Has Inventory Management Become A Headache For You?

Whether you’re a home-based business manager, a committed wholesaler or a new entrepreneur, honing your inventory management skills is necessary for effectively running and managing your business. And this is why, working on your inventory management plan is extremely important.

Here are a few tips that’ll help prevent inventory management from becoming the biggest headache for you:

Know Your Figures

As a responsible entrepreneur or manager, you should have full knowledge about stock that is available all the time. By keeping a separate diary for tracking the products being delivered, you’ll be able to properly manage the space you have and even deal with the surplus stock. Moreover, this practice will even help you in analyzing monthly sales while simplifying the seemingly-complicated job of inventory management.

Know Your Space

Remember, the main reason behind honing your inventory management skills is making the whole process of stocking and delivering your products hassle-free. Effective inventory management can make your life easier by helping you identify products that are least profitable while separating items that yield maximum profit.

Allocating the space of your warehouse based on the number of products intended to be stocked is very important. Be organized and stock similar products together. For comparing the stock sourced from wholesale suppliers more easily, you may consider using racks that face each other. Combining items in a systematic manner will make it really simple for you to keep track of the stock. However, altering the combination too frequently may make things difficult.

Tip: Something is better than nothing. So, if there`s some `junk-stuff ` in your inventory that you no longer need, sell that stuff to a vendor.

Know Your Sections

Organization is an important element of successful inventory management, which is why you should have separate categories for making things simpler. A good strategy is having separate sections for all types of stocks including fresh stock, ordered products, dispatching goods as well as overstock. If you know how to organize your stock, you actually understand how to deliver your stock easily and quickly while having enough room for new stuff.

Know Your Safety

When it comes to inventory management, security and safety are two key areas to focus on. Special attention should be given to the process of hiring staff. Moreover, ensuring surveillance is just as important as hiring professional security staff and planning effective emergency measures. Remember, your main responsibility is keeping your inventory safe from both internal and external dangers. If you feel certain stock requires extra security, don`t hesitate in taking the necessary measures.  

Tip: Training your staff for dealing with situations like fire and theft is very important.

                      

Why Businesses Prefer Buying Directly From Wholesale Suppliers

From exporters to importers, discount store managers to e-Bay sellers, businesses want products at the least possible rates to maximize their profits with no compromise on patient-satisfaction. And this is exactly where reliable wholesale suppliers enter the game. Basically, whole suppliers buy products in large quantities at highly discounted rates, which are then sold to retailers and interested businesses at pleasingly affordable prices. The main reason why wholesale suppliers are in the spotlight is the numerous benefits wholesaling offers to businesses and retailers.

Apart from offering a broader geographical access to manufacturers` products, whole suppliers maintain a quality dimension with the products being resold. Cost-effectiveness is one of the most obvious benefits of buying from wholesale suppliers. In addition to arranging compatible products from various manufacturers for resale, wholesale suppliers offer the benefit of reducing transportation costs by purchasing products in bulk. In fact, many wholesale suppliers even work with manufacturers for understanding as well as promoting consumerism in production.

Of course, the most significant benefit of buying from a reliable and professional wholesale supplier is getting products at the cheapest rates possible. As you buy from a wholesale supplier, you`ll actually buy the products in bulk, which will certainly accompany huge discounts while giving you the chance to save a great deal of money on other areas. For example, you’re an importer who invests in products from some retailer, then you`ll most likely end up paying to supply chain members, which includes product manufacturers, wholesale agencies, transporters and even retailers. On the contrary, if the products are bought from a wholesale supplier, the costs can be significantly reduced.

Another advantage of buying directly from whole suppliers is the improvement in your supply chain. Regardless of the type of business you’re managing, customers hate late deliveries. As your supply chain is improved, you can speed up the whole process of selling and delivering your products, which is something that adds to your status of serving as a quick, reliable and growing business. Besides, you can even get better prices and discounted offers by building loyal relationships with reliable wholesale suppliers.

At the end of the day, finding a dependable, reputable and professional wholesale supplier is extremely important for avoiding any trouble with the entire process of buying and selling your products. And as factors like technological advancement and international competition continue impacting the wholesaling trend, many wholesale suppliers are working to change and improve their business practices in order to be more competitive.

Attention Discount Store Owners! Top 3 Reasons Why Merchandising Efforts Fail

Mistake #1: Failing To Make Your Customers Rise to the Bait

Do you know what makes customers walk right past your discount store without even taking a look? Well, merchandising literally starts from the street outside the store. From attention-grabbing window messages to an inviting storefront, smart discount store managers are full of innovative ideas to attract customers into their stores. 

One of the biggest mistake store managers make is failing to effectively use their store windows for communication. In most cases, an attractive and well-presented window message about the store`s special promotions or discount offers is just enough to catch the eye of that shopper walking by. 

Tip:  Putting low priced products somewhere around the checkout counter is great for encouraging that impulse purchase.

Mistake #2: Failing To Keep the Shoppers' Interest

Even if a clean and attractive storefront draws the customers into the store, getting them to keep exploring the merchandise is not that simple. Most discount store managers ignore the importance of offering a pleasant and comfortable shopping experience. A wise strategy is taking small steps like ensuring satisfactory temperature and adequate lighting while offering a friendly atmosphere.

Another very important area to consider is the organization of your store. Yes, your merchandise needs to be organized by category as this makes the whole process of searching for a particular item hassle-free. Similarly, putting items that are similar or somehow relevant close to each other is an up-sell trick. You may also consider offering shopping carts to help them easily carry their stuff.  Making the shopping experience more convenient for customers not only helps in guiding them through the store but also encourages them to buy more.

Remember, if customers leave your discount store with a negative experience, your merchandising efforts will most likely go in vain.

Mistake #3: Not Walking In the Customers' Shoes

Have you ever tried walking in your customers` shoes?  If not, you`re committing a merchandising sin. By looking at things from the customers’ perspective, you can make certain changes to your discount store that can improve customer experience. For example, by clearing the aisles, you`ll allow your customers to have a quick, hassle-free shopping experience since blocked aisles do nothing more than stopping customers from buying more.  Another effective merchandising strategy is having the pricing stickers in the same area for all products, which will not only create consistency but it will also add to the customers` convenience.

Tip:  Never dump small items into containers. Investing in retail displays for small merchandise is always a good idea.

Lastly, remember that by avoiding these merchandising pitfalls, you won`t merely succeed in attracting more customers but you’ll also instill a motivation into their minds to come back for more.