Would you say that the secret sauce for success for a retail business is inventory control? If you’re suppressing a yawn over that idea, take a lesson from two of the bigger supply chains that failed to deliver the goods. The question is, why?  In 2011, the Star Tribune reported that Best...

How vulnerable is your retail business to shoplifting? Even though “crime does not pay,” apparently that truism isn’t enough of a warning to deter the daring person determined to steal from a store.  According to the National Retail Federation (NRF), theft was the leading cause...

Can you imagine sending a command through your cell phone to control the thermostat in your house so that the environment is just right by the time you get home from work? How about instead of driving yourself home you can tell your car to do it for you?  Such a world seems the stuff of science...

If you are a shop owner and have been slow to embrace the innovative technology tools now available for managing inventory, you need to face up to what’s holding you back.  If you’re holding on to a traditional browsing atmosphere for shoppers who wander into your store, that’s...

It doesn’t matter what you sell. You must pay attention to your inventory, and that includes the stuff that sits in reserve. For example, if it’s outdated merchandise that no one will ever buy and is just sitting on shelves collecting dust, that stuff represents a loss and needs to go. Old...

Making a profit is all about making the sale. Of course, that’s what you want – a profitable sales strategy. When you have a good handle on inventory flow, you’re ahead of the game because, in today’s marketplace, where business is competing for attention on the internet and...

It was Bill Gates who said, “The internet is becoming the town square for the global village of tomorrow.” Well, “tomorrow” is now. Today’s tech tools have changed how we shop. We can browse in a store, or browse online. We can order stuff with our cell phones. We can even...

Summer is the perfect time for retailers to clear out old inventory to make room for new merchandise in time for the Christmas season.  But how can you best determine what items in inventory should be marked down now so that summer shoppers looking for bargains will come to your retail business...

There’s a phenomenon catching on in a big way this summer. Perhaps you’ve noticed it. People of all ages, from kids on up, roaming around in odd places, with smartphones outstretched in front of them in search of a virtual character named Pokémon.  It’s a digital game called...

Moving out inventory quickly and efficiently is good for business. But, there is a fine balance to that. “Sorry, this item is temporarily out of stock” is never a good message. You don’t want to disappoint potential customers. The risk for a bad review on social media is far too great...

As with anything else in business, there’s a right way and a wrong way to manage inventory. By planning ahead and establishing a solid foundation of best practices, you can better position your warehouse and your organization as a whole for ongoing success. If you could use a little guidance in...

Did you know that 40% of the entire world population has shopped online at one point or another? That staggering number is evidence that eCommerce is one of the most lucrative business initiatives the world over. Of course, landing these customers for your own benefit is only half the battle. Retaining...

How your company manages its inventory can tell a lot about the overall success of the firm as a whole. If your inventory team is on top of their game, using the right tools and implementing effective strategies, your business will flourish. If there’s inconsistency, over or under stock situations...

There are a great number of factors that go into the cost of managing inventory, not the least of which is supplier lead time. Long delays can lead to incurred losses for your business, including a dip in customer satisfaction that could impact your bottom line. To increase the likelihood of your products...

Counting inventory is one of the least-liked activities for most warehouse professionals, but, alas, it’s par for the course. The good news is there are some things you can do to help make the entire process less overwhelming, more efficient and therefore quicker to complete. You can also...