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Using Inventory Management
In this video, we'll cover:
• Why inventory optimization matters
• Some inventory management tips, tricks, and best practices

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As the company empowering everyday entrepreneurs around the world, GoDaddy gives you all the help and tools you need to grow online.

Hey guys, Joplin here with London.

Today we're gonna talk to you a little bit

about optimal inventory.

And you make not want too much inventory

because it may cost a lot to keep all that stuff.

And at the same time you don't want too little inventory

because if you never have anything in stock

your customers may be a little bit mad at you.

So we're gonna give you all our

top five tips for optimal inventory.

Now I know we all love Excel.

But when it comes to inventory management

it just doesn't cut it.

It's not scalable.

It doesn't interface with other products.

And you can make a lot of mistakes.

But lucky for you there's a lot of other solutions.

Some are free, some are paid

but they offer cool features

like letting you know when your inventory's low

or letting you know what's hot and what's not

so you always keep your best products in stock.

Next thing to think about is planning ahead

for your inventory.

So let's say you're a clothing business.

Your summer inventory's gonna look a whole lot

different than your winter inventory

due to the seasonal considerations.

So you'll want to make sure that you're

sitting on just the right amount of inventory

that way you can reduce your carrying cost in the future.

And as a small business, you want to make sure

you work with good suppliers.

Normally good suppliers have higher quality products

and they deliver on time and consistently.

But it never hurts to have a back-up

for those unforeseen circumstances.

You know, with a small business why put

all your eggs in one basket?

Another option to consider is drop-shipping.

So you may have to relinquish some of the control over

your inventory and it may eat into the profits a little bit

But there's a lot of pros that outweigh that.

So you don't have to mess with any of the handling,

none of the shipping, and you can save a lot of money

on not having to keep that inventory on sight.

And finally, delegate your inventory tasks.

Now if you're a one person show, you own it.

But if you're a little bit bigger, set one person

to look after everything for you.

Now by following these tips that we provided,

you can make sure that your customers get what they want

when they want.

I'm London.

I'm Joplin.

See ya later.

#howto #build #website #godaddy #onlinestore #webstore #websitebuilder

Published: Tuesday, September 17, 2019 5:08 PM
Category: WebHosting GoDaddy

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