Wholesalers: Move More Inventory
Moving inventory is the name of the game in wholesale. You want to move as much inventory as quickly as possible. That’s how you stay in business. So what do you do to move more inventory in wholesale? Here are some tips to help you sell more product as a wholesaler:
- Manage your inventory in real time – The key to more profits is to get a handle on up-to-the-minute inventory statuses. The more you know about the status of your inventory, the more quickly you can respond to the market and get your stock moving.
- Monitor employee productivity – To stay profitable, and efficient, you need to know how much time your employees are putting into each wholesale activity. Are they spending too much time stocking shelves? Are they spending too much time on each customer? Get a handle on productivity so you can maximize each employee’s every action.
- Automate the invoice process – Manual invoicing is a time-killer. By automating the invoice process, you’ll save yourself bundles of time and a lot of money on activity that is eating your profits.
- Manage your prices better – When you’re on top of your inventory status in real time, you can offer better discounts on bulk and make better pricing decisions. Have too much of one item on hand? Discount and move more if it. You can even figure out how much to discount your products based on how much you have in the warehouse, how much is on the shelves, and how much you have scheduled to arrive at the dock. Manage your prices better to increase your profits.
- Keep your vendors happy – To keep your vendors happy, you need to pay your invoices on time. Manage your invoices well and you’ll well manage your vendors better. That will lead to more product coming in the door and more product flying off the shelves.
The key to wholesale management is to know the status of your inventory so you can make good decisions–buying decisions, price decisions, and more.