Question

Importance of study on inventory management

Answer 1

The Benefits and Importance ofManaging Inventory. ... Accurateinventory tracking allows brands to fulfill orders on time and accurately. And as brands grow out of small warehouse space and into larger facilities, so does the need to efficiently manage inventory

Answer 2

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THE BENEFITS AND IMPORTANCE OF MANAGING INVENTORY

The importance of inventory management cannot be stressed enough for eCommerce and online retail brands. Accurate inventory tracking allows brands to fulfill orders on time and accurately. And as brands grow out of small warehouse space and into larger facilities, so does the need to efficiently manage inventory. 

The Importance of Managing Inventory: Benefits of an Effective System

An effective inventory management system is the cornerstone of a successful eCommerce and online retail brands. With a strategic plan in place that optimizes the process of overseeing inventory, companies can achieve benefits that include:

Accurate Order Fulfillment – Imagine this scenario: A customer places an order, an eCommerce brand receives the order and sends it to the warehouse only to discover that product is out of stock. Or just as bad, the eCommerce brand ships the wrong item. This isn’t an uncommon story if inventory is poorly managed. Taking the time to develop a more robust plan can help brands avoid inaccurately filled orders, high return volumes and a loss of customer base. 
 Better Inventory Planning and Ordering – It’s difficult to gauge which products are needed if there isn’t a clear way to tell what products are already stocked. If online retailers don’t properly manage the inventory they already have, the can easily overstock items – some of which might not be strong sellers. Detailed inventory management mitigates these issues, allowing warehouse managers to refresh inventory only when needed. It’s both space- and cost-effective. 
 Increased Consumer Satisfaction – Customers that shop online are eagerly awaiting their orders, and there’s nothing worse than when their orders arrive not as-described, late or damaged. When that happens, buyers are less likely to purchase from the brand again. On the other hand, good inventory management leads to orders being fulfilled more quickly and shipped out to customers faster. The enhanced processes can help eCommerce and online retail brands build a strong repertoire with consumers – and keep them coming back for more. 

It’s beneficial for eCommerce and online retail brands to partner with third-party logistics (3PL) providers that understand the importance of managing inventory. An experienced 3PL company has the tools, equipment and software necessary to simplify inventory management and increase warehouse efficiency.

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