Inventory management affects the whole customer experience in many ways. Since inventory management is the process of purchasing, storing, and selling products, it can have an impact on customers. Thus, bad inventory management, like slow delivery and product unavailability, can lead to customer dissatisfaction. Let’s see what we mean by customer satisfaction and bad inventory…
Category: inventory
Five Of The Most Important Types of Inventory Risks
While inventory management is beneficial and necessary for businesses that handle physical stock, it comes with some risks. Those risks can have a big impact on the whole process of stock management as well as on customer satisfaction. Also, most of the time you can avoid them but other times you cannot. Since companies invest…
5 Reasons Why Accurate Inventory Is Essential for Business Success
One of the most common obstacles a business will ever face is managing its inventory. Accurate inventory management can prove to be very challenging, especially if there are multiple storage locations and many products to handle. Nevertheless, an accurate inventory will give you valuable insight into your business’s operations, pain points, and strengths. Therefore, targeting…
How to Do Serial Number Inventory Tracking With Megaventory?
The serial number feature, that is essential for full traceability, allows Megaventory users to track the movements of individual items in their inventory right from the moment of purchase to the moment the goods are sold, and all throughout the manufacturing process. This article will show you how you can do serial number inventory tracking…
Selling a Business With Inventory: How to Value Stock
Editor’s note: This post was orginally published in July 2019 and has been completely revamped and updated in June 2022 for accuracy and comprehensiveness. This is a guest post by contributor Marla DiCarlo. It outlines how inventory and its value should be approached in any company which handles stock. The business depends on keeping detailed…
Inventory Organization: Update Your Layout, Save Pick Time
When it comes to inventory, you need every process to move like a well-oiled machine. As one of the last and most important steps in the retail pipeline, you never want picking to be the step that slows you down. But your machine won’t work if the parts don’t fit together well. This is where…
How to Use Weighing Scales For More Efficient Inventory Management
It is crucial for every single business which deals with inventory to keep track of it. However, keeping track of each and every piece of inventory can be extremely challenging, especially if the inventory consists of small parts. In fact, counting such parts by hand is rather impractical. So what do you do? You implement…
“Out of Stock”: 3 Inventory Management Horror Stories You Need to Learn From
Inventory management problems are no theoretical issue. In fact, it’s still with us in 2022. Let me share an example: Earlier this year, I was shopping for spinach at one of the larger supermarkets in my neighborhood in Toronto. The only options were salad greens… however, like Popeye, I prefer spinach! I ended up tracking…
How to sell and purchase on consignment with Megaventory
Selling on consignment is a useful arrangement that allows a supplier and usually a retailer to create a “win-win” situation, where they both share part of the risk of holding inventory. Consignment occurs when the consignor (the supplier) sends goods to a consignee (the retailer). The Retailer then later sells them to their clients. The…
Reasons Why Retailers are Moving Towards Inventory Management Software
In retail, inventory essentially is the business. Without properly understanding what’s on hand, how it’s performing, and what impact it has on the bottom line, good luck staying profitable. This is doubly true for the fiercely competitive world of SMB retailers. With the advent of the digital revolution, inventory management software for retail shops has become incredibly…