November 20, 2019

Inventory Count: 7 Things You Should Know

As a retailer, doing physical counts of inventory is likely one of the most annoying task you have to do. It’s a tedious task, counting store merchandise can take several hours, and for some merchants, it may require closing the store down for a period of time. While it’s likely not a job you’re fond… Read more »

November 16, 2019

Creating An Efficient Stocktaking Process

The stocktaking process refers to the processes and procedures that are being used when new stock arrives to your business. Performing a complete stocktake a few times a year is essential for maintaining optimal inventory levels and minimizing losses in your retail or wholesale business. Yes, it can be time-consuming, frustrating and a pain in the… Read more »

November 13, 2019

Examples Of COGS (Cost Of Goods Sold)

The growing popularity of online marketplaces like Amazon, Ebay and Etsy has driven massive growth for retailers of all sizes. Some of these companies operate exclusively through online retail, taking advantage of a worldwide target market that doesn’t carry high expenses. Despite leveraging the online marketplace, these retail businesses are still required to pay taxes… Read more »

November 10, 2019

Economic Order Quantity

Economic Order Quantity, also described as (EOQ), is a measurement used in the field of Logistics, Operations and Supply Chain Management. In short, EOQ is a tool you can use to determine the volume and frequency of orders needed to satisfy a specific level of demand while minimizing your cost per order. If your assumptions… Read more »

November 7, 2019

Retail Warehousing: The Benefits, Pros And Cons Of Conversion

The concept of a retail warehousing comes from the continued decline of available warehouse space in the United States. According to the Wall Street Journal, retailers throughout the country are experiencing a shortage of available warehouse capacity. The effects of less warehouse capacity causes a lot of issues for retailers, from an inability to meet ecommerce demand… Read more »

November 2, 2019

Retail Inventory Management

While there’s a number of different types of inventory management you can focus on, today is all about retail inventory management. Retail inventory management is not “attractive” or “fun,” but you can bet your bottom dollar that it’s a key component to the success or failure of your business. We still remember when Walmart lost… Read more »

November 1, 2019

What Is Multi-Channel Retailing?

Multi-channel retailing is the practice of using multiple channels to sell your products. Multi-channel-retailing strategies force you to think outside the box, leaving the comfort of a website and exploring other channels that could drive potential customers to your brand. There’s no question about it, consumers are using more avenues today to shop for the… Read more »

October 27, 2019

Inventory Receiving: (7) Ways To Master Your Receiving Process

When it comes to warehouse management, one of the first steps of operations is receiving inventory. If the inventory coming in is messed up, everything else that follows is going to be messed up too. It doesn’t matter what industry you’re in, receiving inventory is what sets up the rest of your operations. It’s a… Read more »

October 24, 2019

Dead Stock: What Is It And What To Do About It

What is Dead Stock? Inventory that doesn’t turn over, also referred to inventory that doesn’t sell, is often referred to as dead stock. If a business doesn’t have software for their inventory management, dead stock can remain on warehouse shelves for long periods at a time. If inventory is “dead” and sitting around gathering dust,… Read more »

October 19, 2019

Inventory Holding Costs

Inventory holding costs refers to “costs” associated with storing inventory that remains unsold. These costs are one component of total inventory costs, along with ordering and shortage costs. A company’s holding costs can include a number of different elements; Prices on damaged goods Labor cost Storage cost Insurance cost Materials Supplies Holding Costs Definition: Holding costs… Read more »