DECEMBER 13, 2018
The holiday season is probably the happiest time of the year for retailers and shoppers. According to the National Retail Foundation, sales in the months of November and December can account for as much as 30 percent of a retailer’s annual sales.
Inventory management during this time is buzzing with activity and can easily spiral out of control. How can you manage all your storage and inventory needs goals, while staying on top of things during this busy season?
Efficient inventory management can make all the difference to your business’s margins. Here are some smart inventory management tips for this holiday season!
Five tips for better inventory management
1. Forecast accurately. This is not an easy task, but doing your homework can get you closer to your goals. Determining your demand and sales forecast will help you stock the right inventory during peak periods. Look at the right forecast factors like:
2. Timely audits. Taking stock before holiday season can help prevent lots of hiccups. Do a physical inventory check to make sure your digital records align with your actual stock? Cycle counting is also a great option to implement before the holiday season to count products on a rotational schedule, instead of all at once.
3. Ensure you have a Plan B. Be prepared. Lack of preparation for demand during holiday season is one of the worst thing you could do to your business. Create a backup plan for training employees to handle difficult situations, possible errors, or random, unexpected issues. For example, if
4. Use more than one vendor. As a rule of thumb, 20 percent of your products generate 80 percent of the demand . So, it’s a smart move to have more than one vendor supplying these products. This prevents out-of-stock situations. Just store your surplus inventory in holiday storage options until it’s time to set up shop.
5. Holiday storage options. Prepare for surplus stock with an effective inventory management system. Shipping containers are an excellent options for surplus holiday storage for your business.
Get high-quality storage containers for rent or sale from Mobile Modular Portable Storage this holiday season. We offer great deals on new shipping containers for purchase and a unique 30-day rental plan. With it, you save an extra two days on rent. Our dedicated delivery team has its own trucks and trailers to make sure your container reaches you when you need it. Request a quote today.
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