For merchants that sell "sized" merchandise - products such as clothing, shoes and accessories that come in various sizes - managing inventory can be a thorough process that requires knowing consumers' demands. By failing to adequately stock merchandise in the appropriate options, businesses run the risk of not having certain sizes for customers, which could result in them visiting competitors to find the products they are looking for. Losing shoppers through such an error is avoidable, however. By using inventory management software
, companies can ensure they are keeping accurate track of all items in stock and maintaining control over what merchandise needs to be ordered to satisfy consumers' needs.Strategies for knowing how to sell "sized" inventory
While integrating inventory technology
is extremely beneficial for companies, there are some other best practices merchants can implement when selling sized items. Following these strategies helps businesses make informed decisions about their products in stock and predict what type of merchandise will be requested in the future. According to VentureBeat
, research from StichLabs revealed that between 45 percent and 90 percent of all company expenses can stem from inventory costs. This highlights the importance of effectively managing merchandise.
When it comes to carrying sized products, the source suggests that companies adopt the 1-2-2-1 rule - for every small sized item, there are two medium, two large and one extra large size available at all times. Keeping this in mind when ordering new merchandise can help retailers ensure they have the appropriate sizes in stock. The source also notes that labeling the correct sizes is vital, and abbreviating these words can actually help generate up to 38 percent more in revenue for companies.
The most successful strategy for selling sized products, writes the source, is knowing all of the data pertaining to items being purchased and merchandise that is in demand. This process can be accomplished with inventory tracking software.Businesses moving to inventory technology
More companies are implementing inventory software
as a way to control costs and keep the most sought-after products in stock. They are also looking to adopt solutions that help them maintain better control over other aspects of the supply chain, including logistics, shipping and packaging. According to research from DC Velocity
, 22 percent of firms stated they will be using inventory optimization technology in 2013. Of these respondents, 18 percent said they will be investing in business intelligence applications, while 20 percent said they will be purchasing transportation management systems.