On-Demand Webinars

6 Ways to Slash Inventory Costs in 2020


Managing inventory across multiple sales channels can lead to inefficiencies, such as too much or too little inventory as well as expensive back-office personnel to oversee it. In this 30-minute webinar, which first aired January 28, 2020, we’ll review six tactics of high-performing sellers that greatly lower inventory costs while streamlining operations.

6 Ways to Slash Inventory Costs

  • Forecasting. A quality forecasting tool can anticipate year-round inventory demand variations, even to individual SKUs. We’ll explain.
  • Transit distances. Working with manufacturers and suppliers that are geographically closer can equate to lesser quantities and big savings. We’ll review.
  • Audits.  Most retailers experience, on average, a 2-percent inventory reduction from theft, loss, damages, and mistakes.  We’ll discuss the benefits of routine warehouse audits.
  • Reporting. Separate inventory accounting for each channel — e.g., Amazon, eBay, branded website — leads to confusion and errors.  We’ll address, with examples.
  • Automation. An automated inventory and sales-management platform that links to all channels, warehouses, and websites is essential.  We’ll review critical features to help select the best platform for your business.
  • KPIs. Tracking the key performance indicators for your inventory management will identify problems to remedy and successes to expand on. We’ll suggest meaningful inventory KPIs for multichannel retailers.

Q&A

Following the presentation, we’ll answer questions from attendees.

About the Presenters

Phil MasielloPhil Masiello is a contributor to Practical Ecommerce. He is (i) a long-time, high-volume Amazon seller and advertiser, (ii) the founder of NuPeptin, an online retailer of skincare products, and (iii) co-founder of CrunchGrowth, a marketing agency. Phil was previously founder and CEO of Raw Beauty, Inc., which developed and marketed skincare products through ecommerce, and founder of 800razors.com.

Dale Traxler is a contributing editor for Practical Ecommerce. He is an ecommerce veteran with hands-on experience as co-founder and CEO of an online jewelry supply distributor that was successfully sold in 2012. He is now VP Commerce Solutions for Rightpoint, a digital agency, where he focuses on delivering digital commerce solutions for enterprise companies in manufacturing, distribution, healthcare, and retail.

About the Sponsor

Oracle NetSuite is a leading worldwide provider of cloud-based business management software. NetSuite helps companies manage core business processes with a single, fully integrated system covering ERP/financials, CRM, ecommerce, inventory, and more.


x