- Posted On : 09/23/2020
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The Secret Of Optimizing Your Inventory Management.
Late deliveries are probably one of the most common issues faced by online retailers. Many businesses have lost loyal customers and a lot of revenue due to their inability to solve this problem. Today, a leading online retailer not only promises timely delivery but also fulfills that promise.
Imagine yourself as a customer who has ordered some camera equipment a week before leaving for a tour. After placing the order, the manufacturer has assured that your order will be delivered two days before your departure. But at the last moment, a fault is found, and the entire batch's delivery is delayed for at least a week.
This is how eCommerce fulfillment services and outlets lose their customers as well as earn negative reviews. Late deliveries are just the tip of the iceberg. There are a group of issues that continuously haunt e-commerce sellers and become the source of additional paperwork, lost revenue, and cause significant damage to your brand.
But not all hope is lost. There are ways you can optimize your inventory management technique, to minimize chances of supply chain errors occurring. Read what follows to find how you can optimize your company’s inventory management system.
Keeping The Supply Chain Intact
The demand for production has increased, leading to a booming manufacturing industry. Still, due to the high demand, old ways of running a supply chain have become ineffective. Previously a supply chain could work less independently with fewer updates. But the same can’t be done today.
Manufacturers offer real-time updates, while logistics firms controls the movement and storage of goods, including the precise location of stock. Lastly, customer delivery services inform exactly when and where your item will be delivered. Use the latest technology like barcode scanners, mobile devices, and other tracking devices contributes to keeping the supply chain intact. The most significant benefit of implementing such changes is that you can identify the root of the problem as soon as they surface so you could resolve them before they cause any actual harm.
Utilizing a highly integrated and functional Warehouse Management System
Perhaps the easiest way for manufacturers and e-commerce sellers to rapidly enhance their inventory management is by using a Warehouse Management System (WMS). The software provides a precise overview of the inventory at every stage of the supply chain.
The system also allows for processing large volumes of raw data vital for operations like safety stock replenishment, demand forecasting, and preparing for the peak buying season. When you access and regulate all your business processes from a centralized platform, you’ll create a unified link between data transfer and communication across the whole company.
Hire A 3rd Party Logistics And Fulfillment Company
It’s a complete misconception that hiring a 3rd party logistics and fulfillment company will be a unnecessary burden on your pocket. A fulfillment company will streamline your supply chain and logistics operations, and also properly manage your inventory. Leading fulfillment companies come with customized WMS software designed for highly optimized business operations, reducing the cost budget, and minimizing downtime. A fulfillment company is more than capable of handling management tasks to help grow your business in the shortest amount of time.