Inventory is essential, but why? Discovering the perfect balance of inventory for your company is a difficult and increasingly common problem. According to a survey conducted by Coresight Research and Select, 43% of respondents report their company struggles with overbuying while 36% of respondents said underbuying was their company’s challenge. It can be disastrous if your product is always out of stock when your customer orders it, but at the same time, it can significantly drag down the efficiency of your company when you are constantly overstocked. So how do you discover what your company’s perfect ratio is?
Retailers who use manual data entry and management processes tend to struggle more with maintaining their desired inventory amount. Manual management processes lend more to human error and lack advanced forecasting. Technology can help retailers ensure they order the correct products and when to restock them.
Identify What Sells
Monitor your stock. If you discover there are items that haven’t sold at all within the past year or so, your company should stop stocking those items. Your company can then replace that with new items or other items that are shown to have more demand. Identifying what your consumers truly buy will help your company find your inventory’s sweet spot.
Titanic Sales Group Can Help!
Contact Titanic Sales for assistance as your company works towards finding your inventory balance. Inventory is essential. We can assist you by purchasing your overstocked and closeout inventory, and we also offer discounted inventory for sale that can be used for promotions or to increase your margins. Contact us and we can help you build strong relationships with retailers all across the country.
To read more about Titanic Sales, click here.