Stock problems are more likely to arise when your stock is spread across multiple locations and warehouses. Whether you run an e-commerce store or a brick and mortar shop, whether you have two locations or half a dozen, it is possible to keep stock problems to a minimum and ensure smooth order processing, hassle-free returns, and high customer satisfaction levels. The key is to use an effective inventory control and planning solution and follow some of the key best practices of multichannel inventory management.
Use a mobile-friendly small business product inventory software
The portability and convenience that mobile apps offer can help turn your stock management process into a more dynamic and more engaging experience to which your location and warehouse staff can be actively involved. Integrate that with a POS app for inventory management and it is possible to update inventory quantities in real time, just as products get sold, maintaining accurate stock data across locations and warehouses.
Keep your best-selling products in the right locations or shipping areas
Some products will perform better in some locations than in others. Even if the differences in demand across locations aren’t significant enough to lead to understock or overstock, it can nevertheless lead to suboptimal stock quantities and orders that are not immediately fulfilled, or not delivered soon enough.
The same problem may affect online stores who use multiple warehouses and shipping areas. Tweaking your inventory to match demand to location/shipping area is possible when you keep track of all the products in your stock and know how each performs. An inventory control and planning solution can help with this.
Use product kits effectively
Some products may sell well in combination – think of smartphones and protective covers or skins, for example. If you notice that some of your products are bought together, you can cut shipping costs and optimize inventory availability by ensuring that they are available together in the same warehouse or location. This calls for an inventory analysis tool that can help you better understand your customers’ buying patterns and view sales performance metrics for product bundles or kits.
Apply lean inventory management practices
Lean inventory practices help you minimize inventory waste and improve the value of your inventory. It’s based on Lean 5S principles: Sort, Straighten, Shine, Standardize, and Sustain. While it takes time to implement, the long-term benefits of lean inventory management are well worth it.
Ultimately, the key to effectively selling your inventory across locations and maintaining optimal warehouse levels is to always be in control of the numbers – to know exactly what you have and where, so that you can send purchase orders at the right time. As a mobile-friendly inventory control and planning solution, DataQlick empowers you to easily move inventory between locations and check inventory levels and alerts at a glance. It’s intuitive and easy to use.