Asset Management Firms Royal Oak MI
Managing Inventory Assets for an Online Retailer
You’ve taken the plunge and started your business, selling online. Congratulations!
But you’ve also got to do something with your wares until you sell them. So now, whether you like it or not, you’re also a warehouse.
Or at least you’ve got some inventory that you’ve got to manage. And while it may not be as glamorous as designing your e-commerce engine or doing product procurement, managing your inventory can be just as crucial to the success of your online e-commerce venture.
Here are some principles and practices to consider as you set up a system for managing your inventory:
- Grow into the space you’ll need.
- Don’t just store it; organize it!
- Consider outsourcing.
- Take the “perfect” option.
Grow into the space you’ll need
Whether you start with a tiny shelf in your attic, or a large warehouse, remember that as your business grows, you’ll need more space for your inventory.
“I have a wall full of shelves in the attic above my apartment,” says Ken Weinstein, co-owner of the Numero Group, a Chicago-based compact-disc label that collects and reissues obscure but high-quality music in a variety of genres. “I pay $25 extra rent per month, and our entire catalogue is stored up there. I’ve still got a lot of room left on the shelves for more, though.”
Sam Meyer’s business is different. “We started out as a retail outlet, so my dad decided to buy a building,” says the St. Louis-based co-owner of Fog Hollow.
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