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What is an inventory turnover rate? Simply put, it’s the number of times inventory is sold or used in a period of time. Also known as the cost of goods sold or net sales divided by the average inventory. Although a high inventory turnover rate signals strong sales, it can also indicate an ineffective inventory purchasing plan. And, since a low turnover rate implies fewer sales, excess inventory is right around the corner. High inventory levels are not ideal, since inventory usually has a return rate of zero, and it can open up your company to financial concerns if prices start to fall. You can learn how to monitor...

Your customer was shipped the wrong item once again and you are at your wits’ end. The hassle, time and money it takes to handle this could and should be avoided. Here’s how. Improving the Pick, Pack and Ship Stages Utilizing barcode scanning is the most efficient way to pick and pack your orders. Using a barcode scanner not only saves time, but ensures complete accuracy and efficiency. Not to mention that barcode data entry has an error rate of about 1 in 3 million. Automatic Shipping Calculations Tailor your company’s shipping policies to your specific market. Create your own customer shipping charge schedules...

The last thing you want to do is disappoint a customer by posting an item for sale, when you don’t have the inventory to fulfill it. You need a clear and straightforward way to monitor your inventory levels across all sales channels. First things first. Having a centralized system to manage complex inventory will ensure you are publishing accurate available to sell levels to your sales channels. "93% of retailers rated system-wide inventory visibility as the most significant capability in executing their omni-channel fulfillment strategy, yet only 45% can enable it." -Retail Times With up-to-the minute status reports, you should be able to easily select...

Your customers are everywhere, and with your experience in omnichannel selling, this is not exactly news. But, what you may not know is how this little morsel of information can send your business into a frenzy if you are not properly equipped. Creating an omnichannel experience for your customer requires a bit more than just giving them multiple channel options. When not managed properly, adding sales channels can create bottlenecks and cause for customer concern in your processes. “Consumers value speed, simplicity, quick responses to questions and reliable delivery, rather than worrying about whether they shop online or in-store.” - Economist Insights To...

Customer loyalty greatly relies on how effective your order management system is. Responding quickly to your customers is a given, but what else can you deliver? An effective and streamlined OMS plays a pivotal role in your sales and delivery operation and gives you the upper-hand in customer service. “95% of leaders say providing a good customer experience is the top priority, but only 37% have the budget and means to implement ways to improve the experience.” - Forrester Research Study Discovering the ins and outs of how your solution can truly benefit you is the next step to success. The back-end order fulfillment processes...