Do you know how your inventory is really doing? Do you have enough stock on hand? What are your top-selling items?
If you are unable to answer these questions, it might be time to consider rethinking how you manage your inventory. Inventory management allows you to run your business in the most effective and profitable way. Your data is what offers you insight into how your inventory is performing. These best practices will help you to get the most of your data when it comes to managing your inventory.
First of all, you should be tracking your inventory. Your data is what gives you the information about how your products are doing, and therefore will help you make informed buying decisions in the future. Tracking your inventory will give you the data necessary for these insights and help you to always know what you have on hand.
Secondly, you need to plan before you buy your inventory and use your data to see what you should be ordering. You shouldn’t simply reorder the same quantities, but instead see which products are the best and worst sellers and order accordingly. You should also use the data to your advantage when pricing merchandise. Look at previous seasons to guide your pricing decisions. Knowing how your merchandise has performed in past years will help you accurately buy and price for the current season.
Third, you should be checking data and reports frequently. This will give you a good idea of how your inventory is performing overall. The more often you access these numbers, the quicker you’ll see red flags that need your immediate attention. You also will be more reactive to inventory needs and can make adjustments on the fly.
Finally, make sure you focus on demand forecasting and study past sales to predict future patterns for inventory. By looking back at previous seasons from past years, you will be able to more accurately buy inventory for the future.
All of these tips will help you use your data to make educated buying decisions that will help you be a more profitable retailer. If you found this helpful, download our best practices guide to learn more.
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