Utilize historical sales data, market trends, and seasonality to forecast demand accurately. This would enables proactive inventory replenishment and also prevents stockouts during peak periods.
Classify inventory items into categories based on their value and prioritize management efforts accordingly. High-value items (A category) may require closer monitoring and tighter controls compared to low-value items (C category).
Maintain safety stock levels to buffer against unexpected fluctuations in demand or delays in the supply chain processes. This ensures continuity of operations and prevents any stockouts during unforeseen circumstances.
Implementing dropshipping or JIT inventory strategies to minimize inventory holding costs and improve cash flow. This involves partnering with suppliers to fulfill orders directly to customers, reducing the need for warehousing.
In e-commerce entails efficiently handling relationships with suppliers to meet operational needs. It involves sourcing, negotiating contracts, and monitoring performance to optimize value and minimize risks, supporting e-commerce goals.
Develop efficient processes for managing returns and reverse logistics to minimize the impact on inventory levels, maximize recovery value and imporove customer satisfaction. This includes timely inspection, restocking, or disposal of returned items.
Regularly review and rationalize SKU (Stock Keeping Unit) assortment to eliminate slow-moving or obsolete inventory. This optimizes inventory turnover and frees up storage space for fast-moving items.
Monitor inventory turnover ratio to assess the efficiency of inventory management. A high turnover ratio indicates effective inventory management, while a low ratio may signal excess inventory holding costs.
Implement systems and tools that allow for real-time tracking of inventory levels, recording sale and purcahses through the use of software. This ensures accurate stock visibility and helps prevent stockouts or overstocking.
Find reliable suppliers and negotiates favorable terms for top-quality products. It includes thorough evaluations, considering factors like reliability and cost. Digital platforms streamline communication and collaboration, while diversifying suppliers and forging partnerships enhance agility and mitigate risks.
Procurement encompasses acquiring goods or services from external sources, including sourcing, purchasing, and contracting. It involves the transactional process from requisitioning to payment, managing supplier relationships, and ensuring timely delivery and quality standards.
In e-commerce, logistics ensures goods move swiftly from suppliers to warehouses to customers. It involves choosing transport methods, managing distribution centers, and coordinating last-mile delivery. Tech tools like route optimization enhance visibility and boosting customer satisfaction.
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