Some economists are predicting a mild recession in 2022 in the United States as consumer spending slows in response to inflation. As a product-based business owner, you need strategies to help you weather any recession. By leveraging technology to manage your inventory, you can survive any challenging situation.
Cin7’s inventory management software is your best bet to automate your business processes and have optimal inventory control.
The less time inventory spends on the shelf or in the warehouse, the more cash you’ll have in the long run. That’s because it costs money to warehouse and manage stock. Consider the cost of employees, utilities, storage and shelf space, along with the depreciation of products that are waiting to move.
Cin7’s inventory management software, combined with best inventory management practices, will help you boost sales and maximize profits. Start by following these steps.
Cin7’s robust inventory management software will help you assess your slow-moving stocks with
In short, the software makes your business more transparent. Thus, you always know what goes in and what comes out. You can always access purchasing reports and sales analytics and make data-driven buying decisions to stock inventory. That way, you can minimize deadstock and maximize your sales.
After you have identified your slow-moving stock, it is important to find ways to increase turnover. The answer is promotions and sales. Who doesn’t like to buy at a reduced price?
Some strategies for increasing sales include:
The fool-proof strategy for a successful business is putting your data to work for you. Cin7’s software provides sales reports and analytics so you can make predictions about what your inventory will look like in the coming months. Thus, you can stock fast-moving products and prevent deadstock.
Here are a few tips for forecasting the market trends:
Sourcing is a crucial part of any procurement process. It involves screening, analyzing, and finalizing suppliers to buy goods for your organization. Efficient sourcing means identifying and partnering with quality and cost-effective suppliers while maintaining optimum inventory levels with minimum overhead costs.
To source goods efficiently:
No matter what or how you sell, bad inventory management can hurt your cash flow and negatively impact your bottom line. Poor inventory management can have significant consequences including:
Good inventory management is a key to weathering uncertain economic conditions.
With Cin7 inventory management software, you can implement best inventory management practices to thrive even when times are tough. Book a demo with us if you want to know how Cin7 can benefit your business.
This is a guest blog post written by Cin7 partner, Marsello. Learn more about our partner program. Email marketing is a key sales tactic for retailers and product sellers, so it’s important to have an active, responsive database. That means consistent or growing engagement (open and click rates), a high repeat purchase rate, and growing […]
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