COVID-19 Retail Industry Updates For the retail industry and those responsible for their brand’s POS data, supply chain, and retail sales analytics, COVID-19 has become an unwanted, but apparently long-reserved guest. As we all work to better understand the virus and the various ways it will impact our industry ahead, we wanted to share the... Read more »
Beginning inventory is known as the recorded cost of inventory in a company’s accounting records at the start of any particular accounting period. The beginning inventory is the recorded cost of inventory at the end of the preceding accounting period, which would then carry forward to the start of the next accounting period. Beginning inventory… Read more »
When tracked and used correctly, retail analytics can be a game changer for your retail business. You already know how important it is to track your key retail KPIs. You should also know how important it is to have POS data and POS reporting. You should also know how key retail inventory management is. We… Read more »
Having the right inventory management software is vital to all retailers, both small and large. With so many different inventory management software solutions on the market, it can be tough to figure out exactly what you’ll need. In this guide, we’re going to be discussing what benefits you’ll receive to once your inventory management is… Read more »
Cloud-based inventory management is the monitoring and maintenance of a businesses’ inventory levels using online software. With a cloud-based inventory management solution, it helps businesses avoid many of the errors and issues that plague traditional methods of measuring stock levels. With this type of inventory management software, you get a system that seamlessly tracks inventory… Read more »
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 »
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 »
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 »
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 »
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 »
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 »