Worldwide, the cost of inventory distortion including shrinkage, stockouts, and overstock is estimated to be $1.1 trillion. Why Is Effective Inventory Management Important for Jewelry Brands?Ī poor inventory management system doesn’t only lead to fulfillment delays that impact customer experience, but also to wastage and high business costs. Deadstock forces companies to sell products at clearance prices or to dispose of inventory altogether. It is never desirable for stock to outnumber sales, as it indicates a negative rate of return. Conversely, a large amount of stagnant inventory costs money. Stock turnover is a measure of success, as inventory that sells translates to revenue. As for purchase lists, they are influenced by trends that highlight what customers are looking for. Stock management isn’t limited to finished products, as it also takes raw materials into account. With robust jewelry inventory management, brands can determine what to stock and how much of it to keep surplus and shortages in check.
It covers ordering, manufacturing, stocking, and selling inventory, which should all work cohesively to run a thriving business. Inventory management ensures brands and retailers can supply products at sufficient levels and at the right prices. If you’re a jewelry brand, you can refer to this guide to scale your business and make the most out of data-backed insights. In this blog, we discuss everything there is to know about agile inventory management, covering tips, technology, and benefits.
From ample supplies and minimal deadstock to effective warehousing and order fulfillment, these processes impact business efficiency, costs, and buying journeys. Robust inventory management can dictate the success of online brands and retailers.
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