3 Inventory Management Best Practices to Follow in 2019 - PowerPoint PPT Presentation

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3 Inventory Management Best Practices to Follow in 2019

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Managing a large store is difficult but managing the inventory should not be. Read this article about inventory management practices to make your task simpler, and yes, technology can definitely help! – PowerPoint PPT presentation

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Title: 3 Inventory Management Best Practices to Follow in 2019


1
3 Inventory Management Best Practices to Follow
in 2019
You go out to buy a pair of black heels the night
before you need them because your old pair is in
unwearable conditions. But none of the stores
has what you want, until, the absolute last store
that you get to. But... they are not in your
size. The store has failed you as a customer. To
the business owners that are reading this, I
would say, please step up and manage your
inventory better so that you never fail your
customer like this. Whether you are a store that
sells their products offline or online, the
appjetty_at_gmail.com
2
  • products are physical products that your
    customers want. So, whether you display it
    online or offline is irrelevant to the fact that
    you need to have the products in stock.
  • This is where Magento inventory management comes
    in.
  • The primary goal of it is to have all the
    products that you sell, in stock. But of course,
    that isnt all. Since there are plenty of people
    buying everything online, lets focus on web
    stores for this article. When you are an
    e-commerce store, everything is on a computer,
    except for the actual products that you sell.
  • So, let's talk about that one thing that is not
    all about buttons and clicks. Inventory. How
    should you handle it?
  • FIFO
  • First in, first out signifies exactly what those
    words say. You should sell older products before
    the newer ones. This applies to obvious
    perishable goods like food or medicines, but it
    also applies to hygiene products, cleaning
    products, cosmetics, as well as electronics. All
    of these items fall under the umbrella term of
    depreciating value.
  • Automated Ordering
  • Certain products are in constant demand like
    soaps, headache medicine, butter, basic
    earphones, etc. You should always have these in
    stock. An easy way to make sure that you always
    have these is to automate the ordering process.
    Set a baseline, so that if the stock falls below
    it, the system will order more units.

appjetty_at_gmail.com
3
  • Predictive Ordering
  • Keep track of market trends. People take a fancy
    to new products very often. One day a product
    could be doing so great that they cant make
    enough of it, and the other, it will have no
    demand in the market! So yes, you should always
    have the products that are doing well in the
    market, but you should be aware of how they could
    become irrelevant at any time and therefore not
    have too many of them. In such scenarios,
    predictive ordering comes in the play. By
    studying market trends, you get to understand the
    market demands and hence keep the inventory
    accordingly.
  • Sounds daunting, I know. But since its the 21st
    century, there are apps for that! If your
    e-commerce store uses the Magento platform, then
    there are extensions and apps for inventory
    management. An Inventory Management Magento
    extension can take care of a lot of things for
    you, after the initial setup. What are the
    features you should look for when investing in an
    Inventory Management Magento extension? Let's
    talk a look
  • All in one view
  • You should be able to see all your stocks,
    warehouse details, supplier details, in one
    place. Apart from this, you should also be able
    to track your inventory from within the
    extension.
  • Real-time updates
  • The best way to take care of everything is, of
    course, to have real-time updates. As soon as
    your warehouse ships something to a retail
    store, you should get a notification. This should
    also show you

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  • how many units of the product are available now.
    This way, you will never run out of stock and it
    will not affect your supply chain.
  • Multiple Warehouse Management
  • A large e-commerce store that delivers across the
    country or across the world should have more
    than one warehouse. You should be able to access
    and manage all of your warehouses with this
    extension. A detailed overview of all of your
    warehouses makes it easier for you to order more
    supplies when needed.
  • Supplier Management
  • The Magento inventory management extension should
    also be able to manage your suppliers. After
    all, they are the ones who fulfill your
    inventory demand, so it makes sense to have one
    tool that takes care of inventory and gives the
    required access to suppliers as well. The
    suppliers should have their own access area where
    they can see the purchase orders, add new
    products, edit their own details, etc.
  • Detailed Inventory Log
  • An Magento Inventory Management should be able to
    give you a detailed log of the entire inventory
    across all of your warehouses. You should be
    able to see the activity logs for sales orders,
    warehouses/suppliers added, inventory updates,
    etc.
  • Inventory management of a Magento store can be
    simple if you choose the right extension. Make
    sure to look for the features that assist you and
    make

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5
the task simpler. Be sure to manage your
inventory in a way that you never fail your
customer! Summary Managing a large store is
difficult but managing the inventory should not
be. Read this article about inventory management
practices to make your task simpler, and yes,
technology can definitely help! Author Maulik
Shah is the Founder and CEO of AppJetty, a fast
growing software add-on store selling Magento
extensions and plugins for various technologies,
including. Magento Inventory Management Maulik is
a tech enthusiast and writes about the various
aspects of ecommerce technology.
appjetty_at_gmail.com
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