The Tell-Tale Signs Your Brand Should Start Investing In Inventory Management

In the fast-paced world of ecommerce, staying ahead of the game is crucial for success. However, many brands overlook the importance of setting up robust inventory management tools until they start facing costly issues. If you're serious about growing your brand and taking it to the next level, having control over your inventory is non-negotiable.

Most brands invest a significant chunk of their working capital—approximately 60%—into the cost of goods sold (COGS). With such a substantial investment on the line, it's imperative to ensure efficient inventory management from the get-go.

Here are some telltale signs that it's time for you and your company to delve into inventory management tools:

1. Stockouts of Best-Selling Products: Nothing frustrates customers more than seeing their favorite products out of stock. If you're frequently running out of your top sellers, it's a clear indicator that your inventory management needs an overhaul.
2. Surplus Inventory That Isn't Moving: On the flip side, having excess stock sitting on your shelves ties up valuable resources and can lead to financial losses. If you're struggling to move certain items, it's time to reassess your inventory strategy.
3. Inability to Predict or Plan for Demand: Predicting consumer demand is both an art and a science. If you find yourself constantly caught off guard by fluctuations in demand, it's a sign that you need better forecasting tools.
4. Major Delays in Inventory Data: In today's fast-paced business environment real-time data is king. If you're experiencing delays in accessing crucial inventory information, it can hinder your decision-making process and lead to missed opportunities.
5. Scattered and Disconnected Spreadsheets: Relying on manual spreadsheets to manage inventory is a recipe for disaster. Not only is it time-consuming and error-prone, but it also makes it difficult to maintain accurate records across multiple platforms.
6. Poor or No Inventory Reporting Process: Without proper reporting mechanisms it can be difficult to gain insights into your inventory performance and make informed decisions for the future.

If any of these scenarios resonate with you, don't panic. Getting started with inventory management doesn't have to be a daunting task. Thanks to advancements in technology, solutions like Genie make it easier than ever to streamline your inventory management processes.

With Genie, you can set up inventory management in a matter of minutes, rather than days or weeks. Our goal is to empower Shopify brands to track, analyze, order, and plan inventory more effectively, allowing you to focus on what matters most—growing your business.

Investing in proper inventory management tools is a smart move for any ecommerce brand looking to thrive in today's competitive landscape. By taking control of your inventory, you can minimize stockouts, reduce excess inventory, and make more informed decisions to drive growth and profitability. So why wait? Start mastering your inventory today with Genie.