What does Deadstock Mean? Your Guide to Avoiding It
The above image provides a somewhat accurate depiction of a common issue in the supply chain and logistics industry: the excess of stock, often referred to as deadstock. The main problem surrounding deadstock is one that all businesses aim to avoid – the loss of money. This occurs in multiple forms, whether as a result […]
What is a Product Life Cycle and How to Manage it
Any product you sell in-store or online that lands up in the hands of consumers, has a product life cycle. Typically, this life cycle starts once a product has been introduced to the market, and it will continue to live on until it becomes obsolete. There are five key product life cycle stages, namely, development, […]
What is an ERP System, and How Does it Work?
Enterprise Resource Planning (ERP) software improves the efficiency of operations in production-based or distribution businesses. It works by merging separate applications for accounting, procurement, project management, human resources, risk, and supply chain activities into one platform—and consolidating all information under one umbrella. What is Enterprise Resource Planning (ERP)? Instead of consulting five (or more) technologies […]
What is an SKU and Why it is so Important
Whether you’re selling products online or offline, you need a unique Stock Keeping Unit (SKU) number for each item. Why? It’s a tracking code and a variant differentiator. It’s the only sensible way to track goods in your supply chain from purchasing to production and after-sales. This data is fundamental to any e-commerce business, supplier, […]
The Benefits of Sustainable Demand Planning
Companies have a significant impact on the condition of the environment, and that’s why so many companies are changing their business practices to become sustainable. Pollution and waste produced by businesses are consequential and put the planet at risk, challenging the livable conditions for future generations to come. Additionally, more business owners are observing significant […]
Why AI Demand Planning Tools are a Must-Have for E-commerce in 2021
Growing eCommerce businesses must establish a demand plan to maintain customer satisfaction while simultaneously minimizing excess inventory and reducing stockouts for popular products. The main objective for companies of all sizes is to increase profitability and meet their customers’ demands. But how can businesses choose effective demand planning methods that will increase sales and reduce […]
What is Fill Rate and How It Affects Your Business
Since you are reading our article now, we are almost certain you are operating with a just-in-case inventory management system and maintain a full inventory. And the fill rate is a metric that will provide valuable insights on how reliable you are for your consumer as a supplier and how professionally you manage your resources. […]
3 Ways How Technology Simplifies Demand Forecasting
There is no overstating the need for every enterprise to quickly and accurately anticipate the demand for a product. Demand forecasting, as the name obviously implies, forecasts demand. Such ability is essential for every company that intends to be competitive and, ultimately, successful. Demand forecasting techniques have evolved dramatically as the years roll. Traditional methods […]
ABC Analysis for Inventory Management
What is ABC analysis? ABC analysis (ABC Classification) is an approach for classifying and controlling inventory items. The raking depends on their consumption value throughout materials and distribution management. ABC analysis classifies a wide range of inventory items such as raw materials, components, parts, manufactured end products and unfinished goods. ABC analysis is based on […]
How to Manage Your Inventory in Shopify?
Over 800,000 stores are available on Shopify – one of the top e-commerce platforms globally, over 200 million online shoppers are visiting Shopify-powered stores and the platform recently reached $100 billion in sales. If your online store, your buyers, and your revenue are included in the numbers mentioned above, we have a comprehensive guide for […]
