Retail businesses of all sizes suffer from ‘shrinkage’, a loss of inventory which could be attributed to a variety of factors, including employee theft, shoplifting and staff or warehouse errors.
Whilst we’re focused primarily on the latter, it is important to note that when you are trying to grow your business from a relatively small base, attention to your stock levels and how you manage your inventory not only affects your ability to grow, in terms of your profit or loss, but also in customer satisfaction.
If you don’t currently outsource your order fulfilment process, here are some simple inventory management tips to help you reduce shrinkage in your business:
There are often many small changes you can make to your inventory management, picking, packing and shipping processes that can have significant impacts on the efficiency and productivity of your business. Take a step back, analyse your order and fulfilment processes and establish if anything can be improved to minimise fulfilment errors. Doing so can have a noticeable impact on your bottom line and allow you to grow faster.
If you’d like to talk to us about outsourcing your inventory management and order fulfilment, please get in touch, we’d be happy to discuss your requirements, or get an order fulfilment estimate using our fulfilment cost calculator.