The end of the year is often referred to as the silly season – people are celebrating, drinking, shopping, and eating out; there are parties to host and parties to attend; there are big shopping lists to fulfil and bigger meals to prepare.
It is no doubt that these times are silly and fun. However, there are companies behind the scenes who supply the goods and services for the holiday season. These companies are working with large amounts of inventory stock to compete and provide for the holidays. Having enough inventory stock is imperative during this busy period. Not only are consumers purchasing at greater rates, but some companies shut down at the end of the year and replenishment orders are harder to get fulfilled.
With a strong inventory management strategy, companies can approach the holiday season with confidence. This year, be on top of your inventory control with a few of these helpful suggestions for the holidays.
Use your forecasting tools
One of the best features about online inventory management software is its ability to forecast. By looking at previous peak seasons, it can help predict demand. With this demand, it can help shape your inventory stock. It doesn’t make sense to have shelves completely full with stock if it’s not the right stock. With the ability to clearly look back at historical inventory levels and sales reports, you can sculpt your peak season inventory shelves properly.
Streamline your warehouse
When warehouses are organised and their work streams make sense, everything is primed to fall into place. Organisation is extremely important when trying to fulfil orders. A dishevelled warehouse will lead to inefficiency when extracting orders from the shelves. If shipments come in and need to be stocked, it should be clear where they are going in the warehouse. Additionally, organisation helps with inventory control. If you need to double check inventory stock levels, you want to make sure you’re looking in the right spot.
To keep the pick, pack, and ship process streamlined, your warehouse needs to be organised in a logical manner. If there are certain inventory items in high demand that your staff will be constantly retrieving, it is logical to have the items near the front of the warehouse. Your staff will waste time going back and forth to the back corners of the warehouse if the peak demand items are stored improperly. This means that efficiency will decrease and there could be delays in orders if processes get backed up at the warehouse. If you make sure your warehouse layout is logical and that it stays organised, you will have a much more fluid holiday season.
Manage your online ratings
E-commerce provides a platform for people to review your products and service. When prospective customers are looking to buy, they will often turn to online ratings to decide if they want to purchase the product. Having good online ratings are a result of exceptional customer service and customer satisfaction with the buying journey. With these processes maintained, good reviews will follow.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.