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Inventory is everything

Words of wisdom | September 24 2020

It’s all about inventory. In order not to lose any sales, you must constantly juggle your inventory, your suppliers, etc. Here are a few useful tips for helping you deal with it!

Managing your inventory

If you sell on a variety of platforms, managing your inventory can quickly become a nightmare. Between unsold and out of stock items, deliveries in progress and potential returns, you could easily lose track and miss the right time to order from your various suppliers! A POS adapted to your business is the best option for controlling your inventory and not missing any sales.

Unsold stock: Dormant inventory

There are a number of ways to manage the unsold items accumulating on your shelves. The best way to go is with a promotion. If your customers have turned up their noses at some of your products, offer a substantial discount. Now you have a better chance to see that stock fly off the shelves.

You can also use the sales organized by your SDCs to liquidate some of your more unpopular items at special prices.

To get rid of dormant products that are cluttering up your warehouses, offer final sales, at lower prices, on platforms such as Kijiji or Facebook's Marketplace, for example.

Out of stock?

Have you advertised a product that had such strong sales that now your supplier cannot deliver your new order within the requested time frame? Are you going to lose sales of this popular item and disappoint your customers to boot? None of this is good for you, especially during a reopening!

The simplest and trendiest solution for online stores is pre-ordering. Continue to offer your product online while specifying that it is out of stock, and allow your customers to order it and have it delivered as soon as it is back in stock. Pre-ordering is also a good way to preserve your cash flow and avoid incurring expenses by acquiring stock before it is purchased.

Rely on local suppliers

We cannot always depend on the reopening of borders, international trade agreements and customs duties, so it is time to rely on local suppliers. Québec has a great deal to offer, and now is the time to highlight that. Buying locally is becoming a value that cannot be ignored. So remember to think local!

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