Inventory management is the backbone of a wholesale business. From storing to shipping, many factors are involved in a wholesale business. It may sound easy but it is not as simple as it seems at first glance.
To efficiently deal with stock, it is necessary to have a good inventory management system. Failure to manage your inventory might hurt the business in the long run.
In this blog, we are going to discuss some effective ways to improve wholesale inventory management.
How to Manage Wholesale Inventory
Before getting into more technical details, let’s talk about how to manage wholesale inventory to boost your business.
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Inventory Tracking System
Your business needs an inventory tracking system. You must have the information about what product is in stock and what you need to purchase.
Track the arrival and shipment of products to manage inventory. You must keep a record of product names and their current quantity in your system. In case you are working on a spreadsheet, you can divide it into three columns i.e., ‘’product name’’, ‘’quantity’’ and “item number” to instantly search a specific product.
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Audit Your Stock
Businesses regularly count their stocks. Some do it once a year and some do it on monthly basis. No matter how and when you do a count, you have to do in a comprehensive manner to manage your inventory. This simple audit will help you understand how your business is doing.
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80/20 Rule
80/20 is not just a rule. It is a complete understanding of your 80% profit that comes from 20% of items. You must use this rule to check which items are selling and monitor them closely. Prioritize your products accordingly and manage them to avoid shortfalls.
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Invest in Inventory Management Software
To manage your wholesale inventory, you must get an advanced inventory management software. Try SeeBiz Inventory as it offers three months free premium trial.
SeeBiz Inventory automates your inventory process. It keeps the track of your inventory and provides you with inventory, sales, and purchase reports. This App is the most convenient way to manage your wholesale inventory. Another useful app that you can use is Mobile Barcode Scanning App.
Requirements for an Inventory System
- Keeps track of inventory
- Reliable forecast to make future decisions
- Inventory reports
- Transfer management to manage multiple inventory location
- Keeps track of shipping.
- Automates the process to reduce errors.
- Mobile support
Tips for Effective Wholesale Inventory Management
Here we are going to share a few proven tips to improve your inventory management system performance. They can help you explore more ways to grow your business.
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Incorporate Technology
It is high time to move your wholesale business from spreadsheets to an automated system. There are numerous software tools, like SeeBiz Inventory, that will help you optimize your inventory functions, increase your efficiency, and help you manage your huge inventory with one click.
SeeBiz inventory not only manages your stock but also serves your customers by providing them a smooth order placing process. To increase the efficiency of your inventory management system, you must have an incorporated system to keep all departments and employees connected in a single place.
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Automate Operations
To increase the effectiveness of your inventory management, you need to automate your operations. Use modern software such as SeeBiz Inventory to automate your tasks. It not only increases efficiency, but also saves you time and money.
According to research, 60% of tasks are repetitive and employees spend half of the day doing these tasks. With an automated system like SeeBiz Inventory, you can increase productivity by automating these tasks.
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Make Detailed Plans and Reports
To improve the efficiency of your inventory management system, you must have a compact plan. You can choose different types of stock management strategies according to your business requirements. Many wholesalers fail to maintain their inventory levels due to uncertainty.
An efficient inventory management software, like SeeBiz Inventory, helps you in this regard. SeeBiz Inventory makes it easier to plan your stock management by giving you some business insight. It allows you to set reorder levels and avoid overstocking and overselling situations.
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FIFO & LIFO
FIFO (First-In First-out) & LIFO (Last-in First-out) can enhance your business efficiency. By checking the range of the products and keeping the track of expiry dates, they will assist you to avoid damage and spoilage occurrences. Again, with SeeBiz Inventory, you can ensure no item is left sitting in the warehouse for good.
As per a report, almost a 25% loss in business is due to the damaged products and leftovers. SeeBiz Inventory will minimize these wastage cases for you.
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Centralize Sales Channel
In this digital world, customers do not like to roam around the markets as they can get instant access to the wholesale market on their screen. This provides consumers different channels to pay for their orders. Though it is convenient for customers, but for businesses it can be quite troublesome.
To avoid a headache, you need to centralized your sales channels. Connect all shopping platforms in the same system. The online sales management software helps you to keep your data privacy.
Conclusion
We hope these tips can help increase your wholesale inventory management efficiency. Do let us know which technique worked best for you. Good luck and stay safe.
