5 elements of an optimized inventory management system

Retail businesses have an average of 20% inventory to sales ratio. This I/S ratio compares the value of your inventory with the amount you make from selling your goods. The I/S ratio is arrived at by dividing the revenue made from overall sales by the value of the stock that’s kept. So, with a 20% I/S ratio, if you make $100 from selling your items, your stock would be valued at $20. More simply, the I/S ratio here would be five (revenue made from sales divided by value of stock). Maintaining the I/S ratio that’s best for your business is key to maximizing profit. If there’s too much stock, profits are compromised; if there’s too little stock, orders might not be filled. Optimization is the key. What are the best ways to optimize inventory? And, what are the five elements of an optimized inventory management system? Let’s find out.

If you are a businessperson, deciding the amount of inventory you should keep on hand is crucial. If your stock runs out, or if you have too much of it, the consequences could be serious. There could be financial losses and your reputation could be damaged. The only way to avoid this is by having optimum inventory on hand, or the right amount you need. This article will help you to understand what inventory optimization is and explain the five elements of an optimized inventory management system.

 

What is inventory optimization?

Inventory optimization means maintaining an optimum amount of stock, stock being defined as all the stock-keeping units (SKUs) that are being held by a business. When a company has an optimum level of stock, its working capital is being used to its best advantage.

Overstocking inventory can result in

  • Working capital being tied up in unneeded stock.
  • Stock going out of fashion and becoming unsellable.
  • Workers spending time and energy unnecessarily.
  • An elevated risk of loss of goods to theft or accidents.
  • Valuable storage space being used unnecessarily.

On the other hand, understocking and stockouts can result in

  • Turnover being halted.
  • Company reputation being damaged.
  • Production lines being broken.
  • Workers’ time being lost.

Inventory optimization can eliminate these losses. Put another way, when optimal levels of inventory are maintained, resources, like physical space, labor, and capital, can be used in their most efficient ways.

 

5 elements of an optimized inventory management system

As we saw earlier, it is crucial to optimize the amount of inventory you keep at all times. But in order to do this right, what should you be focusing on? Let’s look at the key areas in detail.

Graded policies for inventory management

First, your stock policies should be clearly defined, and you should let the relevant people know about them well in advance. It isn’t helpful if the purchasing department is kept in the dark about these policies.

The inventory turnover ratio indicates the liquidity of the inventory, or the number of times the average inventory is sold during the year. It shows the efficiency and effectiveness of the company in investing its funds.

Inventory turnover time is the number of times a company replenishes its stock in a given period, generally a year. In other words, if you sell stainless steel spoons, the inventory turnover of finished product — spoons — is the number of times you sell out of spoons and replace them. The following formula shows how to calculate the inventory turnover ratio:

Inventory turnover ratio = Cost of goods sold
Average value of inventory

 

where,

Average inventory = Opening inventory + closing inventory
2

Cost of goods sold = Opening inventory + purchase – closing inventory

Now you know how many times a year you have to refill your inventory. The following categories of inventory are dependent on this ratio.

  • Fast moving – Fast-moving inventory is that which is used or sold in a short or easily known period of time. This period is different for every industry. The inventory turnover ratio will be higher for goods in this category.
  • Slow moving – Slow-moving goods are those that stay in your warehouse for a more extended period of time. The inventory turnover ratio for these types of goods will be lower.
  • Non-moving – Non-moving or obsolete goods are those stored in your warehouse for a long time because there is no market for them. This inventory is also known as dead stock.

These three categories should be a major consideration when making purchases. Separate your stock into each one, and invest more in goods that are fast moving than those that are slow-moving.

Realistic demand forecasting

Forecasting demand is, perhaps, the first step when it comes to good inventory management. Forecasting demand accurately is not an easy task, however. There are many aspects that have to be considered: historical sales data, customer biases, future demand, and growth. Additionally, it is crucial to take technological advances and trends into account.

How can you predict demand for your products accurately? Well, quality software can help. Cin7’s system generates reliable demand forecasting reports. Cin 7’s forecasting demand report can make your job a lot easier.

Determining product life cycle

The term product life cycle is defined as the period between the product’s initial production to the time it is no longer sold. If you launch a new product, sooner or later it will stop trending and your customers will move on to something else. There are five stages to a product’s life cycle that impact your inventory management:

  • Introduction – There is less awareness at this stage, so the demand is less, and there is no need to stock a lot of products.
  • Growth – Awareness of the product is on the rise, and the company should be prepared to fill more orders.
  • Maturity – This is when demand reaches a plateau. Demand will still be high, so the company won’t have to make changes to the level of stock it maintains.
  • Decline – Here, the company realizes that demand is dropping. Customers have had enough of the product and are buying less of it. When this point is reached, the company needs to reduce production and focus on replacing it with something new. This is also the time to push more of the product by offering discounts and rewards.
  • Obsolete – Now the product is totally out of demand. Any remaining inventory you have becomes dead stock.

The life cycle of a product can be short (a few months) or long (spread over years). These life cycles have to be taken into account when forecasting demand for your product. Doing this accurately will prevent overstocking or understocking,

Timely restocking

Your purchase department should have clear restocking instructions. Every item in the inventory should have a specific reorder point (ROP), a predetermined level of goods at which they have to be restocked. When determining this reorder point, you should consider:

  • Safety level for stock: This is the minimum amount you will need on hand to tide you over until your new order arrives. You don’t want to run out of stock.
  • Logistics: You have to consider the time it takes to get your goods to your factory or warehouse.
  • External factors: These include weather, political upheavals, and labor issues. Any one of them can affect your delivery time.
  • Supplier lead time: This is the time it takes your supplier to dispatch your products. Suppliers have different lead times.

Management needs to be aware of ROP to ensure stock is replaced in a timely manner. Inventory management software like Cin7 can send alerts that let you know when you reach this ROP.

Investing in reliable inventory management software

If you find inventory management challenging and are intimidated by the sheer number of calculations that have to be made, here’s an easy solution: Cin7. This versatile and easy-to-use software can help you manage your inventory easily. Among the features it has to make your life easier are

  • Determining reorder levels,
  • Alerting you when you reach ROP,
  • Sorting third-party logistics (3PL),
  • Helping you with B2B ecommerce,
  • Generating reports on COGS, forecasting, cashflows, and inventory on hand, and
  • Integrating with other software and mobile OS.

The following video shows how Cin7 inventory management software can help you take your business to the next level:

One of the significant advantages of Cin7 is its inventory management app. This app lets you connect to your inventory management program from anywhere.

 

Final take on inventory optimization

While inventory optimization is a crucial element of a successful business, it is also painstakingly tricky and complex. Overstocking can lead to losses, while understocking can damage your reputation. How can you overcome these dilemmas? Cin7 inventory management software turns the whole ordeal into a piece of cake.

Why wait? Contact our experts for a demo, and unlock the true potential of your inventory.

How can third-party logistics (3PL) improve your supply chain?

Nowadays, when it comes to businesses moving their goods through their internal systems, disruption seems to be the new normal. Events like a pandemic, trade sanctions, and war can seriously affect this supply chain, creating problems for internal logistics, and ultimately, the delivery of goods. To avoid this, companies should be thinking of ways to overcome these obstacles, putting strategies in place to ensure the smooth running of their supply chains.

A good solution to these problems is third-party logistics (3PL) software.

In this article, we’ll take a deep dive into 3PL and show how partnering with a 3PL company can streamline your business and make it more efficient.

 

What is 3PL?

There’s 1PL, 2PL, and 3PL, and PL stands for party logistics. The first, 1PL, describes  a business that directly delivers its orders to its customers. The second, 2PL, means that a business hires an outside courier service to deliver goods to customers.

In 3PL, a business outsources its supply chain management to a third party. This could include everything from internal logistics to order fulfillment, or any aspect of it.

3PL services you can use include:

  • Warehousing,
  • Transportation,
  • Picking up,
  • Packing, and
  • Last-mile delivery.

You can choose the services offered by 3PL according to your needs. However, since 3PL providers focus totally on logistics, using their expertise to streamline your internal processing and order fulfillment can only improve your supply chain.

How does 3PL work?

Well, that depends on which services you use. But as an overview, this is how a typical 3PL arrangement works:

  • Your entire inventory is stored at a 3PL warehouse. Here, SKU numbers are assigned to your items for easy identification, and they are separated into designated bins.
  • When a customer places an order with you, it’s forwarded to the 3PL company for  fulfillment. To make it even easier, modern order management software will  automatically send the order to the 3PL provider’s warehouse. You don’t have to do anything.
  • At the warehouse, a team breaks down your customer’s order, identifies the storage location for each item, and retrieves them.
  • When all the necessary items have been collected, they are packed in a delivery box, which is sealed shut. An order receipt and shipping label are then printed and attached to the outside of the box.
  • A shipping carrier, organized by the 3PL provider, picks the box up from the  warehouse and delivers it to the customer.

This is how a 3PL provider helps you with order fulfillment.

 

How leveraging 3PL in a supply chain can help your business

Let’s discuss how a 3PL provider can benefit you.

1. Cost benefits

If you choose to do it alone, you’ll have to buy or rent your own warehouse space. That, of course, would mean hiring and training staff to work in the warehouse.

3PL can eliminate this expense, enabling you to put more money into other areas of your business, such as sales and marketing. A move like that could increase your revenue. What’s more, since 3PL providers specialize in logistics, extensive networks they have in the supply chain means they can negotiate better rates.

2. Focus on core competencies

Handling the fulfillment process on your own, means going through a painful trial and error period while you set the system up. Inefficiencies in your warehousing and order processing will cost you time and money.

You won’t have to worry about any of that if you use 3PL. They’ll take care of warehouse management, carrier selection, the paperwork, and choosing the best shipping routes. After all, who better to handle your fulfillment than those who specialize in it, right? Using 3PL will free up time you can spend on your core competencies, leaving the 3PL you use to leverage theirs.

3. Access to expert knowledge

In the logistics industry, 3PL companies are well regarded. Their deep knowledge and  technical know-how could be a game changer for your business if there’s a disruption in the supply chain. That’s because if an unforeseen circumstance occurs, they are able to make the necessary adjustments to ensure that your order gets fulfilled as quickly as possible.

The fact that they specialize in supply chain management means that they’re constantly   upgrading their systems and using sophisticated technology like a warehouse management system (WMS).

All this helps track inventory in real time, giving you information you need to make good, data-driven decisions for your business.

4. Flexibility

If you are planning to expand into new territories, a 3PL can offer you flexibility. It can enable you to test new ground without having to put money into warehousing or staffing.

It means, in short, that you can try out a new market with limited upfront cost to see if it’s  worth it or not.

5. Ensures compliance

Whether you plan to fulfill orders locally or globally, you need to comply with many federal, state and local laws. Joining hands with a 3PL provider can help.  Regulations can be complex, and constant updating means they change over time.  Working with a 3PL ensures that your logistical operations are compliant with the law.

For instance, if you deal with consumer packaged goods (CPG), a 3PL can make sure that  perishable items are not only kept at the stipulated temperature, but that they’re handled properly until delivered to the customer’s doorstep. This includes proper labeling, like clearly showing when a product is hazardous. Taking care of these issues shelters you legally.

When it comes to international compliance, 3PLs are especially helpful. They can take care of all the required paperwork, from customs to transportation documentation,  ensuring that your international deliveries are smooth and stress-free.

 

Let Cin7 help you integrate 3PL into your business

Now that you’re clear about the advantages of 3PL, you may want to use it to streamline your business.  Cin7 could be a good way to do this.

Cin7 works with 200+ 3PL providers, and the list is constantly updated. By using Cin7, your orders will immediately be routed to a 3PL warehouse for fulfillment,  freeing you from the cost and hassle of having to take care of that yourself.

In addition to 3PL, Cin7 provides a complete suite of features that do everything from managing your inventory to giving real-time visibility. Cin7 lets you manage your inventory, orders, and fulfillment in a much better way.

Book a demo with our experts to learn more about how Cin7 can help you with 3PL.

12 reasons why using the Cin7 inventory management system for your Amazon business is beneficial

Amazon.com is undoubtedly the number one name in ecommerce. It has dwarfed every other ecommerce platform. Thus, if you are thinking about becoming —or already are — an Amazon seller, you are on the right path to increasing your turnover. How can we help take you further? Here are 12 reasons why using the Cin7 inventory management system for your Amazon business is beneficial.

 

Reason 1: Centralized inventory management

How would you feel if you bought something on Amazon and received an email two days later telling you that your item was out of stock? Not good, right? You probably wouldn’t order from that supplier ever again.

If you are a supplier, you wouldn’t want any of your customers to go through that experience.

As a supplier, you might be selling on multiple channels. Without a centralized inventory management system, you might find yourself selling a particular product on more than one of these channels simultaneously, possibly overselling and leaving you unable to fulfill orders. The damage to your reputation as a business that a miscalculation like this can cause cannot be overstated, but it is something that can be easily avoided.

Cin7’s inventory management software allows you to maintain multiple points of sale – either physical or online – on a single system. It updates your inventory in real time on all platforms. This real-time inventory accounts for sales, purchases, transfers, and loss of goods.

 

Reason 2: Higher visibility

When you have an integrated inventory management system, you have a holistic view of your inventory, a complete overview that clearly shows you what’s been purchased, sold, and is on hand. It also lets you know the exact point at which you need to reorder stock.

An added benefit of Cin7 software is that it gives you up-to-date sales figures for each platform you use. When it comes to Amazon, Cin7’s software has an integration tool that tells you exactly how much you’re selling on that marketplace and when a sale has taken place. This information – found on your Cin7 reports – lets you know when to increase or decrease your inventory. The result: profit maximization for your company.

 

Reason 3: Cost control

If you use Amazon Central, you can add or delete your listings on its Excel sheet online. However, those changes only apply to Amazon.com. They won’t have any effect on other selling platforms you use. To do that, you’ll have to make changes to each platform you use individually.

If you use Cin7’s inventory management system, however, you can add or delete an item with just one click. The software lets you make alterations to your stock on all the platforms you use simultaneously. Being able to do this not only reduces administrative efforts, it can drastically lower your cost.

 

Reason 4: Product identification

Barcodes and radio frequency identification (RFID) tags uniquely identify every product in the inventory. This type of identification provides product details, including size, color, material, and warehousing information. These barcodes and RFID tags help keep track of your product as it moves through the system, meaning that you’ll know where an item is at all times. It also means you’ll be made aware if something is lost or stolen.

 

Reason 5: Reports and forecasting

Inventory management systems have a specific feature called reports and forecasting. The Cin7 software has higher accuracy in forecasting than others. The way it works is that the system tracks the historical data entered and uses it to make predictions about future needs for your business.

These forecasts apply to inventory needs and sales predictions on every platform. Reports of this kind help you make better business decisions, decisions that will lead to greater success.

Suppose you only sell on Amazon and use Amazon Central to manage your inventory. While that’s OK on one level, Amazon’s system won’t let you analyze your stock as easily as you could with a general inventory management system. The deeper knowledge a general inventory management system can give, like forecasting and detailed reporting, allows you to make informed decisions that could help grow your business.

 

Reason 6: Assisted decision making

Strategic decision making is probably one of the most complex, and important, parts of running a business. The key issue is to place orders in such a way that your products are neither overstocked nor understocked. Cin7’s inventory management system can help with these decisions by:

  • Calculating reorder points (ROP) for each of your products.
  • Giving alerts when the stock reaches ROP.
  • Programming automatic reorder emails that are sent to suppliers when the stock reaches the ROP.
  • Tracking price changes.
  • Tracking the inventory on each selling channel.

The inventory management system can ensure you don’t run out of stock on any platform, including Amazon. It can also reduce the time involved in making decisions about reordering.

 

Reason 7: Integrations

A first-rate inventory management system allows integrations with third-party software and apps. If your inventory management system doesn’t work with other apps you use in your daily routine, you will find yourself in trouble. Cin7 integrates with over 700 apps.

 

Reason 8: Payment portal

Cin7’s inventory management systems has an integrated payment portal that can receive online payments. This helps you maintain account receivables, handle orders through the supply chain, and email invoices to customers. Automating the payment portal speeds up the payment process and fulfillment of the order. The system also lets you email payment links to customers. This not only provides an easy-payment method for customers, it gives them an instant confirmation of their order, assuring them that they can trust you.

 

Reason 9: Customer satisfaction

Customers who don’t have issues to face when they make a purchase, like problems with delivery and payment, tend to develop trust in you as a seller and are more likely to return for their next purchase. Cin7’s inventory management system takes care of all these aspects of your business, which promotes maximum customer satisfaction. This frees you up to concentrate on improving the quality of your products.

Satisfied customers don’t just give you repeat orders, they are also more likely to give you positive feedback online, helping to attract new customers. Increasing your overall customer base this way will lead to higher turnover. Online reviews, in fact, are very important to online marketplaces. With Amazon, for instance, it’s been observed that 90% of customers typically read reviews before visiting a business or making product decisions.

 

Reason 10: Calculation of Amazon commission

Amazon lets you sell your products on their platform for a commission. When customers make a purchase from the Amazon website, the full amount they pay goes to the online marketplace. Before Amazon passes that money on to the seller, they deduct their commission. The calculations for these sales and commissions are straightforward if you only sell a couple of products. But they become more complicated the more your business grows. Cin7’s inventory management software reduces your calculation woes. It will help you track your sales and keep on top of commissions Amazon has deducted.

 

Reason 11: Fulfillment by Amazon (FBA)

Amazon has warehouses that can store and ship your products to your customers for an extra charge. The system is called Fulfillment by Amazon or FBA. If you choose to sell your products through FBA, Cin7’s inventory management system will let you track:

  • FBA shipping plans,
  • Route orders for dispatch from the stock location closest to the customer, and
  • Direct Fulfillment (for Amazon Vendor).

The processes for selling, shipping, and payments can be made easier when you use a reputable inventory management system for Amazon sales.

 

Reason 12: Built-in electronic data interchange (EDI)

Electronic data interchange (EDI) is the electronic exchange of information between two or more companies in a standardized format. An Amazon seller is a person who sells goods they manufacture. An Amazon vendor is a business who resells or trades goods manufactured by somebody else. The customer is fully aware if they’re buying from a manufacturer, the seller, or a vendor.

If you’re a manufacturer and you have multiple vendors, it can be difficult to manage their accounts and keep track of the stock they have. Cin7 Amazon integration helps you by managing the EDI with your vendors easily. It allows you to do the following:

  • Product mapping,
  • Order downloads,
  • Order status updates,
  • Stock adjustments,
  • Stock availability, and
  • Bill of materials (BOMs) for product bundles.

Thus, whether you’re a manufacturer with multiple vendors or are a vendor with multiple suppliers, Cin7’s inventory management software makes it easier to run your business.

 

Final thoughts on 12 reasons why using the Cin7 inventory management system for your Amazon business is beneficial

A reliable inventory management system should reduce administrative expenses and clerical tasks. If you sell on multiple channels, being able to organize your inventory to make sure you aren’t overstocked or understocked is crucial.

Amazon is one of the biggest ecommerce platforms, and listing your products with them can widen your market. Using a Cin7’s inventory management system is a good way of managing your online and offline points of sales. It helps you stay on top of every stage of your selling business, from buying your inventory to fulfilling your orders.

Contact us today for a demo of the Cin7 software.

What is freight shipping and how does it work?

Modern businesses from every industry now operate across multiple states and countries. Thus, they need fast, efficient shipping services.

 

What is freight shipping?

Freight shipping means transporting heavy or large volumes of goods, commodities, and cargo by land, sea, or air.

Freight shipping is important for any business that caters to people in different locations. Most ecommerce businesses serve customers worldwide, and often they partner with third-party logistics providers (3PL) for their freight shipping services.

 

Freight vs. parcel

According to FedEx, any shipment weighing over 150 pounds is considered freight. Any shipment under 150 pounds can be shipped as parcels. For instance, a microwave you booked online and delivered to your home is a parcel. A truck of microwaves shipped to the home appliance store is freight.

 

How does freight shipping work?

When goods are too heavy or delicate to be shipped by a standard ground shipping carrier, freight shipping is needed. Freight shipments involve packing items in wooden pallets or crates to keep them safe during transportation.

In general, freight shipping companies use ground, air and ocean transportation. The freight shipping company can recommend the best suitable mode of transportation based on your freight items and weight.

It’s highly advisable to discuss the delivery options with your freight shipping partner. For instance, if your warehouse doesn’t have appropriate equipment for easy loading and unloading of goods, your freight shipping partner can help you with some loading equipment to unload goods at an additional cost.

Freight shipping companies often send messages with a tracking number and freight carrier details when the truck is on its way. After the freight reaches a nearby terminal, you will probably receive a call from the freight carrier. You can schedule an appointment date and time for your freight delivery. You can inspect the shipment for any damage before receiving it.

As an ecommerce business owner, you must clearly understand freight shipping options before collaborating with a 3PL. Thus, you can choose the best shipping method that suits your business requirements and customer needs. For instance, investing in reliable inventory management software is highly recommended if you sell your products on multiple ecommerce platforms. The software allows you to integrate with diverse shipping service providers and fulfill orders in multiple locations.

 

Types of freight shipping

Let’s discuss the significant types of freight shipments used for commercial purposes.

1. Air freight

Air freight is the ideal mode of transportation if you have to ship high-value items. Air shipment is more common in the pharmaceutical and medical industries. Though it comes with a substantial cost, the shipment reaches the customer faster.

2. Rail freight

Businesses with large goods that need to be shipped within the country prefer rail freight. It is inexpensive compared to other freight modes but it may take a longer time than a truck. Often, businesses use rail in combination with other transportation modes to ship freight.

3. Ocean freight

Ocean freight is an alternative to air freight when you have to ship freight overseas. However, shipments can take a long time to reach their destination with ocean freight. If there is no urgency, ocean freight is a perfect choice.

4. Full truckload (FTL)

Businesses go for FTL freight shipping when they have enough stock to occupy an entire truck. A standard truck can carry around 26 pallets or load more than 15,000 pounds. However, the load weight or the number of pallets varies with the freight shipping company. Thus, it is always advisable to ensure the limits with the freight service provider.

FTL is only cost-effective when you have enough stock that covers the entire truck. Since you will be paying the truck’s total cost, unlike other freight shipping methods, you should make optimal use of every space available in the truck. It may be worth the money as order deliveries are much faster in FTL, as there are no stoppages in the middle for delivery.

5. Less than truckload (LTL)

Businesses opt for LTL when they have minimum freight quantities. In other words, shipments heavier than a parcel but not large enough to occupy the entire truck space are ideal for LTL freight shipping. Generally, shipping companies set minimum and maximum weight limits for LTL freight shipping. The weight limit varies from one company to another but ranges from 150 to 15,000 pounds, around six pallets.

In LTL freight shipping, businesses will share truck space with other companies. For instance, the shipping company will collaborate with multiple businesses and accommodate their goods optimally in the available truck space.

The prime advantage of LTL shipping is paying for what you store, not the entire truck. However, the downside is that goods are often transferred to different trucks before being delivered to the destination, taking more time for delivery.

6. Partial truckload (PTL)

Another option between LTL and PTL is partial truckload (PTL). If your shipment is over 5,000 pounds or six pallets, PTL can be a cost-effective method for you. Otherwise, it works like the LTL freight shipping method. You split the cost of the truck with other businesses, and you pay for what you store. One advantage of PTL shipping is the relatively low chance of transferring goods to different trucks.

7. Intermodal

Intermodal shipping means shipping freight by two or more modes of transportation. With intermodal containers, freight companies move shipments between truck, train, and ship effortlessly. Businesses prefer intermodal shipping as the freight is moved in containers without manual handling of items. Moreover, it is pretty cost-effective as there are no labor costs.

8. Expedited

Expedited freight shipping is the most expensive of all shipments and is reserved for emergency or time-bound shipments. Generally, expedited goods travel by air rather than by ship or rail, making it costlier. Plus, it also involves transporting goods in express shipping lanes for prompt delivery.

 

Importance of faster delivery

According to Grandview Research, the global same delivery market size is expected to grow at a compound annual growth rate (CAGR) of 20.3% from 2020 to 2027. The research further predicts that the market growth will be due to increasing urbanization, rapid ecommerce adoption, and evolving customer expectations towards delivery services.

As an ecommerce business owner, you should address the customer’s expectations of faster delivery. Shipping is a pivotal part of the supply chain as the order is closed only when the product reaches the customer safely and promptly.

Whether you own an online store, sell in multiple online marketplaces, or supply to major retailers like Walmart and Target, partnering with a 3PL company can be a winning supply chain strategy. However, before collaborating with a 3PL, knowing the basics of freight shipping and its costs can help you choose the ideal shipping method.

 

How much does freight shipping cost?

Shipping cost directly impacts your business’s profit or loss. Thus, keeping the shipping charges minimal while offering faster delivery to your customers becomes crucial for long-term success. In general, freight shipping costs depend on multiple factors, including

  • Cargo weight,
  • Cargo package dimensions,
  • Value of the cargo,
  • Shipping destination,
  • The urgency of the delivery,
  • Custom clearance, and
  • Unexpected delays.

Based on these factors, you can narrow down the mode of transportation for your shipment. Especially for international shipping, you may need to choose between air and sea freight. For instance, some loads can be too big or too risky for air shipments. Thus, consider all factors before finalizing the shipment mode.

 

3PL or freight forwarder: Which is better?

As an online retailer, you will ship products to customers all over the world. Partnering with the right shipping company can provide better customer service. Therefore, do your research before partnering with a shipping service provider.

The two most common shipping service providers are freight forwarders and third-party logistics providers (3PLs). Understanding how they work will help you choose the right service provider to align with your business objectives.

Freight forwarder

Freight forwarders are companies that move goods from your warehouse to your customer. They don’t really handle transportation or supervise drivers, but they actively manage your shipment. In short, they act as a mediator between you and the freight carrier. Freight forwarders often decide the mode of transportation – truck, air, or ocean for optimal order fulfillment.

Shipping carriers are generally expensive, but freight forwarders regularly deal with multiple shipping carriers, so they can get you better deals for your shipments. Freight forwarders have the expertise and in-depth knowledge of how various modes of transportation work. They are familiar with customs, as they often deal with importing and exporting goods.

So, freight forwarders can help you ship your products anywhere in the world.

3PL companies

A 3PL company can do all a freight forwarder can and manage the entire supply chain process. A reputed 3PL company will maintain your products in optimal condition, get you the best possible shipping costs, and ensure the right products reach the right customers when an order is placed. A 3PL company also handles reverse logistics.

Furthermore, a 3PL company allows you to receive orders from every sales channel and fulfill them seamlessly. By outsourcing your logistics to a 3PL company, you can focus on your business growth and customer experience.

 

How can an inventory management system help your business to ship freights to diverse locations seamlessly?

As an ecommerce business owner, you will regularly ship your products to multiple locations, catering to diverse customers. Thus, managing logistics is as crucial as managing inventory for your business. Cin7’s multichannel inventory management system comes with around 700+ business tools like accounting, marketplace, 3PL warehouse, shipping, and more that connect all your orders, inventory, shipping, and workflows. It’s an all-in-one software that allows you to manage inventory, ship and track orders, monitor analytics, and more. Reach out to the Cin7 team for a quick demo now.

How retailers can thrive in tough economic times

The last few years have been really hard for retailers. Disruptions from the Covid-19 pandemic forced many businesses to slow or halt operations altogether.  Factory shutdowns created a production backlog, with 38.8% of small businesses facing delays from suppliers, according to the US Census Bureau.  At the same time, consumer demand for many products spiked as people panicked about the future, making it difficult for retailers to meet demand.

Today, there are new challenges for retailers. The Russia-Ukraine conflict has destabilized the energy and commodity markets. Labor shortages have made it difficult to find workers, and inflation is at 40 year highs. In fact, in a survey conducted by Small Business for America’s Future (SBAF) 60 percent of 1,576 small business owners said that inflation is their top challenge.

 

What can retailers do to improve their situation?

 1. Improve your inventory management

Inflation makes it expensive to replenish your inventory from suppliers. You need to either raise your budget to get the same level of inventory that you got before the inflationary period, or you must lower your order quantity.

It is important to be strategic about your inventory, as piling up unsold inventory raises storage costs and freezes your working capital.

ABC analysis is a popular inventory classification method that can help you sort your inventory. It helps identify the critical SKUs that generate the majority of revenue for your business.

To learn more about ABC analysis, refer to our detailed guide.

Using your sales data, you  can eliminate underperforming SKUs. You can channel your working capital to acquire the best sellers by removing the bad ones. To ensure that you don’t overstock underperforming products, it is important to always have a clear picture of what is in your inventory.

Cin7 inventory management software offers advanced reporting features that can improve your inventory planning. In addition to inventory tracking, you can gauge the performance of your SKUs and forecast the demand accordingly. With the right data at your fingertips, you can make better decisions around inventory replenishment and avoid overstocking situations.

2. Use inventory management software to leverage multichannel sales

Using specialized inventory management software can be a gamechanger for multichannel sales.

Without inventory management software, you’ll have to manually allocate inventory for your offline and online stores, which can lead to a loss in opportunities. For instance, say you sell smartphones on Amazon, Shopify, and your bricks-and-mortar store. If you have 100 units of iPhone 13 ready to sell, then you have two options:

Option 1: Placing maximum inventory for all channels

In this option, you put the same quantity (100) on the online and offline store. The problem is if you receive 60 orders online and 60 orders offline at the same time, you cannot fulfill all the orders as you have oversold your inventory. You have a total of 100 units, but the ordered quantity is 120.

Option 2: Dividing the inventory
Another option is to divide the inventory across all the channels. You can allocate 33 units for Amazon, 33 units for Shopify, and 34 units for your offline store. In this case, the issue is underselling. If someone wants to place an order of 50 units on Amazon, but you’ve listed only 33 units, you’ll miss out on potential sales despite having inventory in your backend.

An inventory management solution saves you from the trouble of allocating inventory. It syncs your inventory in real-time, so if you receive 60 orders from Amazon, it automatically reduces the available inventory to 40 in Shopify and your offline point-of-sale system.

In addition to multi-channel sales, offering omnichannel support (i.e., unifying the online and offline buying experience) can sweeten the pot. Joe Troyer (CEO of Review Grower) says, “Customers are smoothly switching between online and offline experiences, and they are willing to shop at businesses that can make this transition as simple as possible. In-store research and showrooming, the practice of inspecting a product in-store only to make the buy online, are now more widespread than ever thanks to the development of mobile retail.

By incorporating real-time feedback across channels and devices and engaging the customer wherever they may be, they may use the right customer data to build an omnichannel customer experience that enables consumers to participate whenever and however they choose.”

3. Learn from competitors

You should carefully monitor the actions of your close competitors. Ask:

  • What are my competitors doing to attract more customers?
  • Are they making any changes in their pricing strategies?
  • Are they offering any discounts or bundling products to offer more value?
  • How are they promoting their business across various channels to attract new customers?

The insights you collect will help you in determining the price changes in the market so that you can maintain price parity.

For those who are pondering over offering products much cheaper than the competition, with the intent of attracting their customers — this can backfire. For instance, low pricing might signal that your quality is inferior to your competitors (tarnishing your brand image). Additionally, increasing your sales volume by reducing prices doesn’t necessarily lead to higher profits when there is inflation.

4. Outsource fulfillment to 3PL

Being strategic in what you outsource can be of immense help in reducing your operational costs and freeing up working capital. You should focus on cutting costs without sacrificing the product’s quality.

Third-party logistics (3PL) providers are businesses that take care of an organization’s supply chain and logistical operations. 3PL providers can offer a lot of fulfillment services such as

  • Warehousing,
  • Shipping and receiving,
  • Order picking and packing, and
  • Returns management.

If you do all this on your own, you will incur the hassle of setting up your warehouse, hiring and training employees to fulfill the orders efficiently, managing payroll, and maintaining the warehouse. Outsourcing this to a 3PL can help you save money. Additionally, as they specialize in fulfillment, you can expect a lower error rate in shipping orders.

Altogether you get better efficiency and professional experience while saving you time and resources.

Speaking of logistics, Amazon has made it a norm for customers to expect free shipping. However, offering free shipping at this time can put you in a very tough spot. Here is a suggestion from Anders Ekman (COO at Ingrid delivery platform):

“Interestingly, there is a “sweet spot” where paying for delivery might mean selling fewer products, but still earning more. It turns out that free shipping is not always the best solution for every e-retailer after all.

To give you an example, one of our customers at Ingrid started experimenting with paid delivery options instead of offering free shipping for all orders. Once they began to charge 10 SEK more for the delivery, the conversion decreased by 2.5% but the value of an average shopping cart increased by 4.2%. At the end of the day, revenue from deliveries alone increased by 11% and the profit margin increased by 5.5%.

If you’re still skeptical, you can start small – A/B test your delivery checkout alternatives, and offer different delivery options and prices based on what margin you have on the product (for example, a high-profit margin item should have a lower delivery cost and vice versa). Whatever you decide, don’t be afraid to start charging customers for deliveries. Experiment with your delivery strategy and different software integration – the results might truly surprise you, despite the current economic climate.”

5. Revamp your pricing and promotional strategy

High inflation also strikes your supply chain partners, and they are likely to offset the “extra” expenses upon you. For instance, if you use a fulfillment partner to deliver your products, rising fuel prices could force them to raise their fees and increase your expenses. You need a strategy for pricing because drastic price changes can negatively impact your sales.

Here’s what Lou Haverty (CFA and founder of Enhanced Leisure) recommends: “Retailers feel a pinch on both sides. Retailers face higher costs sourcing their products, but face slowing consumer demand. They can either lose margin or risk lower customer sales if they raise prices.

Their best option is to reduce product quantity instead of price. Keep the price the same, but slowly reduce the quantity sold at a given price point. This creates the least amount of negative customer feedback.”

Rethinking the product assortment is also crucial for maintaining healthy sales. “Due to rising prices, customers are less likely to stick with a single brand and are instead purchasing private-label items.

Retailers may take advantage of this by revising their category strategy frequently. Product-specific inflationary pressures and quickly altering customer preferences must be balanced by winning retailers. For example, their balance of private and national brands might be reconsidered.” says Sina Will (Marketing manager at Foxbackdrop). You can also bundle your low sellers with best sellers to clear off your inventory and offer a better value to the customers.

At tough times like this, you need your loyal customers more than ever. Here are some tips by Amar Vig (MD at London-fs) to build customer loyalty, “Remember that most customers also serve others in their day jobs, so when they are behind the counter, they want to feel significant.

Promotions and freebies can undoubtedly help customers feel special, but personalization is the actual secret to a truly memorable experience.

Retailers can increase customer loyalty by getting to know their clients through their prior purchases and hobbies. These conclusions can be drawn from statistics or even from a straightforward chat. Which of these approaches is most practical will undoubtedly depend on the size of the company, but no company should be too big to have a casual chat with a regular client.

The customer’s preferred form of communication may be used to give customized content and offers that anticipate their desires and requirements and direct them down the sales funnel toward their next purchase. Even a personalized email subject line can make all the difference.”

6. Leverage working capital

You need a consistent cash flow to combat inflation. If your expenses exceed the income generated, you have a negative cash flow. Conversely, if you’re making more cash than paying – you are cash flow positive.

The benefit of having liquidity can’t be overstated. Thanks to consistent cash flow, you can continue running your operations as usual. You’ll be able to pay your staff on time, boosting their morale and productivity. Moreover, you can avoid out-of-stock situations by having enough money to buy more inventory.

If you’re running an offline store, then negotiating better rental terms with the landlord can help alleviate the monthly overhead. Leveraging your bargaining power can also help in saving some working capital. “While small retailers don’t exert the same sort of control as big retailers, there are still ways to reorient your supply and distribution networks for cost and distance efficiencies, even if it means saying goodbye to some old suppliers and making friends with new ones,” says Alice Li (Founder of First Day).

In case your retail store isn’t able to generate enough consistent cash flow, you can resort to retail borrowing solutions. You can get a business line of credit to get some relief. Finding a suitable financing option can help your retail business to cover up for the extra expenses led by inflation.

7.Refine the buying experience at your retail store

To survive, retailers need to find ways to deliver better value to the customers. The rise in online shopping has made competing tough for some traditional brick-and-mortar retailers.

Brandon Wilkes (marketing manager at The Big Phone Store) highlights the importance of cleanliness, “The pandemic has highlighted the importance of health and safety, and this is likely to be a key consideration for consumers in the future. Retailers will need to ensure that their stores are clean and safe, and that their products are sourced from reputable suppliers. They will also need to be transparent about their health and safety policies and procedures.”

“Brick-and-mortar retailers can use their physical locations to create unique customer experiences that cannot be replicated online. In addition, retailers can focus on providing personalized service and developing relationships with their customers. By doing so, they can create a loyal customer base that will continue to support them in the future.” says James Jason (founder of Notta.ai).

To deliver a stellar buying experience, you need to listen to them. In the words of Bill Glaser (CEO of Outstanding Foods), “Retailers can also improve customer retention (guaranteeing profitability) by innovating according to customer feedback. Small businesses have the unique advantage of adjusting quickly to changing consumer demands. Your business can survive and thrive during economic downturns if you hone in on customer needs.”

Irrespective of the experience that you deliver at the offline store, there are still some strong merits of having an online store. For starters, you can reach out to more people than in your local vicinity. Even the operational costs of scaling are marginally lower than an offline store. Thus, instead of competing with online stores, it’s wise to also complement your offline store with an online store. Cin7 can help with that.

8. Make product returns a win-win situation for consumers and you

At a time when consumers are thinking carefully about their purchase decisions, you should do everything possible to mitigate their purchase risks. Allowing product returns is one such tactic that you can use for risk-reversal.

However, stores must weigh the cost of receiving returns. For starters, it increases storage costs, and you don’t want to pile up excess inventory that doesn’t get sold. In this regard, Gary C. Smith (President of NAEIR) says, “Returned products are a headache. They need to be inspected and repackaged, which takes valuable time. Plus, the retailer is taking a chance that the product won’t go out of style or expire before it can be resold. It’s unlikely most returns can be resold at full price, so even brand-new merchandise can end up at a liquidation warehouse or in the trash heap.

Rather than trashing merchandise or selling to a liquidation warehouse, where brand identity can be at risk, retailers have another option: Making in-kind donations to a nonprofit. The resulting tax break may be quite handsome, and it may even be more financially beneficial than reselling the merchandise at a cut-rate price.”

9. Use an inventory forecasting tool

In normal circumstances, retailers can accurately forecast product demand. However, with an inflationary environment, the market is volatile, so forecasting demand can become… demanding.

Incorrect inventory forecasting leads to situations like understocking or overstocking, both of which aren’t desirable for any retailer. Read our inventory planning guide to learn best practices to improve your forecasting. 

If you’re looking for a sophisticated software solution for inventory forecasting, you should check out StockTrim. Based on the demand levels and your supplier’s lead time, you can get details about the quantity that you should order to ensure that you don’t face stockouts. You can also analyze the current demand trends from StrockTrim. With the tool, you can even predict the demand for new products (without any sales history).

In addition to all this, Stocktrim perfectly integrates with Cin7

 

Way Ahead

Navigating economic challenges is part of the business of retail. Successful navigation is made easier with the right tools. Cin7’s inventory management tools offers real-time inventory visibility, advanced reporting features, and multi-channel sales management to give you better insights and improve your operations. Book a demo with our experts today.

Complete guide to expedited shipping

Your customers hate waiting to receive their products. According to a study by Oracle retail, 13% of them won’t buy from you again if you don’t deliver on time.

Offering expedited shipping can help you meet your customers’ expectations and increase your profitability.

 

What is expedited shipping?

Expedited shipping is performed to deliver orders faster than the regular shipping time. For instance, if your standard shipping time is a week, then using expedited shipping would ensure that consumers receive the product in two days.

Expedited shipping allows you to serve time-sensitive customers, many of whom don’t mind paying a premium to receive their shipments as fast as possible.

 

How fast is expedited shipping?

The exact turnaround time for shipments varies based on factors such as the size and weight of the products and the location of the customer. It’s possible that your standard shipping time could be equivalent to another seller’s expedited shipping.

Let’s look at different shipping options and compare them with expedited shipping.

Standard shipping vs expedited shipping

Cost-wise, standard shipping is cheaper than expedited shipping. That’s why standard shipping is often incentivized with free shipping.

Standard shipping is best for orders that aren’t urgent, whereas expedited shipping is ideal for situations where you need goods faster. Pharmaceutical supplies, seasonal products, and perishable items such as frozen food are suitable for expedited shipping.

Express shipping vs expedited shipping

Express shipping can be used to deliver items on the same day of ordering or the next day. Expedited shipping is simply quicker than the standard shipping delivery time. That can be within three days or the same day as well. If a seller offers both express and expedited shipping, the express shipping option is generally faster.

 

Benefits of offering expedited shipping

#1 Meets customers’ expectations

There is a rising trend of customers preferring faster shipping. Infact, a survey by MetaPack found that speed of delivery is a top priority for 26.6% of respondents. Another survey found that 77% of consumers are more likely to make the purchase if the delivery time is two days or less.

Your potential customers will likely opt for your competitors if they have faster shipping options. Therefore, offering a faster delivery option can provide you with a competitive advantage and help you build brand loyalty. Partnering with a third-party logistics (3PL) company can help with strategic warehousing so that there’s less distance between the warehouse and the customer. In addition to choosing a fast shipping provider, a lesser distance to travel can be another crucial component in executing expedited delivery.

#2 Minimizes cart abandonment

In the 2016 State of Ecommerce Delivery Report by MetaPack, 39% of the respondents admitted to abandoning their cart if the delivery option they wanted was not available. By offering expedited delivery, you can prevent cart abandonment issues and boost your sales.

#3 Retains customers

Consumer satisfaction is essential for repeat purchases. By meeting their expectations about faster delivery, customers will not just buy more from you but also generate positive word of mouth, increasing your profitability.

#4 Ensures delivery of fresh items

Perishable items like fruits, frozen food, and dairy products face the risk of getting spoilt over time. Shipping them using expedited delivery can ensure that your customers receive fresh items.

#5 Reduces loss or theft

During standard shipping, products often need to stop at various points, which increases the risk of transit damage as well as theft. Through expedited shipping, the packages stop at fewer locations, reducing the odds of cargo loss.

 

Challenges associated with expedited shipping

There are some drawbacks to expedited shipping.

#1 Higher cost

Around 80% of people preferred to buy from Amazon in 2020 because of their free and fast shipping. Amazon also offers free same-day or two-day delivery with its prime membership.
To remain competitive, you may want to offer expedited shipping. However, expedited shipping costs more than standard shipping, and most retailers don’t have deep enough pockets to offer expedited shipping services for free.

To deal with this, you can often pass on the higher shipping costs to your customers. This way, customers who want fast shipping pay a premium for the benefits. You can also add a minimum cart value to make the order eligible for expedited shipping.

#2 Limited availability

Expedited shipping isn’t offered by all delivery companies. You may need to change your existing delivery partners if they don’t offer expedited shipping.

 

How does your inventory management speed up your shipping?

There’s no magic spell that can miraculously help in teleporting your products. Instead, optimizing your fulfillment process and using effective inventory management can smooth operations and make expedited shipping easier.

Cin7 can help you in this. With Cin7, you can optimize your warehouse’s picking and packing processes, and the software integrates with shipping software, such as Shipstation, so you can expedite delivery.

If getting your products to your customers quickly is a priority for your business, book a call with our experts, to learn more about how Cin7 can help with shipping.

How to execute a year-end inventory count

Whether you’re running an auto body shop, a law firm, or a retail store, doing a year-end inventory count helps your business close the books on the past 12 months and organize yourself for the year ahead. In fact, the year-end inventory count is necessary for successful inventory management throughout the year. It allows you to clean up records and gives your business verified data to analyze.

Since retailers have a lot of inventory to manage, counting inventory correctly is crucial and allows you to make informed buying decisions later. Learn how to execute a year-end inventory count and how your annual count can help forecast demand for the year ahead in this article.

 

What is a year-end inventory count?

A year-end inventory count is a physical count of all the inventory on hand at the end of the year. The count is performed to verify that the physical inventory matches the numbers in your inventory management system.

A year-end inventory count is different from an inventory cycle count, which audits a smaller portion of inventory. While a cycle count allows you to monitor your inventory by sampling your inventory throughout the year, a year-end inventory is a physical count of everything you have on hand at one given point in time.

 

How do you conduct a year-end inventory count?

These are the steps that you need to follow for inventory counting:

  • First and foremost, you need to plan the day for conducting inventory count. It’s crucial to pause your warehousing operations while you do perform the counting so that you get an accurate snapshot of your inventory. You should plan a day that causes minimal impact on pausing the operations.
  • Once you finalize the date, you should form the team who will perform the stock counting. It is important to train them about your counting process and acquaint them with the warehouse’s premises. Dry runs can be organized a few days before the actual counting day.
  • You should also prepare your warehouse for the stock counting process. It should be thoroughly cleaned, and steps should be taken to ensure that there’s no scattered inventory. If there are boxes lying around the warehouse, it will slow down the workers who are counting.
  • The warehouse should be organized, and the areas (count zones) should be divided amongst the counting team so that everyone knows their responsibilities.
  • It’s crucial to equip your team with the right tools for counting. For manual counting, you can use counting tags. If you are using tags, then it’s best to let your team work in pairs so that one person can count the inventory while the other can note the values in the counting tag and stick it near the inventory. It’s best to get the counting tags signed by the respective team as it gives you clarity about the person associated with counting for a specific section.
  • To cross-check the accuracy of the counting, you can personally examine the areas to cross-verify the values mentioned in the counting tags. Otherwise, you can allocate members from other teams to cross-check the tag values. Cross-checking is crucial to get an accurate representation of your inventory. In case your inventory is also stored at other locations, you should coordinate to get the accurate values from those locations as well.
  • Performing inventory counts using manual sheets and counting tags can be time-consuming and prone to human errors. Using an inventory management software like Cin7 can be of great help. Instead of using tags and sheets, you can use barcode scanners to scan the inventories on the shelves. The software reconciles the inventory values with the ones already present in the system. This way, you can easily gauge the discrepancies in the inventory that’s physically present with you.

 

Why do year-end inventory count?

The year-end inventory count is essential because it ensures the stock you have on your shelves matches your records. By getting an exact look at your inventory, you can comply with tax requirements, manage corporate audits, and offer accurate data to your accounting team.

Once you complete your inventory count, you’ll have the data you need to complete an annual financial analysis. You also get the data you need to detect inventory shrinkage and forecast how much inventory you’ll need in the year ahead. On top of that, you get the chance to get inventory organized for the new year.

Knowing your year-end inventory allows you to

  • Get a better understanding of what products you have.
  • Hold accurate inventory records for accounting purposes.
  • Gain insight into products that don’t sell well that you shouldn’t order in the future.
  • Understand which products require a new selling strategy.
  • Know the demand and profitability for expansion consideration.
  • Consider adjusting periodic automatic replenishment (PAR) levels for top-selling products.
  • Determine the cost of goods sold and total net income.
  • Make business decisions based on data instead of intuition.
  • Analyze pricing strategy and identify room for improvement.

 

Does your business have inventory shrinkage?

Inventory shrinkage occurs when there’s less physical inventory than what’s listed in your inventory records. Shrinkage occurs due to human error, damaged stock, vendor shortages, lost inventory, or stolen inventory. It can drastically affect profits and is a problem that always needs to be investigated further. Businesses usually uncover inventory shrinkage as they do their year-end inventory counts.

How to handle inventory shrinkage

If you uncover inventory shrinkage during your year-end inventory count, your team should look for more information about what happened. If you are using inventory management software, you can examine past inventory records to determine if there are any trends that need investigation. Significant, widespread shrinkage can indicate theft or fraud, while one-off mistakes tend to reveal clerical errors. Damaged goods are self-explanatory.

Once you uncover and investigate the cause of inventory shrinkage, you can put guardrails on processes to prevent further loss. Some common preventive measures include:

  • Tightening security where inventory is stored.
  • Installing cameras or locking up high-value items.
  • Training employees about proper inventory counting.
  • Allowing only trained employees to accept and inspect new inventory.
  • Reviewing daily transactions on inventory apps.
  • Verifying purchase orders, invoices, and delivery slips when new inventory arrives.
  • Checking inventory shrinkage via cycle counts.

Discovering inventory shrinkage isn’t fun — but it’s a wake-up call for many businesses.

 

What if you have too much inventory?

Once you complete your year-end inventory, you might realize that you have more physical inventory than expected. If you have a lot more inventory than you need or want, you may have to figure out how to deal with the surplus. The first step is to determine if the excess inventory is still good to sell. Then you can adjust plans, orders, and budgets accordingly.

Once you figure out what your business needs for the year ahead, it’s time to get creative. What kind of promotions or sales can you have? What items should be sold at a discount? There may also be items in your inventory that can be repurposed or donated. If you donate excess inventory, talk to your accountant about writing them off for tax purposes.

Finally, you should talk with a liquidator about buying excess inventory. It may not be very profitable, but you can cut losses, clear up space, and move on.

 

Using year-end inventory to predict next year’s demand

One of the best reasons for conducting year-end inventory counts is to understand how your business used (or didn’t use) items over the past 12 months. A detailed snapshot of available inventory helps your business forecast demand for the year ahead.

By reviewing what hasn’t sold, you can plan sales, promotions, and marketing campaigns. These strategies can help you move old inventory and lets you focus on restocking only what your customers want.

 

Cin7’s inventory management software simplifies inventory counts

Cin7 inventory management software allows your business to track inventory using modern technology and powerful automation features. Cin7 is the best choice for inventory management software because it helps save you time, money, and stress. When you switch to Cin7, you’ll be able to:

  • Access your data at any time and place.
  • Set it up quickly, easily, and to your liking.
  • Use ready-to-scan barcodes with your phone’s camera.
  • Customize and allow access to teams, vendors, and suppliers.
  • Generate custom barcodes for unlabeled stock.
  • Create data-rich, shareable reports to help you understand inventory.
  • Get alerts when you’re running low on a product, if it’s expiring, or approaching warranty.
  • Create product histories to answer who, what, and when details.

Ready to see how our inventory software makes your year-end inventory count easier? Book your Demo now.

How consumerization in B2B is driving growth in sales

In today’s crowded space, businesses are doing what they can to grab and keep their customer’s attention. As a result, marketing has gotten much more personal. This trend began with B2C companies creating personalized, relatable content for their audiences, and is known as consumerization.

However, a popular myth associated with consumerization is that it only applies to B2C companies. This simply isn’t true. Consumerization is visible today in the marketing strategies of most B2B companies as well.

In this blog, we’ll try to understand the phenomenon of B2B consumerization and how it impacts sales.

 

What is B2B consumerization?

In simple words, B2B consumerization is the result of companies using more technology to engage with their clients. As in the B2C space, where consumers expect to be able to immediately access information and purchase products through digital means, B2B buyers now expect such options from the companies they do business with.

The shift towards B2B ecommerce is widespread. According to 2020 Gartner research, 80% of total B2B sales interactions will be digital by the year 2025. What’s in it for the B2B Sellers?

Makes sales more efficient

Any B2B marketer will tell you that, conventionally, B2B sales have relied heavily on personal relationships with clients. The biggest investment is the time put in to close a sale.

However, with digital products, companies are able to save their sales teams valuable time. By developing deeper insights into the targeted audience’s behavior before approaching the sale, sales teams can curate personalized sales strategies and offerings for their potential clients. This makes it easier to close more deals faster.

Leverage multiple access points

An access point, or a customer touchpoint, is any point through which the customer comes in contact with your brand. That includes radio ads, pay-per-click (PPC) banners, or elevator pitches.

Today, your business most likely interacts with your target audience using multiple touchpoints. Some of the most commonly used channels for B2B marketing are:

  • Blogs/articles,
  • Emails and newsletters,
  • Push notifications,
  • Digital and conventional advertising, and
  • Social media.

Using multichannel selling, your clients become familiar with your products or services while you have the opportunity to directly interact with potential customers.

Naturally, you’ll  want to reach your target market using as many touchpoints as possible. By collecting data from your customers, and with a bit of computing prowess, you can monitor and predict how your target market will react to your products or services.

 

And the result?

A much more efficient sales strategy with higher sales numbers. If you wish to scale your B2B business, try Cin7. Cin7 not only makes it effortless to manage your B2B orders but also helps in creating an online B2B store. Use it to showcase your product portfolio and boost your sales. Cin7 also comes with built-in inventory management features, so you efficiently manage your stock and prevent stockouts.

To learn more about how Cin7 can help in boosting your B2B business, book a demo with our experts.

Effective inventory management: The secret to Black Friday success

Black Friday, Small Business Saturday, and Cyber Monday traditionally kick off the holiday shopping season. Large and small businesses often prepare for months to capitalize on shoppers looking for deals on these days.

Any glitches, such as not having enough inventory or problems with shipping and delivery, can lead to substantial reductions in profit.

Automated inventory management can ensure the entire sales cycle is managed well throughout the holiday shopping season. And the bonus? When customers have a good experience, they become returning customers.

This blog discusses how a seamless supply chain impacts online merchants and suggests inventory management tips for your upcoming holiday season.

 

Inventory management and supply chain for online merchants

In retail, the supply chain is defined as the process from order inventory to product delivery. Supply chain management consists of manufacturing, fulfillment, storage, and shipping. If any part of the process weakens, sales are negatively affected.

Merchants selling products online must plan for issues that could come up this holiday season.

 

Tips to manage your supply chain and inventory this holiday season

Choose the best suppliers

Online merchants usually work with international suppliers as a cost-saving measure. It’s better to work with domestic suppliers as you can:

  • Prevent customs delays and cross-border shipping.
  • Avoid unexpected new tariffs.
  • Replenish stock quickly and easily.

If you still work with international suppliers for your business, diversify your suppliers. By ordering from suppliers in several countries, you have a backup if there are problems with delivery from one country.

Plan the fulfillment process

If you are a merchant with a large volume of inventory, you can send it directly to a third-party logistics (3PL) provider. The 3PL company can handle fulfillment and shipping on your behalf and let you focus on what you do best: ecommerce strategy and marketing.

You must think carefully while choosing warehouses whether or not you work with a 3PL service. Use a warehouse close to the suppliers and begin ordering inventory early. By planning ahead with time, you will give the warehouse staff enough margin to organize and categorize the products correctly.

Merchants with unused brick-and-mortar stores should consider using the space as a warehouse. Using your own space as a warehouse gives you an excellent visual idea of how quickly your stock sells. It helps you decide which products to push with holiday sales. Thus, you can save money on external services and have more control over stock management.

Another popular holiday season shopping method is buy online, pick up in-store (BOPIS). This method became popular during the Covid-19 pandemic. These click and collect options remove complications related to shipping and let you enhance the customer service you can offer. If you look to implement store pick up this season, ensure your customers know how it works by including instructions on your site’s checkout page.

Talk to supply chain partners early

Your partners in the supply chain are your suppliers and manufacturers. You all must work and succeed together, so take the time to discuss order volume and develop a process that works for everyone.

Contact your suppliers as soon as possible to work out potential issues in the supply chain. The earlier you begin, the more you can anticipate and head off any problems. When discussing the order volume of the inventory, be specific and tell suppliers exactly how much you expect. If they flag any potential holiday supply issues, adjust the product range or diversity accordingly.

Keep in touch with 3PL companies regularly for likely changes as well. They could have staff shortages or a lack of drivers, delivery restrictions, or warehouse closures. Integrated warehouse management software can help you head off fulfillment issues.

Price your products strategically

After deciding on inventory value, vary product prices to control stock levels. Lowering the rates of well-stocked products means you can sell more. Raising the prices of items you have less of may reduce the number you sell.

Adjusting prices is all about finding the sweet spot to meet your inventory goals while maintaining your brand image. The rule of thumb is to keep pricing consistent. Making your products too cheap or too expensive can confuse the customers.

If you look to position yourself as a luxury brand, increase the prices and do a cost-benefit analysis to see what is more beneficial for your company. Lower prices on the products can shift more inventory, but higher prices return better profits and prevent you from running out of stock quickly.

One alternative to amending the products’ prices is to give discount coupons. You can shift the discounts to emphasize different products across your holiday sales season based on inventory levels.

 

Conclusion

Black Friday and other holiday sales events are so much more than placing a few ads and expecting high sales volumes. From a business perspective, they’re more about effective inventory management and best fulfillment practices.

Optimizing warehouse operations for accuracy and speed should be a top priority for any business during the holiday season.

That’s what Cin7 inventory management software is all about.

If your business sells hundreds or thousands of products towards the end of the year, you need an inventory management software with forecasting tools from a reputed company like Cin7. The Cin7 team will be more than happy to help you with your inventory management solution decisions.

Book your demo today!

Top 10 technologies driving ecommerce growth in 2022

New technologies continue to drive innovation in the ecommerce world. How is your site keeping up? Check out our predictions for the top 10 technologies that will drive ecommerce growth in 2022.

 

1. Voice and image search

Increasingly, consumers are using their voice and images to search online. As a result, businesses that want search bots to find them should incorporate text that mimics spoken questions into their sites along with high quality images.

 

2. AI chatbots

AI chatbots may be the future for the ecommerce industry. Their sophisticated programming allows the AI chatbot to respond to customers as if the chatbot were a real human being.

Unlike rule-based chatbots, AI chatbots are constantly learning from their conversations and can develop unscripted responses to queries. They are designed to read tone and emotion as well as help customers get the best recommendations for the products and services they are seeking.

 

3. Smarter mobile shopping tools

Brick-and-mortar retailers do not like seeing customers looking at their phone screens, for it indicates that the customer is price shopping or using their store as a showroom for a later online purchase elsewhere.

Therefore, savvy retailers offer their own GPS-enabled mobile shopping experiences to help customers buy in-store or anywhere else. For any retailer, a mobile-optimized site and store is a fundamental element of a positive ecommerce experience.

 

4. Omnichannel presence and support

The term omnichannel refers to the integration of multiple channels for ecommerce, such as an online storefront, website, or social media page. When you offer omnichannel support, your customers can enter information in one channel, and you can access it in another, providing a more seamless customer experience across channels.

 

5. Fast and secure e-wallet functionality

Speedy and secure e-wallet technology allows customers to store all of their payment information digitally in one place. This increases efficiency when shopping online because instead of having to enter information for each purchase, customers can check out of a site with just one or two clicks of a button.

Businesses equipped to accept e-wallet payments can level themselves up in the ecommerce market with better scalability of services and reciprocal security to attract even more customers.

 

6. Metaverse and other gaming platforms to facilitate sales

The concept of the Metaverse is still evolving, and it isn’t ready as an advertising platform. However, it represents a potent potential marketing channel for various ecommerce brands. Global brands like Nike, Coca-Cola, Vans, and Gucci are already gearing up to treat their customers with virtual products.

Various gaming systems have also opened their platforms to ecommerce brands. For instance, leading fashion brand Balenciaga recently teamed up with Epic Games to launch its Fortnight clothing line. Nike turned to Roblox to launch Nikeland for purchasing virtual Nike gear for the gaming avatars.

 

7. Livestream commerce

Remember TV shopping channels? Livestream commerce or Livestream shopping is almost like that. It is a video streamed on a commercial platform where the host shows viewers various goods in real-time. Thus, the audience can easily buy products directly from the shopping site.

This type of ecommerce is very popular in China. For instance, in 2020, during the Global Shopping Festival on the Taobao platform, live broadcast generated sales of about $6 billion. Companies in the US have also noticed a tendency toward this upgraded version of ‘shoptainment.’

This approach to online retail lets you present items in every dynamic and develop client interest by creating urgency with limited-quantity or limited-time offers.

 

8. Headless and API-driven ecommerce

Headless commerce is a solution that lets an online store’s ecommerce platform de-couple from the front-end presentation layer. More ecommerce businesses have adopted headless technology due to its flexibility on the backend, added SEO and digital experience capabilities, and content marketing.

 

9. Progressive web apps

The progressive web app is a technology that lets you create web applications that look like native mobile apps. While building these solutions, developers use web technologies like JavaScript, CSS, and HTML.

Retail giants like Walmart and Alibaba have used PWA to generate more revenue and increase conversion rates. Progressive web apps are perfectly suitable for any small and medium-sized organization.

PWA’s primary functions include:

  • Offline application access
  • Application access via the smartphone’s home screen
  • Push notifications

 

10. Cin7 inventory management

Popular brands know that the bigger your business, the more crucial it is to have a scalable infrastructure. Cin7’s flexible, future-proofed and hyper-scalable inventory management software is purposely built for retail businesses.

It offers various integrations with a speedy, expert-led implementation having a success rate of 97%.

 

Wrapping up

More innovations in ecommerce technology are likely to evolve in 2022. As you evaluate whether a new technology is worth incorporating in your business, consider magnitude, relevancy, and functionality. While some may provide a huge value, others might be out of touch with your particular customer demographic or be too costly. One technology we certainly recommend is Cin7 inventory management software.

Cin7 inventory management software makes all your business operations, like purchasing, selling, warehousing, accounting, and shipping, hassle-free and virtually effortless in order for you and your management team to focus more on other aspects of your business.

Book your demo now!

Top 20 B2B apps to boost sales in 2022

To increase sales and beat competitors, you need the right technology. Apps that improve efficiency, like sales rep management tools, can boost your bottom line.

But it can be a challenge to determine which sales apps are the best for you and your team. So, we’ve done the research for you. We have compiled a list of the best sales apps that can improve your business performance.

Here’s the list of the top 20 proven sales apps to boost productivity.

 

1. Slack – team communication

Connect your remote teams and centralize communication with this best-in-class messaging app. Communicate seamlessly with your team and boost collaborative productivity using Slack. It’s one of the most reliable sales team tools.

You can discuss projects, share files, and maintain transparency within the team. Plus, Slack integrates with other CRM tools to manage sales efficiently.

  • Work with external contacts, adding them as guests.
  • Create channels for different topics.
  • Engage with team members to share vital messages quickly.
  • Set reminders to complete tasks on-time.

 

2. LinkedIn – lead development

While technically LinkedIn is a social platform, our clients still rank it as one of the top tools for lead development. LinkedIn is an excellent place to find leads and nurture sales prospects – especially when selling to companies. You can search profiles of key decision-makers and even contact them through LinkedIn messages.

Knowing the key players saves sales reps from navigating multiple gatekeepers before reaching decision-makers.

 

3. MailChimp – email marketing automation

MailChimp is a cost-effective way to manage your email subscribers. With over nine million users, MailChimp is one of the most popular email marketing platforms.

Their tools allow you to send well-designed emails to targeted audiences. MailChimp has advanced analytics to measure the effectiveness of outbound emails. MailChimp integrates with numerous third-party apps to sync customer data and streamline workflows.

 

4. Saleslion – sales proposal creation

With Saleslion, you can create interactive proposals and sales materials online which will help in closing more deals faster. The platform allows you to optimize every step of your sales process – be it clarifying audience motivation or comprehending the sales message.

Ultimately, you can design smarter processes and sales strategies to close deals with prospects. Be prepared for any sales objections and confidently handle sales calls with Saleslion.

 

5. Snov.io – outreach and lead generation

Snov.io is a CRM that saves you time. Snov.io’s toolset is easy to navigate so you can spend more time nurturing and converting leads than searching for them. The app uses personalized automation for email campaigns designed to engage and convert, including follow-up.

Snov.io has over 2000 integrations to boost efficiency. Connect with customer service platforms, multi-channel marketing apps, and productivity tools.

 

6. Hunter – email hunter

Hunter connects you with professionals who matter to your business. Search first and last names or company websites to find the email address of the person you want to reach – provided the company has a verified domain that’s publicly available.

It’s one of the best apps for finding business emails for sales prospecting.

 

7. Badger Maps – route planner for sales

Badger Maps is a multi-stop route planner designed for in-the-field salespeople. With Badger Maps, you can meet the right prospects at the right time, using the fastest route with over 100 stops.

With features like check-ins, lead generation, and follow-up reminders, Badger would streamline every aspect of a field salesperson’s job. Badger Maps is one of the best sales route planners for sales reps and their teams, with the selling capabilities of a CRM and a prospecting tool.

Badger Maps is available for iPhone, Mac, PC, and Android. It also syncs seamlessly with multiple CRMs to keep important customer information in one place.

 

8. Zoom – video conferencing

Cut down the travel expenses and save time by holding conferences, meetings, and webinars online with Zoom. It’s a leader in modern enterprise video communications and a perfect solution to conduct distance meetings.

With this advanced sales productivity tool, you can easily share screens with prospects and give effective sales presentations from anywhere at any time of the day – it’s a perfect solution for today’s global marketplace.

 

9. MakerMove – tools and resources

MakerMove is a special platform for makers and founders to discover useful resources and tools. There are numerous curated lists of resources available, but MakerMove puts them all together in a nice interface. This allows you to quickly discover innovative products to help you succeed.

Get inspired by the best podcasts and books to help you grow. Find journalists to get press coverage or connect with the best investors to fund your startup. Discover anything you need to boost your project – all in one place.

 

10. Track-POD – route planner software

Track-POD is the emerging leader in contactless and paperless delivery solutions. It’s more than proof of delivery.

The app provides route planning and optimization, real-time driver tracking, fleet management, customer portal and notifications, e-sign, and paperless proof of delivery. You can level up and scale your delivery management with Track-POD.

 

11. CircleBack – address book management

Good communication is crucial to building long-lasting relationships. But it isn’t easy to maintain meaningful connections when the contacts are outdated, or worse, scattered on post-its or other places. Avoid clutter and manage contacts with ease using CircleBack.

CircleBack is one of the best sales productivity tools to keep your information up-to-date and organized.

  • Scan business cards to add new contacts instantly.
  • Remove duplicate entries to keep your address book clean.
  • Connect multiple networks in one unified address book.
  • Integrate with CRM tools to ensure your contacts and deals are updated.

 

12. Feedly – news aggregator application

Don’t miss important news related to your industry. Now you can stay updated with the latest trends in the global marketplace with Feedly. Find news, content, and articles you like on a single platform.

Track what you read using Feedly’s history option. As well, receive suggestions for new blogs that may interest you.

 

13. Evernote – note taking app

Take the market research beyond bookmarks and eliminate scrap paper with Evernote. It’s a digital storage facility for vital data. Not only can you maintain a wide range of content but also store images, record notes, and upload PDF files using this smart note-taking application.

  • Tag the notes for quick reference.
  • Manage content from any internet-connected device.
  • Attach pictures and audio directly to notes.
  • Create shortcuts to frequently accessed files.
  • Set reminders for projects and tasks.

 

14. Tripit – itinerary and travel planner

Streamline travel plans in one place to stay organized with Tripit. Everything from flight details to hotel bookings are easily available within this app. Tripit offers a master itinerary for all your trips to ensure seamless and hassle-free traveling.

 

15. Basecamp – project management

Complete sales tasks on-time and collaborate with your team using Basecamp. Basecamp is a project management app and one of the best sales team tools. Eliminate complexity and keep projects and communications centralized. Basecamp organizes the who, what, where, and why for company projects.

  • Receive an email notification when new tasks are assigned or old ones are due.
  • Keep everyone in the loop with real-time project discussions.
  • View each detail related to a project in one place.
  • See deadlines, tasks, and events in one view using Basecamp Calendar.
  • Share large files hassle-free.

 

16. Doodle – meeting scheduling

Simplify the process of setting meetings and finding convenient times to meet with potential prospects using Doodle. Stay away from conflicting bookings and stay on track with this amazing daily sales app.

Whether you’re coordinating with 30 volunteers for a huge event or a small team for a monthly meeting, Doodle keeps everyone on the same page by seamlessly scheduling meetings and events.

 

17. Leadfeeder – website visitor tracking

Keep an eye on website visitors using Leadfeeder. Know who visits your site and what pages they look at with this high-end marketing tool. It is one of the best ways to convert site visitors into leads.

Leadfeeder integrates with numerous marketing tools to capture and manage leads.

 

18. Expensify – expense management

Tracking expenses is a necessity for business travel. Expensify is the easiest way to simplify and streamline expense management. Expensify is one of the best expense management apps, with more than 2.5 million users worldwide.

  • Create expense reports by clicking a photo of trip receipts.
  • Link credit and/or debit cards with your Expensify account to automatically place charges in expense reports.
  • Convert expense reports into customized invoices with just one click.

 

19. Chorus – conversation intelligence platform

Chorus uses artificial intelligence to record and transcribe sales calls into notes in real-time. This enables sales teams to store valuable information from phone conversations quickly and efficiently.

Chorus extracts insights from sales calls, which can help you fine-tune your communication strategies with clients.

  • Analyze sales calls and meeting recordings.
  • Discover top performing sales reps.
  • Create a playlist of great calls for training new sales reps.
  • Track performance and compare it with teammates by viewing the leaderboard.
  • Share recordings with the sales team.

 

20. Lastpass – password manager

This list would not be complete without a password manager. Our customers rely on LastPass as their password management app. LastPass stores your passwords in one location that you can access from anywhere.

LastPass syncs with multiple devices and is easy to use.

 

App integration with Cin7

As a small business owner, part of your job is staying one step ahead of your competitors. One way to do that is to streamline your processes – which is exactly what these sales apps do. Explore the extensive features of all these popular apps and leverage their benefits to improve your business’s bottom line.

Speaking of integrations, Cin7 integrates with 700+ business tools that your sales team can use to boost your business. Cin7 integrates with sales and marketing apps, 3PL providers, payment gateways, EDI suppliers, and a lot more. You can access the full list of our integrations from here. 

Use integrations to increase sales and reorders and win new customers.

Contact us to book your demo now. We’ll take the time to understand how we can help your business.

5 essential elements of a great B2B digital marketing campaign

If you’re running a B2B business, you already know that B2B digital marketing is an essential component of a strong marketing plan.  But what makes a strong digital marketing plan?

Here are the five key elements of a great digital marketing campaign.

 

1. Company website

Your company website is the first impression your business makes. Your website is the digital extension of your brand, your business, and your values. Any campaign you run online will only be as good as your website and the sales funnels created on your website.

To create an impactful website, be clear on your objectives. Are you using your site to close more sales? Are you creating a website that serves as a valuable resource for your industry?  Once you know your objectives, you can begin the design process.

Every part of your website must be carefully designed, keeping in mind the choices and tastes of your target audience. If you’re targeting people between the ages of 18 and 35, your language cannot be outdated.

The bottom line: Create content that your audience can relate to.

Here are some of the things to keep in mind while creating a top performing website include:

  • It needs to load quickly even on slow networks.
  • It should be mobile responsive.
  • The navigation should be clear and clutter-free to help visitors reach their desired web page without much effort.
  • Links within the text should draw the visitor into the site.
  • The content should be fresh, plagiarism-free, and engaging.
  • Your social media links should be easy to find.
  • New content should be added regularly and older content should be updated.

Moreover, if you feel your product(s) can be sold online, or perhaps you already sell via any of the major ecommerce sites like Amazon or ebay- you should consider integrating an online store right into your website. One of the core benefits of doing this is that your customers will be able to shop for your products without having to leave your website.

There are many platforms that can help you build an ecommerce website in minutes, without any technical knowledge. Once you’re done creating a stunning website, simply integrate it with Cin7 for seamless, multi-channel order management.

 

2. Search engine optimization and content marketing

Search engine optimization (SEO) is one of the most important parts of any digital marketing effort. SEO can help determine how high your website – or social content – appears in search results whenever someone searches for the keywords you’re targeting. Organic search results appear when someone is looking for relevant content that your site offers. Non-organic results come from paid advertising. The stronger your SEO, the more organic reach you will have.

So how does SEO help your business exactly? Let’s say you’ve built a beautiful brick-and-mortar store. You’ve applied shiny paint and decorated the shelves with your products. You’re ready to welcome your customers into the store you’ve built.

However, you forgot to put any signs on the road. Without the signs, nobody will know that your store exists, where it exists, and what it sells. Your store might be amazing, but it still won’t attract customers because they simply don’t know it exists. Now imagine you go to the road and put a big, shiny sign that says: “Welcome to your dream store.” Now people know your store exists and you will at least have set the groundwork to gain new business.

This is what SEO does for your website. When you create content with SEO in mind, it improves your search rank, so when someone does an Internet search for the products or services you sell, your website rises to the top.

 

3. Pay per click campaigns

No matter how great your SEO efforts are, all businesses see a drop in their reach from time to time. When you need an artificial boost, consider pay per click (PPC) campaigns. Originally offered by Google, now PPC campaigns are offered by several online companies. You are charged every time a user clicks on your ad.

Many social media offer pay per click advertising.  For example, Facebook offers PPC campaign opportunities for its users. Businesses can get access to millions of views if they set the right price for the right audience.

PPC campaigns are a great way to attract eyeballs towards your business. Of course, you cannot rely solely on a PPC campaign, but they can become an integral part of your overall digital marketing plan.

 

4. Social media marketing

Most B2B brands have realized the immense power of social media and have leveraged it to their advantage.

According to a study by Sproutsocial, 83% of B2B marketers use social media to enhance their digital footprint and reach new audiences. This is because social media sites have evolved to be platforms for everyone. People from all walks of life are actively engaged with each other through a variety of platforms like Facebook, Twitter, Instagram, LinkedIn, and Pinterest.

Use social media to promote a specific blog, ebook, or other form of digital collateral you think your audience would find helpful. Once you get them engaged with your content, they’re already in your sales funnel.

However, the tricky part about leveraging social media is that you cannot become complacent. Just because something worked for you in the past, doesn’t guarantee that it will keep working. The traffic is always shifting from one platform to another, thereby creating newer, better avenues for marketing. Your goal should be to closely monitor where your target audience is moving, and focus on how to reach them there.

 

5. Automation

Your digital marketing doesn’t have to be an all-manual affair. Automating repetitive tasks can free up a lot of your time.

Start with something as small as sending out email newsletters to your subscribers every week. You can create a six-month newsletter plan and every time subscribers sign up for your newsletter, they start receiving those pre-planned, pre-scheduled newsletters. Add a welcome email as well as emails asking for feedback and reviews every time someone makes a purchase.

Use analytics to track how those emails are doing. Monitor open rates and conversion rates and adapt accordingly. This is just one example of how you can use automation in your business.

 

Final words

Developing a B2B marketing campaign is very important. The hardest part is being consistent. Automation really helps with consistency. Also, reusing content on your blog or website for social posts also helps with consistency.

It’s also important that your marketing strategy takes its cues from your overall inventory strategy. To achieve this, make sure that different departments across the company work in close coordination with each other, and can be tracked via a robust inventory management system.

To know more about how Cin7 can revolutionize your B2B inventory management, book a free demo today.

Posted in B2B