If you want to run a stellar phone accessories business, you need to stay on top of inventory
management. You see, when inventory is not managed well, you cannot forecast your sales
correctly, possibly leading to poor customer satisfaction and cash flow as well as delayed
shipment.
Understocking can lead to shipment snarl-up while overstocking can tie up money that could be
needed elsewhere. Herein, we’ll walk you through 9 tried-and-true inventory management tips to
help you streamline your phone accessories business.
(1) Leverage the Power of the Proven SKU System
Every phone accessory item for sale in your store should have an SKU assigned to it. SKUs will
help you not only monitor stock internally but can also come in handy if you use third-party
logistics companies. Besides, using SKUs facilitates new-channel expansion and allows for
efficient gathering and analysis of data.
(2) Barcode, Barcode, Barcode
If your phone accessories business carries thousands of items, using barcodes can be a huge
lifesaver and timesaver. Just make sure to scan every item as you prepare it for shipment. This
way, your inventory tracking software will capture the update automatically.
(3) Invest in a Robust Inventory Tracking System
An excellent inventory tracking system will make sure that your inventory is 100% up to date,
always scanning outgoing and incoming products. However, it pays to do a little research to pick
software that’s right for your phone accessories business.
(4) Conduct Inventory Audits Frequently
It might seem like a major headache at first, but inventory audits help you zero in on
discrepancies before they become huge stumbling blocks.
(5) Set Min and Max Item Alerts
Your choice of an inventory management software should allow you to set inventory level alerts.
This way, you can stock up early enough to prevent out-of-stocks and snarl-ups.
(6) Bundle Your Products: Upsell and Cross-Sell
Product bundling allows you to cross-sell and upsell products. It’s a fabulous way to not only
move stale items off your shelves but also boost sales across the store.
(7) Rotate Out Inventory
Remember it’s not just food that spoils on the shelves, you need to rotate out phone accessories
before they are no longer trendy.
(8) Do Market Analysis
It’s crucial to stay on top of what hot on the phone accessories space. When new phone models
come out, you should be the first to stock on-trend items.
(9) Think of Inventory as Money You Can’t Spend
If you want to stay ahead of the curve, you need to forecast items that will sell like hotcake.
After all, inventory is money you aren’t able to spend.
For more tidbits on how to ace your phone accessories business, read more posts on our blog,
updated regularly. What’s more — you can browse our vast selection of phone accessories to stay
on top of your inventory management.
