E-COMMERCE

RETAIL BUSINESS
TOP 7 TIPS FOR BETTER
INVENTORY MANAGEMENT

PRESENTED BY: COGNEESOL

Inventory is an absolute
necessity of every retail
business; if not
managed properly, it
might result in a loss of
customers, leading to
declining revenue.
INVENTORY MANAGEMENT

Typically when your e-commerce

business is in competition with others,
and you have limited budgets,
inventory mistakes are unacceptable.

Fortunately, there are inventory

management tips you can consider to
ensure success in business.
7
Best Inventory
Management Tips
That Might Be Helpful
For Your Retail
E-commerce Business:
 Having a centralized system for
CENTRALIZED inventory management allows
INVENTORY you to track your inventory and
MANAGEMENT sales, manage different store
SYSTEM locations, stock levels through
one interface.
 Keep track of inventory and sales
TRACK daily, preferably through an
INVENTORY e-commerce data management
AND SALES application as it will be more
REGULARLY efficient, quick, & accurate than
manual tracking.
 IDENTIFY AND CATEGORIZE
PRODUCTS BY SALES DYNAMICS

It’d be better to categorize products

for better inventory management. For
instance;

Products Holding Low-Priced Seasonal

High Consumption Products Products
Values

Should be monitored Sold Sold at a specific

regularly quickly period of a year
You can be innovative
in creating a customized
checklist as per your
business type.
ASSIGN ONE PERSON
OR DEPARTMENT TO BE
IN CHARGE

Appointing an employee to
handle the inventory will
help you analyze & forecast
demand & supply. As the
inventory manager will keep
you updated about the
quantity, you can accept
orders accordingly.
CONDUCT PERIODIC
AUDITING

Auditing is an efficient
method to keep track of
sales by maintaining a
ledger. Doing it regularly
helps you manage your
inventory in an organized
manner.
ADOPT CLOUD-BASED
SOFTWARE

Adopt cloud-based software

to automate vital processes.
Real-time stock updates,
email reports, stock alerts,
and financial statements can
be managed using an
efficient application.
INVEST IN THE
RIGHT PEOPLE AND
TECHNOLOGIES

Invest in a streamlined
inventory management
system and people you
can rely on.
ACCURATE FORECAST
OF YOUR INVENTORY
NEEDS

Forecasting is vital; you

don’t want to keep heavy
stock of seasonal revenue
(products), laying on the
shelves, waiting to be sold
the next year.
ADVANTAGES
OF GOOD
INVENTORY
TRACKING
SYSTEMS
 THEFT CONTROL

It is next to impossible to figure out if

you’re being fobbed off by workers or
customers without having an efficient
inventory tracking system.

CUSTOMER SERVICE
Since you can keep track of inventory
items, you can manage not to go out
of stock. When most products are
readily available for customers, they’ll
be satisfied.
 FINANCIAL
MANAGEMENT
As you will be having a picture of your
current stock and supply requirements
for the future, it will become easier for
you to manage finances.

PRODUCT TRACKING
You can track products that
underperform in the market and those
which help you increase revenue. This
will ultimately help you identify the
products you should prefer to sell.
While an inventory management application can help
you manage barcode labels, stocks, invoices, along
with a variety of statistics and reports, you can also
consider outsourcing inventory management processes
for better overall results and to get more time to focus
on business growth.

If you’re alread pondering the idea of outsourcing, Cogneesol

can turn out to be a much helpful outsourcing partner for
you.
GET IN TOUCH WITH US
30 Wall Street, 8th Floor,
New York, NY 10005-2205

+1 646-688-2821

info@cogneesol.com

www.cogneesol.com