Category: inventory Management
Users who have been managing thousands of products using CyberStockroom probably noticed something huge over the past couple of weeks. Usually searching through a large number of products can be slow and sluggish. It’s often hard to find the exact products you’re looking for and very large inventories can slow down the software’s performance.
These are now problems of the past. Over the holidays, we rolled out an important update that allows our users to easily manage and search through MILLIONS of products without any performance decrease.
How did we manage to do this? It all has to do with the API that we will be releasing in the next few months. We built our API to be so fast and efficient that we decided to use it to run part of our website. The change in performance was dramatic and we decided to run most of the intensive inventory functions through the API as well.
Today I am proud to announce a tool that will be of tremendous help to small business owners everywhere:
1 min Explainer Video
For years, at CyberStockroom, we’ve known that inventory management is a pain in the neck. So much so that we’ve often given people who have to count inventory the chance to vent.
But since we can’t do away without inventory management, we’ve developed the next best thing! By creating a map of your business, CyberStockroom empowers you to manipulate your inventory products in ways that have never been possible before.
You can now transfer products between locations just by dragging and dropping directly from the map. You can also see the products in any of the locations and navigate quickly from place to place.
The best part is that the map is fully customizable! Each business is unique and it’s up to you to build your map to reflect that.
I’m very excited to see the New CyberStockroom in action with our clients old and new and to hear your comments and suggestions about how we can continue to serve the small business community for years to come.
Oftentimes, small business owners tend to focus on generating revenue, hard-to-please customers, personnel issues and raising financing. Unfortunately, many overlook one of the most important aspects of keeping a small business organized: inventory management. Your inventory strategy directly affects your business’ profit margin. When you have inventory that’s not being sold, your profit margin decreases, and vice versa. Using an inventory management system can help you keep track and adjust your strategies accordingly.
Why do I need Inventory Management?
Out of stock items lead to loss of sales and revenue
If an item is out of stock, you may not realize it if you’re not keeping track of your inventory with system that allows you to update your product information as you make sales. Waiting until after a purchase to notify a customer that his or her item of interest is out of stock is not a good business practice, and it often leads to unhappy customers who will be unwilling to return to your business in the future.
Overstocked items lead to wasted money
In order to run a successful business, one must learn how to order merchandise according to demand. If you are housing an excessive amount of a product that isn’t selling, you’re wasting storage space as well as money.
Identify issues before they become insurmountable
If it takes you months to recognize that there is a problem with your inventory, what may have been a small problem in the beginning has likely snowballed into a much larger issue. This means that your company may lose a substantial amount of money due to mistakes that may have been preventable if caught in a timely manner. For example, if one of your employees makes a mistake on a sales order, it is very important that you find out sooner rather than later.
If you’ve been in business for very long, you’ve likely already received calls from customers complaining that they received the wrong product or the wrong amount of a certain product. It happens to the best of us, but if you are tracking your inventory, this mistake will be much simpler to fix. Accurate and timely communication with customers is of great importance in any successful business. Happy customers lead to increased sales, and increased sales lead to increased revenue.
No matter how trustworthy you believe your employees to be, they will be much less likely to try anything sneaky when times get tough if they know that you are keeping a close watch on your merchandise. If you leave room for error, you leave room for theft.
When searching for an inventory management system that fits your business’ needs, be sure to pay close attention to the areas of most importance, which include: SKU recognition services, purchase orders, user friendly importing features, online POS services, visualization, customization abilities and website integration. Check out www.cyberstockroom.com to learn more about an inventory management system that includes these features and more!
Introducing CyberStockrooom Insights! We’re very happy to offer this one-of-a-kind productivity upgrade to help you and your business thrive. Watch the video below and see how you can better get an in-depth view of your inventory, sales and business!
Every small business owner knows how easy it is to lose sight of the big picture. Sometimes the day-to-day tasks that are necessary to keep our business afloat overwhelm us and we find ourselves working hard on the details and not questioning the overall effectiveness of our strategy. In these situations, instead of pushing ahead relentlessly, it is sometimes better to take a step back and reconsider our actions.
For store owners, it may be time to take a hard look at inventory. It’s easy to assume that we know all about our inventory, about which products sell the best and which are money-wasters. But these ‘gut feelings’ can often be misleading, especially since the selling power of our merchandise can change over time without us noticing. What we need is inventory management software.
Using software to manage our inventory is the best way to keep accurate records of what’s in our inventory, how our products are selling, how much it costs us to sell them and which products we should get rid of.
Small business owners are often hesitant about inventory software because we assume that it will be bulky and expensive and will require a complicated installation before we can ‘go live’. At Cyber Stockroom, we fully agree and have developed a lightweight web-based software service that allows you to easily ‘go live’ in minutes! We’ve made it Free to Try so you can see the benefits for yourself. So try it out and let us know what you think. We want to hear your feedback!
You’ve overstocked again! It’s not your fault, though – it’s probably the most common inventory mistake that businesses make. You care about your clients and you don’t want them to be deprived of your products, but the cost can often be very heavy. So what do you do?
Drop the price – This is probably the first thing that people try. This will work for a lot of moderately priced items and is at least worth a shot
Bundle up – A lot of people are irresistibly drawn to packages that contain multiple valuable products – it just seems to trigger our hoarding instincts from our hunter-gatherer days. You have to be careful with this one though, collections of low-value items may offend your customers’ finer sensibilities
Commission – If you have enough employees and you sell items that have relatively high value, you should consider offering your salespeople a large commission for selling hard-to-sell items. It’s up to you how much you want to give up but if you know that the product isn’t about to be picked off the shelf anytime soon, it doesn’t cost you anything to be generous. Your employees will also thank you!
Sell Online – You definitely don’t want to spend your time trying to sell individual products online – you have better things to do! Instead you should be selling your excess inventory as a lot. You can start here: Liquidation, Dead Inventory Store, Sell my Inventory and of course E-bay (Look for the ‘Wholesale Lot’ features)
Give it up – You’ve tried everything and nothing works, but before you take the trash out consider donating your dead stock to a non-profit organization. In addition to being a gesture of good will from your business to the community, you will also be able to salvage some of your costs in tax credits
Of course the best way to avoid getting yourself into this hole in the first place is to watch your inventory very carefully. If you don’t use inventory management software, Start Now!
Your inventory purchases are a sunk cost. The more you hold on to your stock, the more its value decreases. It takes up real estate in your store and just sits there glaring at you with its uselessness and eating up carrying costs. However, with a little careful planning you can salvage a good chunk of your dead stock. Good Luck!
We want to hear from you! Let us know which tips work for you and share your experience with us.