Mastering your inventory management strategy is hugely important for ecommerce retailers. Over 70% of online shoppers would search for an item elsewhere if it was unavailable, rather than wait any length of time for it to come back in stock.
Selling out of a product in your warehouse can be massively harmful to your overall sales especially at this time of the year. But keeping too much inventory on-hand can be a massive drain on cash and resources. Being able to manage inventory effectively and efficiently is massively important to cash flow. It’s also a great way for retailers to save money.
With that in mind, our friends at Veeqo have produced this handy infographic outlining four inventory management stats that every ecommerce retailer should know.
Inventory management is a large and complex subject – but if you’re serious about growing your ecommerce brand, it’s something you need to master. Click here for a complete guide to inventory management.