Sell on Meesho & Become an Essential Part of the eCommerce Industry!

Sell on Meesho and Become an Essential Part of the eCommerce Industry!

Who doesn’t want to earn an extra income in this overcrowded and over-expensive human era? A good source of extra income can be a blessing for every eCommerce seller. In this regard, eCommerce platforms like Meesho provide an immense opportunity to generate revenue while being in your comfort zone or from home. Suppose you wish to sell or resell products through social media platforms such as Facebook, Whatsapp, and Instagram and sell on Meesho. This emerging platform allows every common man and woman to start their own online business.

As an eCommerce seller, if you want to earn immensely by reselling your products, then Meesho is the perfect eCommerce joint for you. It is specifically a reseller eCommerce platform that one can use to resale various product categories such as women’s wear, men’s wear, kids’ wear, home appliances, cosmetics, etc.

This platform provides a massive opportunity to local sellers to make their online presence and earn their bread and butter. Compared to other eCommerce marketplaces such as Amazon, Flipkart, and Myntra, it is much easier to start your journey with Meesho. You don’t require a hefty investment, nor do you need to pay a considerable commission while selling products on this platform. This blog will discuss multiple aspects of selling products on Meesho.

What is Meesho & How It is Different From Other Platforms

Meesho has become one of India’s leading reselling eCommerce marketplaces. Two Delhi graduate Iitians, Sanjeev Barnal and Vidit Aatrey established this glorious channel in the year 2015. At present, this eCommerce platform has more than two crore resellers. This platform allows resellers to get associated with various manufacturers from their locations and list their products on this platform to sell. As a Messho seller, you can choose several products from the listed categories and sell them through social media platforms. The best factor about this eCommerce venture is you can start your business from any corner of this country. Investment is relatively low, which is an excellent relief for new sellers. If we talk about how this platform differs from others, well, it allows every local seller and ordinary folks to start their own online business. Except for Amazon, no other platforms allow sellers to resell their products.

Sell on Meesho By Following These Easy Steps

If you want to sell on Meesho and generate immense profits, you must follow some steps effectively. Here we have mentioned some essential selling guides that can help you sell or resell your products on this platform. In order to start selling on Meesho, you must have a GSTIN number and an active bank account.


#Step1 ( Create Your Meesho Seller Account)

To sell on Meesho, you first need to download the Meesho app and register yourself on this Meesho supplier panel. Now you have to enter your GSTIN number, your PAN number, and the details of your active bank account. These are a few pieces of information mandatory to create a seller account on this eCommerce platform. Once you provide this vital information, you must provide your order pick-up address to this platform. In this way, your registration process will be successful, and now you can visit the Meesho supplier dashboard via your email id and password. Apart from that, you may also require eCommerce accounting software such as eVanik OWS to manage your accounts and other backend operations.

#Step2 ( Product Listing on Meesho)

Once the registration process gets done, the next crucial step is listing the catalogs of products you want to sell on this platform. Listing more than three product catalogs can help you with more orders and, eventually, more revenue. Product listing should be accurate with excellent quality images and descriptions. It can help you attract more eyes and sell your products efficiently and effectively. Meesho provides two options to upload your catalogs. You can upload single as well as bulk product catalogs on this platform. Make sure that your listing is up to date and that you are not missing on any factors.

#Step3 ( Start Receiving Orders from Customers)

After listing the products on Meesho, you can start promoting your products through various social media platforms. On the other hand, you can precisely receive the orders from the Meesho app as well. In the process of receiving a dynamic number of orders from customers, it is essential to manage your inventory profoundly and to ease this problem, and you can get along with eVanik OWS and use their significant inventory reconciliation feature. This market is competitive, and to beat your competitors, you may need to take the help of automated software.

#Step4 (Start Delivering Your Orders)

Product delivery is an essential aspect of the Commerce business. Once you are ready to receive customer orders, Meesho sends the email notification to your supplier panel app. You need to accept the order first and then start packing the product with accurate labels on each package. This platform’s minimal shipping charge can be counted as no shipping charges. After the packaging, hand over the order to the courier partner, Meesho has a panel of various third-party logistic partners who take responsibility for picking up the package and delivering it to your customer’s doorstep.

# Step5 (Start Receiving Payments on Delivered Orders)

As a Meesho seller, you can receive the payment on every single order after fifteen days of order delivery. This process is the same for the cash on delivery orders as well. The payment will be credited to your active bank account. If you want payment details, you can check your Meesho supplier panel. Through this panel, you can receive every detail regarding your payment cycles, such as how much your deposited balance is, future payments, and other payments. On every order, Meesho charges a fixed commission from their sellers; it can be less than twenty percent on every order.


Conclusion

Meesho is a flourishing eCommerce platform in India for small businesses. Absolutely anyone can start selling products on this platform with a lower investment. Significantly it has provided extraordinary opportunities for homemakers to earn their living without being dependent on anyone. Sellers, resellers, and small brands can also choose this platform to sell or resell their products effectively and scale up their customer base. Meesho is getting more significant daily, and customers are showing tremendous interest in it.

However, in this platform’s initial year, customers complain about the product’s quality. Still, with time, sellers are more likely to deliver a good quality product to their customers. In a nutshell, we can say that this eCommerce joint is a recommendable business opportunity for every small and typical vendor and retailer.

7 Ways to Scale-up Your eCommerce Sale During Off-Season!

7 Ways to Scale-up Your eCommerce Sale During Off-Season!

Associating with eCommerce businesses requires robust sales, whether in-season or off-season. We are referring in-season to the festive season; this time of year can provide you with many opportunities to increase your sales and compellingly upgrade your revenue. But the real challenge is up-scaling your sales during the off-season; you must wonder how to cope with the off-season to let your business survive smoothly.

The off-season is challenging for every business; sales are meant to fall down during this period of time. Your eCommerce business can not survive long if you don’t implement various strategies to upscale your sales during the non-festive season. Implementing several mindful strategies to increase your eCommerce sales during the off-season would be best. Always keep in mind that festive seasons can not land up for a more extended period, so it is essential for you, as an online seller, to plan your sale strategy for the off-season. Here in this blog, we will mention some remarkable ways to help your eCommerce business make the most of the off-season. Let’s dig in and find out what ways you can implement to increase your sales during the off-season.

Impeccable Ways to Increase Your Sales During Off-Season

Sell Daily Essential Products on Marketplaces

Since the origin of the eCommerce industry, customers’ preferences have changed, and they are more likely to shop for products from an online marketplace. Since the eCommerce marketplaces are flooding with daily essential products, it has automatically provided a chance to increase your sales during the off-season as well. eCommerce channels such as Amazon, Flipkart, and Snapdeal are into selling daily essential products to their customers. So, as an online seller, you can also grab this opportunity to hike up your sales during the off-season. Customers require daily essential products during the whole year; it does not matter whether the festivals are around the corner or not. Hence, selling such products on marketplaces can upscale your eCommerce sale during the off-season as well.

Please Your Customers Throughout the Year

The ultimate key to increasing sales during the off-season is to keep your customers engaged and provide them with a pleasant shopping experience throughout the year. You can introduce new products to attract their eyes, or you can even make them able to send them quirky messages or emails on their birthdays and anniversary and offer them some discounts on products that you want to sell during the off-season. The key is making them believe they are essential to you. This tactic can help you immensely in terms of escalating your sales off-season. To provide them with a pleasant experience, you need to keep your inventory up to date. In this regard, you can use an inventory management system to manage your inventories appropriately. Various software, such as eVanik OWS, can provide this impeccable service and help your business thrive during the off-season.

Run an Off-Season Sale

Implementing an off-season sale is also the best option to increase your sales during the off-season. Customers always look forward to some discounts and offers while shopping online. In this scenario, if you provide them exactly what they want can undoubtedly increase your number of sales. Promising coupons, sales, or launching new products pushes customers to online marketplaces. As a seller, you have to do something fascinating for your customers to attract their attention and make them shop even if they don’t want to. According to market research, more than 65% of customers wait for a sale to shop from online stores. So plan an off-season sale and inform your customers through social media posts, emails, and Whatsapp messages. Create a FOMO ( fear of missing out) that they are really missing out on some tempting offers.

Go Social and Experience the Magic

If you cannot attract customers on marketplaces during the off-season, do not get demotivated because this is certainly not the end. You still have various sources that can effectively hike up your sales no matter what. Social media platforms are great alternatives to marketplaces in terms of attracting more eyes. Customers who shop online must be on social platforms such as Facebook, Instagram, and Pinterest. So to increase your off-season sales, you can explore these social platforms and interact with a massive number of customers. Make them aware of your new products and try everything, so they click on your products and get directed to your eCommerce page. Implementing this tip can effectively increase your conversion rate during the non-festive season.

Sell Seasonal Products

Suppose you are selling AC, cotton clothes, and all those kinds of stuff meant for summer, and customers usually don’t buy such products during the winter season because they don’t need that. But the twist is if you sell the same products in winter or winter products in summer at a pretty reasonable price, you can still generate revenue. You can announce an off-season sale or attractive discounts on such products that customers mostly find during a specific season. Just in case you cannot sell some specific products during its required season, you can offer a discount on them. Customers will surely buy them in no time. In this way, you can still manage to scale up your sales during the off-season.

Offer Customized Products to Your Customers

Optimizing your eCommerce business can also provide great flexibility to your business during the off-season. If you can browse the shopping pattern of your customers, it can become easier for you to offer them customized products as per their taste. According to a recent survey it has been found that customers prefer to buy customized products as it saves their time. Hence you can use this tactic to make their shopping experience more engaging. To know the past shopping behavior of your customers, you can use centralized inventory management software, which can not only reconcile your inventory but also provide essential information regarding your customers’ preferences.

Enhance the Quality of Your Products

In the end, enhancing the quality of your existing products can be the ultimate way to upscale your sales during the off-season. Having an outstanding product can be the USP that can help you attain more and more sales even during the off-season. You need to understand that eCommerce sellers get benefits during the festive season or holidays despite selling a bad quality or underrated product. But if the quality of your product is tremendous, customers may look forward to buying them in the off-season as well. Thus, it is crucial to maintain the quality of your product if you want to escalate your off-season sale.

Conclusion

Thus, these are some effective and practical ways to help you scale up your off-season sale. Do not lose hope if you are not able to sell your products during the non-festive season. The ways mentioned above can help you immensely achieve your economic goals during the off-season. However, apart from implementing the above ways, you should also subscribe to powerful eCommerce management software to automate your backend operations such as payments, inventory, shipping, returns, and accounting. In this regard, eVanik OWS can become your ultimate support.

Sellers Must Know About These Various Types of Inventories!

Sellers Must Know About These Various Types of Inventories!

In the glorifying eCommerce industry, there are various factors that a seller must take into consideration. Inventory is one of the crucial factors of this evolving industry. If you want to make your business successful, you must know the importance of inventory in the eCommerce business. You need to understand the fact that without knowing about this crucial aspect of online business, you can not serve your customers well.

Apart from managing your inventories accurately, you must also know about the various types of inventories. There are so many diversified types of inventories that you may come across as an eCommerce seller while controlling or handling your business. All these are essential to understand in terms of implementing an effective and efficient inventory management system.

Restricting the overstock and down stock, reconciling the inventory-related issues, and managing it on multiple channels are various terms that you need to take care of. However, it is not an easy task, and you can do it without automation. An inventory management software like eVanik OWS can help you with it in an effective manner. In this blog, we are going to mention some of the various types of inventories that you must know.

Five Essential Types of Inventories in eCommerce Business

Raw Materials Inventory

Raw materials that you may soon turn into your inventories are considered a type of inventory in the eCommerce industry. Such inventories are basically small pieces, parts, and trash of products that are currently in your stock and soon may get converted into a product and become part of your inventory. You must know that there are two specific types of raw materials: direct and indirect.

Direct materials are used in finished goods; this type of inventory is usually present in a seller’s or manufacturer’s stock and available for the customers to purchase. Direct materials can be leather that can be used to make wallets, belts, shoes, etc. Indirect raw materials might be batteries, lightbulbs, etc. Indirect raw material inventories refer to all those items that have been used during the production process of any specific product category.

WIP (Work-in-Progress) Inventory

WIP inventory refers to materials that an eCommerce business needs to mobilize first and then assemble those products to get sold on various eCommerce platforms. This type of inventory also includes the price of raw materials and labor costs if required. For a better understanding, we can say that WIP inventories include such products that are unfinished and still require to go through the final finishing process. It refers to the various number of unfinished items that are currently available in your stock. The best example of WIP inventory is selling coffee online; it includes refining the coffee beans, putting them into jars, and then shipping them to valuable customers.

A wedding dress can also be an example of work-in-progress inventory as eCommerce retailers need to give them a final touch before delivering it to their customers. However, too much WIP inventory can put you in a situation where you must wait a bit longer to initiate a sale and generate revenue. On the other hand, this type of inventory also increases the risk of materials being misplaced, lost, damaged, or expired before getting assembled. However, you can get rid of these challenges by implementing the inventory reconciliation process with the help of automated software.

Finished Goods Inventory

Finished goods inventory is the essential type of inventory that you have listed on various eCommerce platforms to sell your products efficiently. The name defines it well, finished goods inventory is considered as the total number of products available in your stock to fulfill the demand of your customers. Let’s make it simple; any product ready to be sold on multiple platforms falls under this type of inventory. Finished goods are various products that have been manufactured by a seller or purchased by them from a third-party supplier or manufacturer.

However, handling the finished goods can be challenging, especially when you are a multi-channel seller. However, inventory management software such as eVanik OWS can help you manage the inventory on multiple eCommerce platforms by automatically adjusting them. Such software also provides you with an accurate inventory report as well.

MRO Goods Inventory

MRO refers to maintenance, repair, and operating supplies; it includes items that may be useful in a production process but are not integrated into the finished products, unlike raw materials inventories. These types of inventories have been used in assembling a product but have not been used to create a product. For example, maintenance and repair supplies such as light bulbs, motors, gears, and fluids are considered MRO goods inventory.

Apart from that, safety equipment such as respirators, face shields, masks, and office supplies products such as furniture, paper, and pens fall under the category of MRO goods inventory. MRO inventories are not for the customers but for the sellers or eCommerce businesses that they actually use to produce genuine products and later sell them on various online marketplaces.

Packaging Material Inventories

This type of inventory can be anything that eCommerce sellers and businesses use for packaging a product to keep them safe in storage and while in transit. Packaging material inventory is essential for online sellers if they handle the packaging and shipping part. Several products, such as packaging boxes, bubble wrap, tapes, and padding, are known as packaging material inventories.

However, eCommerce sellers don’t understand the importance of packaging material inventories and may not feel it necessary to store them. You must maintain such items on a regular basis because you may need them every time while packaging a product. Thus, it is also necessary to keep them in stock because good packaging impacts customers. Believe it or not but good packaging is also an essential part of the eCommerce business, and one must take care of it.

Conclusion

Thus, now you must have developed an idea about the various types of inventories involved with your eCommerce business. Along with the management of listed inventories, you should also consider the other types of inventories. If you miss out on others, you might miss out on managing the listed inventories at various eCommerce platforms as well. Poor inventory management can lead you to make your customer unhappy, and it may diminish your credibility in the market as well.

However, you can take help from inventory management software to manage it well. It can automatically adjust the inventories on multiple eCommerce platforms and send you an accurate report to escape the situation of overstocking and outages. In this way, you can keep an eye on all your inventories that are ready to sell and that you require stock for the production part.

Always remember that organizing inventories on spreadsheets is not going to help you in this digital era. That is why an automated and centralized inventory management system is the need of the hour, and you must attain one.

Considerable eCommerce Metrics Sellers Need to Track This Year!

Considerable eCommerce Metrics Sellers Need to Track This Year!

There is a vast difference between running an eCommerce business and running a successful one. Today millions of sellers are selling their products on eCommerce marketplaces. But not all of them are acquiring success; the reason is that some are not analyzing their business’s overall performance or may not follow the latest metrics of the eCommerce industry.

Believe it or not but for the tremendous success of your online business, you must follow all the latest metrics of this industry. The eCommerce metrics may change from time to time per the market trend and customer demand. The metrics mentioned in this blog are essential in terms of serving your customers dynamically. If you are unaware of these, this blog is just for you. Here in this particular blog, we are going to mention some of the vital eCommerce metrics that can help you to know whether you need to implement them in your online business or not. The following metrics will help you understand how well your business performs. So what are we waiting for? Let’s get down and find out these considerable metrics of eCommerce.

Five Elementary eCommerce Metrics That You Need to Follow

eCommerce Transaction Rate

How many transactions have been done from your seller page can not precisely tell how well your business is doing. However, over time, it does demonstrate how popular your product is on various eCommerce platforms. That is why it is necessary to track every online business transaction. Now the real challenge is it is impossible to track every transaction manually, so what is the solution? Well, you need not worry about it because there is various accounting software of eCommerce available that can help you to tackle this problem tremendously. Some software, such as eVanik OWS, has the efficient feature of managing all your transactions by integrating with your accounting software such as Tally, Zoho books, Quick books, etc.

With the help of such software it can become easier for you to track each transaction and know what is actually happening with your business. This is one of the most considerable metrics of this industry that you must follow if you want to up-scale or grow your business.

Calculate Your Cost of Goods Sold (COGS)

The cost of goods sold is basically associated with your sales. The enormous eCommerce industry incorporates various factors such as the price you paid to the manufacturer or supplier for your products or the price related to formulating your products yourself. Accurately calculating the cost of goods sold (COGS) can be challenging for any eCommerce seller. These eCommerce metrics can also help analyze the inventory turnover margins and ratios as well. To calculate the COGS, you can start with the basic level, and the formula is; Initial inventory+Total acquisition-closure inventory.

To acquire the accurate cost of goods sold value, you need to keep track of your inventory or manage your inventory perfectly. Lack of inventory management can make you lose the chance to get along with this eCommerce metric. To manage your inventory, you can acquire inventory management software. Such software can automatically provide you with all the inventory reports on a real-time basis. Thus it can help in calculating the COGS.

Recognize Your Return Rate

Returns are a significant pain for any eCommerce seller; you must have experienced this issue maybe on a daily basis or occasionally. It can be more or less, but it is present there. The eCommerce industry has accepted that they have to live with this issue, but they can try their best to reduce the return rate. According to the research of the National retail federation and apprises retail, it has been found that returns have increased from 10.5% to 16.8% this year.

These statistics are a matter of concern. Handling the courier and customer return can be a clumsy task to perform, but with the help of return reconciliation software, it can be done perfectly and precisely. Such software can help you enormously in terms of managing your returns and ultimately increase your profitability. If you are not focusing on your return rates, you may not only lose your money but can also diminish your market image. Along with evaluating your return rate, you must focus on minimizing it by understanding the customers’ concerns regarding your product.

Measure Your Customer Retention Rate

In the eCommerce world, it can be easy to attract new customers because there are so many effective ways that you can execute to make them buy your product at once. But it is way too difficult to retain a current customer because they already know you, and if your product is not as per their requirement or if they have some other issue, they might never return to you. However, measuring the customer retention rate is imperative to know how well you can hold your existing customers.

To calculate your CRR (Customer retention rate), you can divide the total number of return customers by the total number of existing customers and multiply that by a hundred. If your CRR value is below 30%, it means you need to work on increasing it by improving your product quality, delivery time, price, etc. To increase the CRR rate, you can offer attractive discounts and offers to your customers.

Calculate Your Net Profit Margin

You must agree that you are not in the eCommerce business to sell your products but also to generate enormous revenue. You need to calculate your net profit margin if your business is doing as per your expectations. This measure can give you an overall idea of what you need to add or minimize to increase your profit margin. Calculating your net profit margin is a comparatively simple task to perform.

It will help if you use a calculator and manually minus the cost of goods sold from the gross revenue and then divide the figure by the actual sales. The formula for executing this process is; net profit margin= [(Gross revenue- COGS-other expenses and taxes) / net sales]. In such a way, you can know your net profit margin and run your business accordingly.

Conclusion

Thus, several eCommerce metrics can empower online sellers to analyze and measure the overall performance of their online business and let them make essential decisions. As an eCommerce seller, you can use such metrics to obtain a much more reasonable and precise way to evaluate the performance of each product you are selling on diverse eCommerce marketplaces. To attain your business goals efficiently, you must follow these eCommerce metrics.

Suppose you find that your business is not performing well on such metrics. In that case, you may require to subscribe to some robust software such as eVanik OWS to improve the parameter of several metrics such as COGS, return rate, transaction rate, etc. It can effectively minimize the issue related to inventory management, return reconciliation, accounting, shipping, and payment also. This centralized software can easily integrate your ERP system and manage your multi-channel business performance in a single dashboard.

Top Five Inventory Management Techniques and Their Pros & Cons!

Top Five Inventory Management Techniques and Their Pros & Cons!

As an online seller, you should know that inventory is an essential factor of an eCommerce business. Mismanagement of inventory can destroy your business in so many ways. If you do not realize the importance of inventory management during the initial period of your business, you may lose your value among the customers on the first attempt only. This is the reason why one should consider the importance of this crucial aspect of online business management.

Without having clarity over inventory management, you can not successfully process the order fulfillment process. The fundamental purpose of eCommerce inventory management is to meet the customer’s demand without gathering an overstock and to escape the situation of stock out. To execute this significant process accurately, you must know about several inventory management techniques. Apart from various techniques, you can also get along with an eCommerce inventory management software that provides authentic and precise information about your inventories. In this particular blog, we have mentioned some of the effective inventory management techniques and their pros and cons as well. It can help you manage your inventory and select the best technique for your business.

Five Effective Inventory Management Techniques with Their Pros & Cons

1. ABC Inventory Management

It is one of the most effective inventory management techniques; through this procedure, you can keep your products in order of importance. ‘A’ refers to the most valuable, ‘B’ stands for moderate valuable products, and ‘C’ stands for least valuable products. Because every product can not stand for equal value, and that is why your priority should be paid to the most popular products in your inventory. This technique’s major factor is selling the most valuable products in the first go. Here are some of the pros and cons of this technique that can help you determine whether it is an effective inventory management technique for you or not. You can segregate your products into the ABC category by multiplying the annual number of products sold by cost per item and finding the annual usage value per product.

Pros:

  • This technique can help forecast demand by closely analyzing a top popular product over time.
  • It offers effective time management and resource allocation.
  • It can help in determining an excellent customer service approach.
  • ABC inventory management technique enables inventory accuracy.
  • It can help in implementing strategic pricing for your products.

    Cons:

  • The disadvantage of this inventory management technique is that you may not be able to follow the current trends because your priority will be selling the most valuable items first.
  • This technique may require human resources and more time to segregate the products as per their value.
  • This procedure may require more accurate data collection and measurement.

2. Just In Time (JIT) Inventory Management

Just-in-time inventory management techniques are also considered an effective method. In this process, sellers only receive products from a third-party supplier when they need them. You can say that the primary objective of this technique is to increase inventory turnover and reduce inventory holding costs. This method requires strategic planning for order fulfillment till it gets delivered to customers. Most eCommerce sellers use this method to eliminate inventory wastage. Although this effective technique also beholds significant pros and cons, which we have mentioned in the following points.

Pros:

  • This method is highly effective in eliminating inventory wastage.
  • It also decreases the warehouse inventory holding charges.
  • This technique requires less investment because one only acquires the limited and essential products to sell.
  • JIT inventory management method allows having complete control over the manufacturing process that works on a demand-pull basis.

    Cons:

  • One of the primary disadvantages of this method is that you may experience difficulties fulfilling the order on time.
  • This technique beholds the immense risk of the stockout situation.
  • In any disruption, the just-in-time method can drastically affect your business because there will be no excess inventories to fall back on, and your sales may halt.

3. Backordering Inventory Management Technique

Backordering is another inventory management technique that allows your customers to place an order even if it is out of stock or you do not have sufficient stock of that product. eCommerce sellers implement back ordering when they experience a sudden increase in sales or sell significant products faster than you can stock them. It can be considered as the most common and efficient practice that can be used by online sellers whenever they face a surge in demand. In other words, you can say that backorders are a manifestation that indicates the demand for a product exceeds its current supply rate. In this scenario, you directly send the product request to your vendors, and they fulfill your request, and you then you can ship them to your customers. However, this process also has some pros and cons. Let’s’ check them out.

Pros:

  • This Inventory technique can help you with maintaining the revenue flow in the high-demand low stock situation.
  • It can help you fulfill the customer’s demand even if there are not enough products in your stock.
  • It provides more flexibility to small eCommerce sellers.
  • This inventory management technique minimizes the risk of overstocking.

    Cons:

  • Involvement with this method can highly affect the customer satisfaction rate because of the delay in the fulfillment process.
  • This technique involves a massive chance of order cancellation and refund requests.
  • You may lose your existing customers along with the potential ones.

4. Bulk Shipment Inventory Management

In the entire eCommerce inventory management process bulk shipment method is highly recommended to sellers to meet the higher customer demand in less time. It is cost-effective as buying products in bulk always becomes cheaper in terms of shipment as well. We can say that the bulk shipment inventory management technique is ideal for predominant products with higher customer demand and long shelf life. Let’s find out some of the pros and cons of this inventory management technique.

Pros:

  • The bulk shipment inventory management technique involves a high potential to generate maximum revenue.
  • Though this method allows bulk shipment, hence eventually lowers the shipping costs.
  • It works effectively for prominent products with particular demand and long shelf life.

    Cons:

  • This inventory management technique requires a hefty investment.
  • It increases the essential holding costs for product storage.
  • In this method, it can be challenging to adjust the inventory during the time of demand fluctuations quickly. However, to escape such a situation, you can take the help of some inventory management software such as eVanik OWS.

5. Consignment Inventory Management

In this inventory management technique, the wholesaler has legal ownership of the products, and the sellers are not required to pay for them until they are sold. In this method, sellers can even decide to return any unsold inventory without worrying about financial loss. The most crucial aspect of this method is to manage the consignment inventory so that it moves quickly and efficiently from a wholesaler to the sellers and then to the customer’s doorstep. Lets’ see what the pros and cons of this technique are.

Pros:

  • This inventory management technique allows you to offer your customers a more comprehensive product range.
  • It may decrease the wane time of restocking the products.
  • A seller can also return the products in case of no sale without paying a penny to the wholesaler.

    Cons:

  • Consignment inventory is difficult to manage on a spreadsheet due to the constant movement. However, an online inventory management software such as eVanik OWS can help you with it.
  • A wholesaler may own the stock, but the seller will be responsible for storing them and paying the warehouse.
  • You still have to pay for the warehouse space if there is no sale.

Conclusion

Hence, these are some of the profound inventory management techniques you can use while associating with an eCommerce business. Indeed there are pros and cons to every method, but still, you can choose one as per the nature of your business or whatever method suits you the best. The fundament is inventory should be managed accurately never to disappoint your customers and maintain the supply chain flow. As an eCommerce seller, you can take the help of any prominent inventory management software like eVanik OWS to avoid the over-stocking or less stocking situation. It provides you with an accurate inventory report to clarify your inventory.

Inventory Shrinkage and Tactics to Protect your Stocks Effectively!

Inventory Shrinkage and Tactics to Protect your Stocks Effectively!

In the enormous eCommerce industry, if you want to run your business successfully, you have to escape the situation of inventory shrinkage and apply some of the spectacular strategies or tactics to protect your stocks. As a seller, you must have experienced that you can not fulfill your customers’ demands if there is insufficient inventory. Inventory shrinkage affects your eCommerce business drastically. It will always be a hindrance to your business growth.

So there is no other way apart from handling it efficiently. If you cannot handle your inventory, you won’t be able to secure your stocks either. If you are new in this industry and do not have any idea about inventory shrinkage, this blog is for you. Here you will know exactly what inventory shrinkage is and what strategies you can implement to protect your stocks. However, to escape this situation, you can take the help of some inventory management software such as eVanik OWS. It can help you avoid the situation of Oos (Out-of-stock) by providing a centralized inventory feature.

Definition of Inventory Shrinkage

Before going any further, knowing what inventory shrinkage means is essential, as many of you may not be aware of this term. Well, inventory shrinkage refers to the situation where your actual inventory count is less than your accounting has recorded. It clearly means that something has gone wrong, either a human error or theft. Usually, it happens because of human error, shipping damage, or theft. You can get into this situation because of vendor fraud, mistakes in matching the inventory with your accounts, and several human errors in receiving or sending the stock deliveries. It doesn’t matter how it happens; as a seller, you need to know the root cause of inventory shrinkage to prevent it from happening again in the future.

What Could be the Effect of Inventory Shrinkage on Your Business
Inventory shrinkage can hurt your online business in many ways. Not paying attention to inventory can cause heavy damage in terms of generating revenue and making a solid customer base. Here we will mention some of the crucial effects of inventory shrinkage.

Can Hamper Your Overall Revenue

Suppose you buy thousands of apparel to sell on various marketplaces from a manufacturer, and hundreds of them get damaged or disappear every month. What will happen next? Well, you are right it can hamper your overall monthly revenue. The motive of every business is to generate significant revenue, but if you fail in attaining that somewhere your motive of doing this business will also get hampered automatically.

Effects Customer Satisfaction

Customer satisfaction should be the ultimate goal of any business. It can not be done without fulfilling their orders on time. But how will you fulfill their requirements if the product is not available in your stock? At this time, customers have to face the out-of-stock situation, and they can buy the identical product from your competitors and may not return to you in the future. In the situation of inventory shrinkage, you won’t be able to track how many products are left in your stock. In another way, we can say that you are selling products blindly without knowing the exact number of your inventory.

It can Deteriorate Your Reputation

Here you need to think from a customer’s perspective; suppose if you are looking for a specific product and buying it from an authenticated seller, but it shows that the product is not available in stock, what will you do? You will find other sellers and purchase identical products from them. Similarly, if your customers face similar situations frequently, it can ruin your reputation in the marketplaces. Out of the stock, the situation can somehow get controlled and is understandable for customers to some extent. But suppose, if damaged or broken products get delivered to your customers due to the inventory shrinkage. In that case, it can drastically affect your business and can be the reason for your downfall. Good work always takes time to gain recognition, but one lousy work can spread like fire.

Tremendous Ways to Protect Stocks from Inventory Shrinkage

Every Product Variant must Have an SKU

SKU refers to the stock-keeping unit for every product, consisting of several letters and numbers. It helps provide unique identification to every product and helps keep an accurate stock record. If each of your products has an SKU, it allows all the human hands, from warehouse staff to you, to track inventories more effectively. In this way, it can become easier for you to keep track of each of your products and avoid the situation of inventory shrinkage.

Always Buy Items from a Reliable Source

Being an online seller, it is quite important for you to buy products from a reliable source only. If your vendors or manufacturers are not able to provide you with the stocks on time, then it can again put you in the situation of inventory shortage. If your products are already listed on various eCommerce platforms and are about to get out of stock, you will obviously rely on your suppliers. But if they won’t be able to fulfill your demands on time, then it will cause a considerable loss to you. So it is best to choose reputed and reliable manufacturers or suppliers. Apart from this, you also need to organize your purchase in terms of their real-time position. Suppose it is in transit, late, or gets delivered to you. In case of late or delayed orders, you need to take the follow-up from suppliers.

Take Help of an Inventory Management Software

It can be the best way to prevent the situation of inventory shrinkage. Today there are various inventory management software available in the market. They can help you in managing Inventory in an accurate manner. It can get integrated with your system and help you in managing your inventory across various eCommerce platforms. In this regard, you can take the help of eVanik OWS. It provides you inventory report as well to have clarity on your inventory.

Conclusion

Thus, in this way, you will be able to have control over inventory shrinkage.
No one can deny that the eCommerce industry is evolving every day. To survive in this industry for a more extended period of time, you have to minimize the risk of inventory shrinkage. It is not only harmful to your conversions but your customer relationship as well. An exceptional inventory management software leads to a well-organized warehouse, which also diminishes the chance of theft. The accuracy of data and insights can provide you with a clearer picture of the availability and unavailability of the product. All these facts ultimately lead you to generate revenue from your online eCommerce business.

Importance of Inventory Management

Importance of Inventory Management

Importance of Inventory Management

Inventory Management

Inventory Management is crucial to prevent an “out-of-stock” situation that can lead to lost sales for ecommerce sellers and disappointment for customers. Inventory management controls the entire flow of goods from manufacturers to warehouses and from there to point of sale. It entails management of orders, returns, logistics, returns etc.

It is necessary to streamline the inventory management system as a mismanaged inventory can lead to retailers witnessing huge losses.

Why do you need Inventory Management?

It is imperative for ecommerce retailers to be aware of its inventory in order to achieve efficient as well as fast operations, at an affordable cost.

An efficient management of inventory results in reducing costs that further helps to keep accounts and finances of retailers in check.

It also helps in offering better customer service through fast delivery of goods and low shipping charges, thereby meeting customers’ expectations.

Benefits of Inventory Management: There are a plethora of benefits in having inventory management.

Keeps track of one’s inventory and provides a centralized view of stock.

Controls the costs of ecommerce sellers by creating stock reports in order to analyse the inventory.

Enhances delivery by proper management of stock-outs and meeting the expectations of customers.

Assists in planning and forecasting by properly analyzing the data trends.

Reduces the time taken for managing the inventory by keeping one’s records in place.

eVanik OneWorld Suite: eVanik OneWorld Suite from the trusted eVanik Networks, which is the most awarded ecommerce solution provider in India, helps in effective inventory management. Over 12 thousand ecommerce sellers rely on eVanik OneWorld Suite to automate their back-office marketplace operations and skyrocket their online business on the best online seller sites in India.

eVanik OWS’s inventory management software is a centralized and synchronized inventory management software for multi-store, multi-channel businesses selling online and offline. This inventory management software manages common inventory for several channels and automatically reprice it to stay on “Buy Button” always thereby helping ecommerce retailers to keep growing their sales. It also helps to manage the order lifecycle. From procurement to warehousing, from order processing to shipping to returns, eVanik OneWorld Suite helps in the entire order lifecycle management. The software also provides Live/Out of Stock and Price Tracker. For brands selling through partners, dealers etc, one can get real time visibility on Live/ Out of Stock products and price change alerts with email notifications. eVanik OneWorld Suite from the trusted eVanik Networks also provides ecommerce reconciliation, with 99.6% accurate reconciliation of payments, returns, commissions and inventory in real time, with no cumbersome excel uploads or downloads.

Benefits of eVanik OneWorld Suite: Inventory management and Business profitability are interrelated and the biggest reason for the success or failure of a business is the way the inventory was managed. In the e-commerce marketplace scenario, inventory management becomes all the more important and hence it is imperative to have a seamless and centralized ecommerce inventory management software like the eVanik OneWorld Suite.
1. eVanik’s inventory management software tool helps an ecommerce seller a great deal by automating the online sales and inventory management system.

2. eVanik OWS is connected with all major e-commerce marketplace channels for inventory management. All one needs to do is set up the virtual common inventory once and the system will manage it across all marketplace channels for all products.

3. eVanik OWS Inventory Management Software is a boon for ecommerce sellers as it helps to manage their inventory across Amazon, Flipkart, Snapdeal, ClubFactory among others.

4. eVanik’s inventory management software helps sellers to save valuable time so they can focus on growing their retail business while eVanik OWS Inventory Management Software improves visibility into their supply chain.

5. It manages their online inventory by easily tracking and syncing product quantities across all online sales platforms in real-time. Every time a retailer receives an order from an online channel, eVanik OWS’s inventory management software apart from fetching that order, also automatically refreshes stock data to all online channels where the product is listed.

6. Does not require any software to install

eVanik OWS Inventory is a fully web-based solution that is hosted in the cloud. As a result, retailers never need to install software, upgrade updates, or archive their data.

7. Integration of multiple selling platforms

eVanik OWS Inventory has over twenty integrations with many selling platforms including Flipkart and Amazon, and will mitigate the headaches due to overselling. eVanik OWS automatically updates the selling channels in real-time with updated stock levels.

8. Support High Transaction Volumes

eVanik OWS Inventory supports higher volumes of transactions so sellers do not face any problem.

9. Free training and support

eVanik OWS provides a free training session from the start, and on procuring the software, ecommerce retailers are assigned a dedicated customer relationship manager to handle all their queries.

Key Features of eVanik OWS’s inventory management software: Following are the chief features of the eVanik OneWorld Suite from the trusted eVanik Networks, which is the most awarded ecommerce solution provider in India.

1. Composite SKU’s (bundles/kits) One can now combine SKUs to create composite SKUs that will depict the inventory of the underlying SKUs. Managing inventory with bundles will help to enhance your catalog by creating new offerings from your existing products with attractive pricing for higher-order values.

2. Advanced Order Routing

The software further offers Advanced Order Routing based on geolocation, warehouse priority, and stock availability. You can now combine SKUs to create composite SKUs that will depict the inventory of the underlying SKUs.

3. Custom Alerts
Ecommerce sellers can now set custom alerts for low inventory levels and create purchase orders.

4. Product SKU Mapping
With our unique inventory mapping system, sellers can track their products with different identifiers.

5. Multichannel Tracking
One can track product quantities and sales across boundless integrations. For retailers that have inventory in multiple warehouses, eVanik can allocate inventories and designate orders based on predefined rules, such as region, shipping method, or other special designation of inventory.

6. Sell better, faster with eVanik OWS
With the best inventory software, you can turn inventory faster, maintain higher margins, and reduce manual inventory-related tasks, helping you focus on what you do best: sell.

7. Centralize your inventory
Visibility across multiple sales channels, stock locations, and stages of the product life cycle within one simple inventory app.

8. Sell flexibly
Take advantage of merchandising techniques like bundling and pre-orders.

9. Low Stock alerts
Avoid overselling and stockouts with low-stock alerts, and automatic stock adjustments as sales orders are processed and purchase orders are received. Low inventory alerts make it simple and convenient to place a reorder from the appropriate supplier directly from eVanik´s.

10. Automate purchase orders
eVanik´s powerful capabilities automate and simplify your inventory management. eVanik automatically adjusts inventory through purchasing or vendor feeds. Product availability amounts are automatically updated across all marketplaces.
11. Transfer and track inventory
eVanik´s end-to-end platform will automatically reserve availability when an order is first created and decrease it from physical inventory upon shipping.

12. Cloud-based inventory management software
Modern Inventory software without the excruciating updates; available regardless of where a client or group is based.

13. Integration with accounting software
Build and study Sales and Inventory Reports

eVanik OWS Inventory Management software thus is an efficient and affordable software that gives retailers a robust product that has a plethora of advantages that helps ecommerce retailers catapult their business and take it to greater heights.

15 Effective Inventory Management Techniques

15 Effective Inventory Management Techniques

Effective Inventory Management

A recent study which is done by the Warehousing Education and Research Council found when it surveyed the number of e-commerce companies that the main the reason why many companies face loss is due to a lack of inventory management. These companies doesn’t have effective inventory management techniques.

Inventory Management plays a vital role to run a successful business or company. Have you ever wondered how companies earn a great profit? There are many companies that face loss due to mismanaged inventory. Inventory management is essential for a business or company to be successful.

The clothing retailer H&M company has made it to the top with a $20.3 billion yearly sales. In a decade, retail giant Walmart has grown from $70 to $127 billion and dominating the whole market. This is all possible due to a solid inventory management.

If you want to remain competitive and profitable in the market then you need a cost-saving solid inventory management system that helps to boosts the profit of your business. There are also some companies which get a lot of sale and customers but cannot make a profitable business from it due to lack of inventory management.

Inventory is a placeholder for your money. Holding an inventory ties up with a lot of cash. That’s why it is very important to have good inventory management for growing a company. There are various inventory management techniques are available, and choosing the correct one can lead to providing the correct goods, at the correct amount, place, and time.

Large Inventory. Warehouse Goods Stock for Logistic shipping banner background.

Here you will get some best techniques for inventory management. By implementing these inventory management techniques you can take your business at the next level. But before that lets us know more about inventory management and it’s importance.

Organizations from small as well as large businesses can make use of inventory management to manage their flow of goods properly.inventory management includes aspects like controlling and overseeing purchases from the suppliers as well as customers in order to maintain the storage of stocks and to control the amount of product for sale and order fulfillment. Business is useless without proper inventory management.

As per the research, the data came in front of us that about more than 43% of business owners don’t track their inventory. This is one of the reasons why many companies and businesses cannot grow even though they had a lot of demand in the business.

The survey by Supply Chain Dive shows that one-third of warehouses do not have a proper inventory and warehouse management system which is the main reason why companies are facing loss even after a lot of demand for products. So it is very important to have solid inventory management to run a successful business or company.

Effective Inventory Management2

Inventory management uses many techniques to keep the right amount of goods on hand to fulfill customer demand and operate the business profitably.

15 Inventory Management Techniques for your business

Here are 15 Inventory management techniques that will definitely help to improve your inventory management and cash flow. Optimal inventory management varies for every company, but there are some general strategies by implementing any business can grow. We have listed here 15 techniques for great inventory management.

1) FIFO ( First in First Out) Method

It is a very important concept and widely used in inventory management by various businesses. It works on the basic principle that the product which comes first in the warehouse should be sold first. In this method First or the oldest stock will be used first.

This method ensures that the oldest stock will be used first which helps to reduce the cost of obsolete inventory. This inventory system is commonly used in several companies and warehouses. The FIFO method is applied to both warehouse management and accounting.

FIFO technique plays an important role in the warehouses that contain perishable products. It is widely used in the food and beverage industries. It helps in Effective management of your warehouse space.

2) Minimum Order Quantity ( MOQ)

Generally, suppliers used to supply the product in whatever quantity which you have ordered from them for your business. But there are many problems we have to face while order certain products from the suppliers because they have minimum order quantity criteria.

A minimum order quantity (MOQ) is the lowest or minimum amount of stock that a supplier is willing to sell or accept. If you are not able to purchase the minimum order quantity of a specific product, then the supplier won’t sell it to you.

The main purpose behind minimum order quantities is to allow suppliers to make more profits while getting rid of more inventory management.
Wholesalers generally don’t prefer doing business in such a way, but in many cases, wholesalers are forced to sell using MOQs because they’re forced to buy a minimum amount of stock from the manufacturer.

3) ABC Analysis

There are many products available in our inventory and it is obvious that we are more focused on the products which have more demand in the market and have high sales. But to manage the inventory effectively it is very necessary that we should give attention to each and every product.
For this Many businesses use the ABC Analysis technique which is the best method to efficiently manage your inventory. In this method, the products are getting categorized into different groups.

Effective Inventory Management3

ABC analysis is an approach for classifying the products which are present in the inventory as per their consumption values. Consumption value is defined as the total value of an item that is consumed over a specified period of time.

ABC analysis is a method of analyzing which helps to categorized products into three categories: A, B, and C.

Category A

In this category, the products are of high-value but have a low frequency of sales. Such products required more attention because it consists of products which have more financial value.

Category B

In this category, the products are of low value but have a high frequency of sales. In this case, such products may require less attention because they are continuously moving because of high demand.

Category C

In this category, the products are of moderate value and of the moderate frequency of sales. But this also required some attention and financial assessment.

4) Safety Stock Inventory

It is the level of extra stock that is maintained to mitigate the risk of run-out for goods and raw materials due to uncertainties in the supply or demand. It plays an important role in order to avoid stock out and keep customer satisfaction at a high level.

safety stock inventory helps to keep your warehouse and supply chain running smoothly. The goal of safety stock inventory is to make sure that your customers will be satisfied and keep coming back to you.

Safety stock protects against unforeseen variations in supply and demand. In simple words, Safety stock is an additional quantity of products added in the inventory to reduce the risk that the product will be out of stock.

5) Centralize your Inventory

Centralized inventory is a method in which stock is kept in a single location. Businesses generally merge all their products into a single place to make inventory management easy.

Centralizing your inventory has a number of benefits for your business. One of the greatest benefits of Centralize inventory systems is operational efficiency.

Centralized inventory maybe sometimes changing demand. With stock in a single location, it can be difficult to fulfill orders when there’s been a spike in demand in a specific geographic region or weather makes fulfillment impossible from your single warehouse.

Centralize inventory is the key to the profitability of your business.

6)Batch Tracking

Batch Tracking is a method that is used to group and monitor a set of stock that has similar properties. This process is used for the efficient tracing of goods.

It gives you detailed information about the product from raw material to finished goods. It helps you to know where it comes from, and where it went.

There are several benefits of batch tracking like:

  • It helps to improve relationships with suppliers.
  • It helps to identify which products are going to be expired.
  • It has fewer accounting errors.

Batch tracking allows insight into the quality of your finished goods by tracking the raw materials of your suppliers. This identifying your best and worst suppliers which helps you to decide the right suppliers.

7) Dropshipping

It is a very simple method in which there is the direct delivery of the goods from the manufacturer to the customer.

Dropshipping is a supply chain management that allows businesses to reduce their inventory costs by not holding any inventory. It is one of the best inventory management techniques.

It is a very simple method in which we first receive an order then we have to forward it to the supplier and the. The supplier fulfills the order.

There are several benefits of using the Dropshipping technique for inventory management:

  • One of the greatest advantages of Dropshipping is that we don’t have to invest a huge amount of money. It requires very little capital.
  • Dropshipping required fewer overheads Because we don’t have to invest in purchasing inventory or managing a warehouse.
  • Nowadays, dropshipping business can be run from anywhere. As long as you can communicate with suppliers and customers easily, you can run your business from anywhere.
8)Managing Relationships

It is one of the most important factors for running a successful business. A good relationship is very important in business. It is about clear, proactive communication.

It is very that you should have a strong relationship with the supplier to run your business effectively. This will be helpful to you for minimum order quantities. You can ask your supplier for a minimum order quantity so that you don’t have to carry much inventory. Good Relationships play a key role in order to build a successful business with maximum profit.

9)Contingency Planning

If you are running a business there are many uncertain inventory management issues are come in front of us and it is very difficult to fix or resolved those issues on time.

The problems which can arise during inventory management are as follows:-

  • The product has a low frequency of sales takes the maximum space of your warehouse and there is no or little space available for products having a high frequency of sales.
  • The unexpected rise in demand for a specific product and the product is out of stock.
  • Cash flow turns to negative and it is not possible for you to pay for products which you needed.
  • The manufacturer stops the delivery of the product without any prior notice. So it is necessary that you should identify the risk and make a solid contingency plan for better inventory management.
10)Regular Inventory Audit

An inventory audit is defined as the analytical procedure that helps to cross-checks the financial records which match inventory records, or the count of physical products.

It is very necessary to do regular auditing of the inventory in order to have an idea of stock in the warehouse. There are three ways by which the inventory can be tracked

  • Spot Checking-It is the method in which the products are manually counted and cross Check with the actual data. This is generally done for high-value products.
  • Physical Inventory-Many businesses prefer to do counting if the whole inventory only once at the end of the year because of the accounting and tax filling purpose.
11)Set par levels

A par level is defined as the minimum amount of a product that should have on hand of any business. This helps to meet the customer’s demand while also maintaining safety stock in the case of uncertain demand.
The par level is ideal for use Effective management.
If you track par levels in real-time it will help you to track which stocks are depleting faster than others and which products have less demand in the market. It will prompt proactive orders to replenish stock so you don’t run out.

If you don’t maintain par levels properly, you might find yourself in a situation where you cannot fulfill customer demands.The concept of par levels is helpful for warehouse managers and business owners for control of the inventory.

12)Prepare for different Seasonality

There is a massive change in the demand for the product as per the season. So it is very necessary for the business that you should be ready for the changes in customer demand in the market.
Seasonal inventory required stock which is in high demand during particular times. these periods of time often coincide with the different seasons, and companies need to be proactive in preparing for different demand during these key times.
Seasonal inventory can be unpredictable in the market. seasonal inventory can be a challenge to your inventory control plan, making it difficult to prepare for the changes in demand for various products in the market.
So it is necessary to forecast the demand of products from past data to achieve better inventory management.

13)Tracking your sales

Tracking sales and available inventory help in determining what you need to order. Using the point of sale and tracking programs can add to the expense but they will help you to ensure that your customers have what they want while you maintain the minimum amount of stock necessary.

It is very necessary to track inventory levels on time for proper supply chain and critical for e-commerce brands that want to scale up successfully in the market. If you do not properly track your inventory sales it will end up with frustrated customers, excessive inventory, obsolete inventory which is not good for your business.
A good inventory system will help in communicating with suppliers and making demand adjustments. Using an inventory tracking system is the most efficient inventory tracking technique as it helps in achieving better transparency and accuracy than other techniques.

14) Accurate Forecasting

For ideal inventory management requires accurate forecasting of the demands for different products. But the forecasting is not an easy task it requires deep study and analysis of the market. It depends on the various factors
Various Trends for different products in the market.

  • The growth rate of the current year.
  • The demand of customers for specific products.
  • Guaranteed sales from contracts and subscriptions
  • Seasonality and the overall economy

Demand forecasting goes beyond simple estimates of product demand, looking into complex patterns overtime to produce more accurate and timely predictions. Any organization will be able to better manage inventory, increase revenue only after proper inventory management and accurate forecasting of sales.

If you are running a business and want to scale up, then it is very important to investigate the efficiency of their inventory management and forecasting processes.

15) Lean manufacturing system

Lean manufacturing system is an inventory management technique that primarily consists of a set of tools, a philosophy, and a system. It aims to reduce waste, optimize production, and helps put the customer first.

  • The lean manufacturing technique delivers the most valuable product to the customer.
  • It undergoes a process of ensuring all of your value-adding steps flow smoothly without any delays or interruptions.
  • It maps out the steps and processes required to manufacture high-value products.
  • Lean thinking and process improvement is a core part of the company culture.
    Lean inventory management is the calculated approach to increasing the value of a company inventory by identifying and eliminating waste which is left after the manufacturing of the products.
Conclusion

It is very necessary for wholesalers and businesses to focus on inventory management to run their business effectively and having a check on finance and accounts. If there is a lack of management you cannot efficiently get items to customers when they need them. Inventory management will help you to know which products are overstock, under stock, and out of stock. Inventory management helps to keep a check on the financial activities of the organizations.
Inventory management touches many parts of your business. This can lead to different types of problems in the business. Inventory management helps in faster shipping, within the warehouse. you can easily know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.
So now it’s time to take control of your inventory by using the above inventory management techniques which will definitely stop you from losing money and make your business more profitable. eVanik gives you the capability to implement all the above mentioned techniques.