management is and how to make it efficient so that you can save yourself money, time, and logistical headaches in the future.

What is Inventory Management

OK ! So, first of all what is inventory management? To put it bluntly, inventory management is a means of coordinating and managing inventory. Therefore, the goal of inventory management is to create some harmony. You need to limit inventory costs, but you actually need to have enough inventory to get items to customers as quickly as possible. Beyond that, it’s about finding the perfect balance

Every successful company. Why is proper inventory management important? for. Think along these lines. Stocks are items that you have previously purchased with money and sold in exchange for cash. But even if it’s in your distribution center, it’s certainly not cash. Money spent on stocks is money not spent on development. So, what real impact does unsatisfactory inventory management have on your business?

In fact, if you need more inventory, you may be missing out on potential bargains. Your days might be filled with panicked phone calls to your supplier or an extraordinary trip to the store. However, if you have a large inventory, the items you hold at this time may spoil or become obsolete before they are actually sold. So, if you’re running a business, you want to make sure you focus on growing your business and not causing a fire due to poor inventory management. This way you can start making your cycle more efficient.

Use Shopify

Tip One: Use Shopif. So the first thing you need to do is track Shopify, and you realize I want to make this the focus because inventory management is already at the forefront when you use Shopify. Shopify helps eliminate this human error as much as possible, and since inventory follows Shopify, all you have to do is do a few.

Enter how many items you have and Shopify will handle the process

The rest is for you. Assuming you sell an item, it will be deducted.

How to Best Inventory Management Software for Shopify ; Or, on the other hand, let’s say you are receiving a return or a delivery is imminent and add that this is not the case for you. This is great because built-in inventory tracking can help you avoid selling items you don’t have, or tell you when it’s the right time to stock up. Whether you’re just starting out or have an established business, the software that comes with Shopify ensures that the process becomes smoother and therefore easier. That’s not what I meant, I really believed him. When my friends ask or my clients ask what they should do, I often say Shopify. Well, so if you do need a multi-day free trial of Shopify, just visit the Shopify website Apart from inventory management, Shopify is the main tool for selling online.Shorten with AI

So I will make certain to leave a connection for you folks in the site for that free preliminary

Set Par Levels

Tip number two is to set par levels. To make inventory management easier, you’re going to want to set up par levels for each of your products. Par levels are the minimum amount of product that you should be having on hand at all times. So when your inventory dips below that number, that’s how you know it’s time to order more. So if possible, you’re going to want to order the minimum quantity that will get you back above par. So to determine your par levels for each product, take into account, how quickly the item sells and how long it would take to get it back in stock. I’ll leave a little formula for you up here on the screen. Now I feel like this is a little bit intense, might be a little bit daunting. But trust me, if you do do this research upfront, this is going to help you order in the future, and you’re not going to be second guessing how much inventory you should order. But one thing that I do want to mention is that over time variables might change. So you want to make sure that you were checking up on your par levels during different seasons, just to see that they are still accurate and don’t be afraid to adjust your par levels up or down as you evolve as a business.Shorten with AI

FIFO

Tip number three is FIFO. So the next step use of FIFO method. And this kind of sounds like a cute puppy, but actually it stands for first in, first out. So what this means is the first inventory that you get will be the first inventory that is sold. So the oldest products are going to be going first. Now this is especially important if you’re selling perishable inventory. So if you sell food or skincare, You’re definitely going to want to keep track of this so that you’re selling your inventory before it goes bad. Even if you’re not selling perishable items, this is still important to follow because over time products become obsolete, maybe boxes get worn out, things go out of style. That kind of thing. So if you’re working with an operations center, you can definitely double-check that this is the case. But if you manage inventory from home, say so your living room, all you have to do is put the oldest products in at the front and the newest at the back, so that you’re always sure that you’re reaching for that old product. As you’re packing your orders, tip number four, manage yourShorten with AI

Manage Your Relationship with Your Supplier

Relationship with your supplier. Having a healthy relationship with your supplier is going to be beneficial for you. So, for example, let’s say you have too much inventory and you want to return some of that stock. Or maybe you need them to speed up an order. They will definitely work with you if It relates to a great letter, ca. Also be proactive.

For example, let’s say you let them know ahead of time that you’re going to need more inventory, they can preemptively ramp up production, which makes their Workday smoother, and your relationship stronger.

Prepare a Contingency Plan

Tip number five is prepare a contingency plan. So when it comes to inventory management, it’s not about if an issue is going to arise, it’s about when, so you want to prepare a contingency plan. So for example, when I was working with an e-commerce jewelry company, I ran this email campaign and it did a lot better than we had anticipated. So we oversold or necklaces. It was definitely a hassle in the moment, but it helped us develop a contingency plan that included not allowing the option for customers to buy when things were out of stock on Shopify. But instead we would allow them to sign up for an email notification when it was back in stock.Shorten with AI

Other classic examples of inventory management road bumps include well, number one, this is super common not having enough cash flow. And not being able to pay for products that you desperately need. Here’s another one you might also make a miscalculation in inventory and have too much or too little stock. And then also your manufacturer could run out of your product and you have sales orders to fill. So these types of hiccups are happening all the time, so you want to make sure that you are looking at your own supply chain and thinking about some of those things that could potentially go wrong and brainstorming ahead of time.

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