Every wholesale business needs efficient inventory management for its sustainability. If you are a wholesaler of electronics, you already know that dealing with various electronic items can be frustrating. Here, we have gathered some information that can help you optimize your inventory management. So, without any further ado, let’s just get into it.
Why is inventory management essential for electronics wholesale business?
In 2019, the electronics industry was worth $301 billion in the US. This shows just how profitable this business really is. But achieving success is only possible when your inventory is well-organized.
There will be some occasions where you will feel the need for more control. Like around Black Friday and Christmas, electronics sales increase immensely. You can easily handle these busy seasons if your inventory is well-managed and optimize.
Tools and tips to optimize wholesale electronics business
Implement the following tools and tips to optimize your inventory management:
1.Use real-time data solution/ inventory management software
First , you need a real-time data solution to manage your inventory. More specifically, you need an inventory management software (IMS) to get real-time data for your inventory-related tasks. You can efficiently track your stock with the help of an IMS.
We suggest getting the SeeBiz Inventory. This IMS comes with many features to keep your inventory at its most optimal working condition. Some of the best features of SeeBiz Inventory include:
Keeping a record of your sales and purchase flow.
Tracking each item in your warehouse, from order confirmation to packaging, shipment, and delivery.
Labeling and assigning a unique identification code to all your products.
Assigning locations to your electronic products. You will instantly know about the location of your required electronic items.
Adding, importing, and exporting all your business contacts. You can easily communicate with your business contacts within the inventory. Plus, you can add your contacts to the preferred list or blacklist, depending on their business history.
Generating regular reports on your daily business tasks.
SeeBiz Inventory allows you to freely use all of their premium features for three months. You will have the freedom to try out all the features before deciding to purchase this business tool.
2. Use multiple automation solutions
You can optimize your inventory to its maximum potential by getting help from multiple automation tools. Luckily, inventory management is highly customizable and can integrate various business tools. By using automation tools for your inventory, you can:
Get real-time insights and feedbacks about your inventory.
Be informed about your competitors, which will help you make better business decisions.
You can get automation solutions for many inventory-related tasks like:
ABC analysis (Pareto analysis)
Replenishment and purchase orders
3.Keep a contingency plan
A contingency plan is not required when your forecast is 100 percent accurate. However, it is hard to predict accurate sales figures . That is why having a contingency plan is always better.
It would help if you had a backup plan in case of excessive stock. You need to decide:
What will you do with excess stock?
How will you increase sales for such items?
How long can you hold on to excessive stock?
If you have a contingency plan, you can relax about your inventory’s optimum efficiency even at times of difficulties.
4.Audit the stock
Audit your stock regularly to ensure that your stock matches the data in your inventory management software. This will also let you know about damaged and faulty stock.
Many wholesalers conduct annual surveys to get audit reports. To optimize the functionality of your inventory, we suggest auditing your stock every month. This way, you will stay informed about the quantity of your stock.
5. Get accurate forecasts
If you want to optimize your inventory efficiency, you must have a nearly accurate forecast. You should be able to predict actual sales and purchases.
Nobody wants to deal with excessive stock as it will increase their operating costs. You would not want to deal with out-of-stock problem as well because it will disappoint your customers. That is where an accurate forecast is essential to avoid such bumps.
We recommend studying market trends and sales history to get an accurate forecast about your sales.
Inventory management is the key to achieve success in any business. If you focus on optimizing and automating your inventory management, you can efficiently maintain a well-organized inventory. We hope that the tools and tips mentioned above will help you manage your inventory. Remember, you can grow your wholesale electronics business when your inventory management is satisfactory.