What is Order Management? The term Order Management refers to the set of actions that a retailer/merchant needs to perform to deliver the goods that a customer has ordered. In the ecommerce context, Order Management describes everything that the merchant does after a customer has placed an order…
A large, unexpected influx of orders is usually good news for an ecommerce company unless they don’t have enough inventory on hand. In which case, things can get pretty stressful. Suppliers may not be able to expedite additional extra raw materials. Employees may not be able to work…
If you’re a small business owner or ecommerce merchant, you may have limited space for your inventory. You may be selling out of your own home and storing your inventory in a bedroom or your garage. Or you may be operating out of a small office building and…
In the early 2000s, Nike had some major inventory management problems. The company lost around $100 million in sales due to these issues. It may be difficult to imagine that such a well-established corporation could have a massive operational failure like this, but they did. As they learned…
In our increasingly digital world, business is changing at every level. What used to take employees and business owners three hours now takes five minutes. Something as difficult as inventory management is much easier thanks to inventory management software and other technological advances. One of the best things…
In a perfect world, there would be no need to worry about the possibility of inventory being stolen. Sadly, many businesses lose a pretty big chunk of change every year due to theft. It can be tough to know if inventory “shrink” is because of waste, breakage or…
Inventory management isn’t the easiest thing to master. As a business owner, you need to be aware that the employees you hire will have varying degrees of inventory control experience. If your inventory system is an integral part of your business, it’s probably a smart idea to include…
Have you ever been asked about your “inventory turnover”? What a bizarre term! Well, inventory turnover is a ratio that many people use to judge the quality of your operation. It basically refers to how many times per period your company’s inventory is sold and replaced. Calculating your…
In business, the inventory system is how you keep track of your goods and materials. This is an essential part of your business, as good inventory management can make or break a business! If you’re not properly keeping track of your inventory, you’re not maximizing your profit. You…