Big data analysis has revolutionized the understanding of customer demand, providing visibility and precision for inventory planning on a whole new level. Now you can not only better understand what influences buying behavior but begin predicting what and when customers will buy with unprecedented accuracy.
Every day, small and midsize businesses face inventory risks that, if left unmanaged, can negatively impact the bottom line. However, these issues can often be diagnosed well in advance with the right preparation. Asking your team the following questions can help you accurately gauge the health of your inventory management processes.
Many retailers are already preparing for the holiday season, and most definitely should as early as Amazon Prime Day on July 11. In a recent study by Radial, peak season accounts for more than 30% of total yearly sales for retailers, which means even one small slip-up can affect annual revenues. Before retailers go into the holiday season, here are three threats they need to watch for.
To remain competitive, many companies are looking to add distribution centers closer to the customer so they can offer more products quickly. Part of this planning process involves managing multi-DC inventories and fulfilling customer orders. Here are the factors to consider and how they impact your inventory costs.
As Amazon’s multi-fulfillment-center strategy continues to put pressure on multichannel merchants, having an effective inventory management strategy to maximize sales, profits and customer service becomes that much more crucial. Here are 10 points to consider as you develop and refine your inventory strategy.
Intelligent omnichannel order allocation allows you to make smarter order fulfillment decisions. With real-time inventory visibility across warehouses, stores and 3PLs, you can dynamically set up and apply business rules to automate processes, reduce costs, speed delivery or combine a number of factors to profitably meet customer expectations.