Tips to Reduce Transit Shipment Loss with Inventory Management Software
E-commerce has hit the bar in terms of sales and marketing, but remember, it is not always easy to start with something new and grand. And, we can relate this to all the e-commerce platforms. Inventory Management is a big concept altogether without which it is impossible to make your business successful. It requires a well-planned strategy to aptly manage the availability of goods as per the demand.
The e-commerce platforms are growing tremendously in all the sectors. The changing business policies and day to day new challenges make the marketing difficult at times. One major challenge faced by most of the sellers, is all about being unable to manage inventory aptly.
Importance of Inventory management
Let’s start with the basics of inventory management and move to the tips to reduce the loss during the transit of shipment.
The right observation of items in inventory plays an important role in any supply chain management system. It gives information about the available stock and quantity to be managed according to the consumer’s demand.
In a small-scale business, this can be done manually and perhaps it may seem easy as well. However, in a large-scale business, it requires the most appropriate management along with software and other measures.
- Better Price Management
Inventory management helps in streamlining the difference between the trade cost and ordering cost. Arranging the stock before hands, is much better than arranging it at the end part or in emergency. Providing the products to your customers at the right time is one of the best measures to get the positive reviews online.
- The Quick Availability of Stock
It is very important to have an update about our stock to retain our customers for a long time. In today’s competitive world, your customers may not wait for their desired products for a longer period. Thus, keeping a check on the highest selling products and having their availability enable your customers to build faith in your services, which may result more revenue.
So far, we have understood the importance of an inventory management software in nutshell.
But, did you know the major hurdle of inventory management lifecycle?
Well, this culprit is known as transit shipment loss, which can make any seller burn a hole in their pocket.
It is a loss which occurs during the transition of shipment. And, the reason can be inapt handling, accident, untrained staff, natural calamity or any other. In other words, the loss of any parcel during the process of transition due to various reasons is called loss of transit shipment. But, luckily, you can streamline every stage of transition by numerous ways.
In online world, the process becomes daunting and every step of shipment requires extra vigilance.
Though transition of loss is not a certain loss as this can happen due to many reasons. Hence, it becomes difficult for the supplier to ascertain the best possible reason. But, with the latest technologies and access to various software, it is possible to streamline the stages of transition. Let’s know it through the following strategies:
- The Minimum to Maximum Strategy
Determining the minimum value of your products helps in updating your stock in the right way. It lets you have a reminder when the stock reaches to its threshold level. Setting the minimum value helps in streamlining the process of ordering and initiates quick decision making.
- Investment in Packing Details Minutely
Some goods demand a high level of packaging with all the details involved, as they may be prone to loss during shipment. This needs to be well strategized and planned. One needs to invest time on cost of packaging, which is both cost effective and quality efficient. If the packaging is performed according to the product’s type and its recipient’s geographic location, you can reduce this loss drastically.
- Zoho Inventory
This inventory management software largely helps in managing orders by helping you track end to end process of shipment at every stage. Tracking becomes easy with a batch number and movement of items accordingly. The extensive feature of Zoho inventory is extremely useful for the management of CRM integrations and Warehouse management as well.
- EZOffice Inventory
This asset tracking software helps in tracking the vendors along with the item number dispatched from your warehouse. A perfect mobile app is also available with this software to manage everything on the go. A free 15-day trial is available to check how good it is for your business.
Well! The above-mentioned software apps are a bit costly. But, do not loose hope at all. There is good news for you here!
Beyond this, there is a massive range of some best inventory management software that are exclusively designed to reduce your shipment loss. It is recommended to try them for fulfilling your purpose at low cost.
Besides managing inventory via software, here are some other tips that can be helpful to accomplish your goal of better inventory management:
- Planning Turnover Ratio
This means evaluating how quickly your inventory is utilized. It is very important to maintain a turnover ratio, as this is one of the most followed way of minimising the risk factor against losses. This method needs a check over the demand, supply, price fluctuations and many other parameters.
- Strong Connections with Best Suppliers
Business relations change with time. It is very important to stay in contact with the best suppliers who can provide you with goods immediately in case of unavailability or loss.
- Sync with Mobile Technology
Everything should be in synchronization with mobile, as it is not possible to always carry the system. In other words, you should be able to harness the entire business workflow even if you are on the go.
Apart from these technological and non-technological parameters, everything needs to be well planned right from the first step to the last one. Furthermore, the usage of real time data is advisable to get the best out of your inventory management.
So, go beyond spreadsheets and fake anticipations. A practical thought in decision making and right inventory management is today’s core demand of business. Be prepared to excel.