Retail inventory management
Retail is the broadest catch-all term to describe business-to-consumer (B2C) selling. There are
essentially two types of retail separated by how and where a sale takes place.
First, online retail (eCommerce) where the purchase takes place digitally.
Second, offline retail where the purchase is physical through a brick-and-mortar storefront or
a salesperson.
Wholesale, on the other hand, refers to business-to-business (B2B) selling. Knowing the
differences and best practices of
retail and wholesale
is critical to success.
Most businesses maintain stock across multiple channels as well as in multiple locations. The
diversity of retail inventory management adds to its complexity and drives home its importance
to your brand.
Importance of inventory management
For any goods-based businesses, the
value of inventory
cannot be overstated, which is
why inventory management benefits your operational efficiency and longevity.
From SMBs to companies already using
enterprise resource planning
(ERP), without a smart
approach, you‘ll face an army of challenges, including blown-out costs, loss of profits, poor
customer service, and even outright failure.
Inventory management types
Typically, inventory types can be grouped into four categories: (1) raw materials, (2) works-in-
process, (3) finished goods, and (4) maintenance, repair, and operations (MRO) goods.
1.
Raw materials are any items used to manufacture components or finished products. These can
be items produced directly by your business or purchased from a supplier. For example, a
candle-making business could purchase raw materials such as wax, wicks, and decorative
ribbons.
2.
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