Springbord

Springbord

M E N U
  • Home
  • About Us
  • Industry
  • Services
  • Why Springbord?
  • Resources
  • Contact Us
    • Real Estate
    • E-Commerce
    • Financial Services
    • Information Publishing
    • Online Travel Aggregators
    • Shipping
    • Data Management
    • Content Writing
    • Property Management
    • Finance & Accounting
    • Predictive Analytics
    • Sports Data Capture
  • Thought Leadership
  • Blog
  • Case Studies
  • White Papers
  • Brochures
    • Careers   /
    • Privacy Policy   /
    • F.A.Q.   /
    • Terms and Conditions   /
    • Sitemap   /
    • Disclaimer Policy
MENU
  • Home
  • About Us
  • Industry
  • Services
  • Why Springbord
  • Resources
  • Case Studies
  • White Papers
  • Brochures
  • Contact Us
  • Home
  • About Us
  • Industry
    • Real Estate
    • E-Commerce
    • Financial Services
    • Information Publishing
    • Online Travel Aggregators (OTA)
    • Shipping
  • Services
    • Data Management
    • Content Writing
    • Property Management
    • Finance & Accounting
    • Predictive Analytics
    • Sports Data Capture
  • Product
    • Indian Private Company Database
  • Why Springbord?
  • Resources
    • Blog
    • Case Studies
    • Brochures
  • Contact Us

Why Inventory Management is Crucial to Retail Industry Success

  • Home
  • eCommerce
  • Why Inventory Management is Crucial to Retail Industry Success
 

Why Inventory Management is Crucial to Retail Industry Success

Why Inventory Management is Crucial to Retail Industry Success

Why Inventory Management is Crucial to Retail Industry Success

The retail industry is constantly evolving and as a modern retailer, you have to be consistently adapting your strategies, processes and workflows to keep up with the pace of change in the industry. And this includes how you manage your inventory. Inventory management is both an essential as well as the most difficult part of managing retail business. Inventory management encompasses multiple things that affect various parts of the retailer’s business including warehouse management and on-shelf availability. The entire process gets more complicated as a retailer adds more and more product SKUs to the product list.

Managing your inventory must be at the top of your list of management priorities because it has a direct impact on your business’ bottom line. While inventory shortages result in losing sales and lower customer loyalty, too much inventory leads to a higher increase in ‘Cost to Serve’. And that is why every retailer needs an ‘Inventory Plan’. A recent report suggests that businesses that actively manage their inventory report a 2-10% increase in sales and a 50% reduction in lead times. Here is why you should consider having an efficient inventory management system for your retail business.

Top Five Reasons Stock Inventory Management is Important for Retail Business:

Helps face challenges brought by increased sales
As average consumer spending is on the rise, economies all over the world are thriving like never before. With this comes the big opportunity of increased sales. However, when the stock is in and out of your warehouse faster and faster, you will need to ensure that your stock levels are accurately monitored so that all other related processes remain efficient and streamlined. If not for this, you will end up being tangled up in endless stock updates, consumer complaint and worn out warehouse staff.

Helps cut storage costs and prevent unnecessary overheads
When retailer have lower inventory, automatically the costs to maintain it are lowered. An efficient inventory management ensures that retailers have sufficient inventory level needed to function smoothly. Apart from storage costs, the cost of maintaining inventory – insurance, inventory taxes, damages, etc. – is often a cause of headache for retailer. Good news is that such headache can be overcome easily with the help of stock inventory management system that uses available data to manage an appropriate quantity of merchandise to order.

Makes your stock checks easy and quick
Your stock change every time something is bought, sold, returned or exchanged. When you have an inventory management system in place that tracks these change constantly, your stock checks become quicker, easier and accurate at the end of stipulated time frame (week, month or quarter).  By just confirming the data already existing in your system, instead of doing a tedious data entry, you will save time, money and manpower.

Happier customers, better brand image, more sales!
If you’re able to override the obstacles of understocking and overselling, you will surely make your customers happier, thereby garnering positive reviews and good brand image, and eventually more sales. When you are able to keep your customers in the know when the new tock is arriving from your vendor, your customers feel they can trust you. Availability of desired product almost always creates a pleasant shopping experience for the customers.

Helps you scale your business with ease
Do you have multiple inventory locations now or are anticipating growth in future? A centralized inventory management system that supports multiple store location gives you a great head-start. You no longer have to waste time coordinating your inventory across multiple store outlets either, thanks to inventory management software.

Final Word:
A great inventory management is a dream of every retailer and for good reasons. It saves you ample time, money and effort while helping your employee process orders more quickly and efficiently. Not only does an inventory management reduce errors, but also provides insightful data that enables you make strategic business decision.

All these factors make stock inventory management a huge asset to retail business. Springbord manages inventory using automated process that enables to update the stocks, restock products sold and ensure all the inventory information are available including UPC/EAN/ISBN, title, price, and quantity.

ecommerceecommerce marketplaceinventory managementmarketplace management
Read more
0
Admin
Tuesday, 18 September 2018 / Published in eCommerce, Marketplace Management
Lease Abstraction Services
Amazon Marketplace Management and Product Listing Services
  • Tweet
Tagged under: ecommerce, ecommerce marketplace, inventory management, marketplace management

What you can read next

Top-Four-Ways-to-Improve-eCommerce-Product-Description
Top Four Ways to Improve eCommerce Product Description
Are you paying close attention Find out why ecommerce businesses need social listening
Are you paying close attention? Find out why ecommerce businesses need social listening
Top Five Reasons Pricing Intelligence is Important to Retailers

Blog Search

Property Accounting Services

Recent Ecommerce Posts

  • Top 5 tips for sellers to consider to maximize sales on Amazon

    Top 5 tips for sellers to consider to maximize sales on Amazon

  • Do you know that Amazon SEO is key to boosting your online sales?

    Do you know that Amazon SEO is key to boosting your online sales?

  • Do you know A+ Content can help Amazon sellers boost sales and engagement?

    Do you know A+ Content can help Amazon sellers boost sales and engagement?

  • Top 5 trends that will continue to influence the ecommerce landscape in 2021

    Top 5 trends that will continue to influence the ecommerce landscape in 2021

  • Top 3 best practices to boost your product information management

    Top 3 best practices to boost your product information management

Recent Posts

  • The growing importance of lease abstraction

    The growing importance of lease abstraction

  • Top 5 tips for sellers to consider to maximize sales on Amazon

    Top 5 tips for sellers to consider to maximize sales on Amazon

  • Take real estate marketing up a notch by outsourcing maps and aerials

    Take real estate marketing up a notch by outsourcing maps and aerials

  • Top 3 things to consider to ensure accurate CAM reconciliation

    Top 3 things to consider to ensure accurate CAM reconciliation

  • Do you know that Amazon SEO is key to boosting your online sales

    Do you know that Amazon SEO is key to boosting your online sales?

Explore by Categories

  • Accessibility Services
  • Artificial Intelligence
  • Big Data
  • Blockchain
  • Case Studies
  • Content Marketing
  • Data Analytics
  • Data Management
  • eCommerce
  • Finance and Accounting
  • Financial Services
  • GDPR
  • General
  • Healthcare
  • Indian Private Company Database
  • Information Services
  • Lease Abstraction
  • Marketplace Management
  • Mobile Commerce
  • Niche Database
  • Online Travel Aggregator
  • Price Monitoring
  • Real Estate
  • Social Media
  • Sports Data Capture
  • Springbord
  • Technology

GET A FREE QUOTE

Please fill this for and we'll get back to you as soon as possible!

Connect With Us
hello@springbord.com

Categories

Real Estate

Lease Abstraction
Lease Administration
Lease Accounting
CAM Reconciliation
Argus Financial Modeling
Real Estate Marketing

Categories

E-Commerce

Marketplace Management
Amazon Marketplace
Product Description Writing

Springbord is a leading global information service provider specialized in providing customized data solutions to diverse industries.

Industry

Real Estate
E-Commerce
Financial Services
Information Publishing
Online Travel Aggregators
Shipping

Services

Data Management
Content Writing
Property Management
Finance & Accounting
Predictive Analysis
Sports Data Capture

Company

About Us
Why Springbord
Thought Leadership
Contact Us

Stay Connected

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

© Springbord. All rights are reserved

Careers   /   Privacy Policy   /   F.A.Q.   /   Terms and Conditions   /   Sitemap   /   Disclaimer Policy

TOP