Inventory management is a strategic ecommerce issue that affects profitability and customer service. Additionally, many fulfillment centers have overstock inventory tying up valuable space. Here is a primer on liquidation strategies and ways to reduce overstock levels, freeing up valuable space and flowing dollars to the bottom line.
If you’re thinking about replacing your inventory management system, a search will turn up literally hundreds of commercially available systems, including specialized ones that may not fit your multichannel business. Here are the top 6 features that you should be considering when upgrading your system, and what to look out for.
While the terms “machine learning” and “artificial intelligence” are often used interchangeably, the main takeaway is that these advanced technologies offer better ways to solve complex planning problems. More organizations are recognizing their benefits to improve inventory forecasting accuracy and optimize stock replenishment.
In-kind giving is ideal for offloading overstocks, obsolete merchandise, discontinued products and returns. Even though unwanted inventory no longer benefits your business, it can still be very useful to those in need, and there are ways to optimize your donations. See how you can do well by doing good with your unwanted stock.
Shoppers want visibility into the entire order fulfillment process, from accurate availability at purchase to tracking updates. Fulfillment visibility is no longer a nice-to-have but a must-to-compete in ecommerce and improve your bottom line. Here’s how increased inventory visibility improves customer satisfaction and the bottom line.
As you conduct strategic planning for fulfillment, what are the operational strategies you should consider to remain competitive and be efficient in the future? This post looks at 7 trends that are shaping operations in multichannel companies. Note: MCM will start featuring popular Top Hit posts like this one in a new e-newsletter.
If stores are the weak link in inventory accuracy, how do you improve it to avoid stock-outs and dissatisfied customers? Steve DeNunzio of Ohio State’s graduate logistics program covers the challenges and solutions in this MCM CommerceChat podcast. He’ll also lead this discussion at Ecommerce Operations Summit in Columbus, OH.
Given all the attention paid to buy online pickup in store including its popularity with shoppers, only 28% of U.S. retailers currently offer the service, compared to 64% of British retailers providing its cousin, click and collect, according to a report from OrderDynamics. Retailers here were also found lagging in other categories.
Inventory is typically the largest balance sheet asset in most companies. Accurate inventory is required to not only deliver timely and stellar customer service but also calculate profitability correctly. These 20 steps will help make your physical inventory count more accurate, improving customer satisfaction and the bottom line.