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