Inventory Turnover Ratio: How Does It Work?
Inventory turnover broadly refers to how often a company changes its inventory, either by sales or replacement. Thus, the turnover ratio indicates how many times you acquire new inventory in a given period. The inventory turnover ratio is an essential metric for making business decisions. This post will help you understand how it works Table […]
How to Deal with Inventory Shrinkage
Inventory shrinkage, also known as inventory shrink or loss, is an unexplained reduction in stock. It’s usually noticed during audits when business owners discover they have fewer stocked items than in the inventory list. Without monitoring and control mechanisms, it is impossible to accurately pinpoint the events that cause inventory shrinkage. You need an effective […]
Order Management and Order Processing – Your Ultimate Keys to Success!
It is exciting to open an e-commerce store and start receiving orders. The minute the first customer hits the ‘buy’ button, the process of selling begins. But, how do you fulfill your customer’s request, keep them happy, and coming back for more? Order management and processing are critical for great customer experience. Read below to […]
Inventory Forecasting – Why Your Business Needs It?
When selling products online, you must meet the customer’s demands. It is a delicate balance since having large stock means no cash, and having no stock to meet customer’s request leads to order cancellation and negative feedback. So, how do you maintain the balance? If you only had 200 shoes to sell online, and you […]
6 Ways to Unload Dead Inventory and Boost Sales
Are you an eCommerce business owner wondering how to unload dead inventory? You’re not alone! The ultimate challenge most online sellers face is having a portion of inventory that just won’t sell. Dead inventory is a cash flow killer. After all, eCommerce retailers only make money by moving boxes, not storing them. The fact is, […]
5 Order Fulfillment Metrics You Can’t Ignore
World-class order fulfillment performance is one of the critical parts of e-commerce, especially for cross-boader e-business. Make a clear mind of order fulfillment metrics to assess productivity and efficiency that could improve order fulfillment performance. In a study released by Warehousing Education and Research Council (WERC) in 2019, it shows that quality and capacity instead […]
Shopify Order Fulfillment with NextSmartShip
Shopify is a trending platform for those doing e-commerce business, like dropshipping or brand-building. Shopify makes it amazing for its accessibility to a great many design templates, flexibility for onsite SEO and compatibility with multiple apps. Compared with Amazon, Shopify pales in order management, inventory management and shipping management. Shopify sellers spare their efforts in finding convenient apps to compensate […]
