Six Ways Retailers Can Better Manage Inventory Today

Tips that Move Product and Keep Customers Satisfied

As a retailer you know that there is an art to asset management. An inventory strategy should always be focused on keeping your costs low, with the right SKU allotment, easy access to more product should you need it, and an ultimate objective of customer satisfaction. ITS Logistics wants to help retailers perfect that art, with six easy tips that will increase move product and improve customer relations.

As a third party logistics (3PL) provider, Kasia Wenker of outdoor and cycling industry specialist ITS Logistics often stresses that quality is more important than quantity. Having a multitude of products on the floor doesn't mean that there will be a multitude of sales. Products and services that are tailored to your customers' needs will result in more DPT than sheer number of product.

Here are 6 easy things retailers can do, today, to meet those objectives:

• Inventory control. The general 80/20 rule means you need to stay on top of what's selling to best manage inventory.
o Measure your inventory against the units you sell
o Figure out how much stock you have in terms of weeks of sales
o On-site stock for slow moving products should be reduced to a minimum. It is taking up valuable space and tying down your cash.
o Keep inventory on hand only for high movers
o (3PL advantage): Real time inventory management is key, which is where a 3PL increases efficiency, allowing you to manage inventory from a remote location. This technology also allows a 3PL to analyze order data, manage assets and provide guidance to retailers about high and slow movers.

• Measure.
o Develop a way to forecast inventory, and measure the accuracy of the forecast
o Determine how much stock is on hand, and how much has sold in the past week
o Measure success, and change estimates accordingly
o Shorter the time increments are better – weekly or monthly stock assessments – to react quickly, better serving customers needs
o (3PL advantage): A 3PL keeps retailers up to date with stagnant inventory so you know when to cash it out
• Relationships.
o Develop relationships with suppliers to work together for mutual gains. This can include the oversight of supplies of high movers to avoid out of stocks, and/or working together against manufacturing errors, so you don't get caught holding the wrong product.
o Discuss consumer trends
o Give incentives based upon performance metrics, such as shipment speed.
o Track accuracy of orders. Service should be perfect and fast for out of stock products or slow movers.
o Ensure needs and expectations are understood,
o Understand suppliers' capabilities so you can leverage them.
o Agree upon a standard timeframe for shipments, and
o Demand a high accuracy rate.
o (3PL Advantage): Let a 3PL focus on their core competency-–fulfilling your shipment quickly and accurately at a low-cost rate—freeing up your time, so you can focus on what you do best.
• Liquidate.
o If you have slow movers that are taking up cash and space, you need to reinvest
o Create a budget plan for markdowns, and a plan for execution
•sell at reduced cost
o Same applies to returns: if you can't resell them at full price, move them
o Work with customers who make returns, to find out why they aren't satisfied and what you can do to prevent it in the future
o(3PL Advantage): A 3PL can handle returns and liquidations, so retailers don't have to add more to their plate
• Location.
oPlace inventory closer to your customers
oSelect a location that offers optimum service to your customers so that their shipments are expedited and low cost
oThis will help you process returns faster too
o(3PL Advantage): 3PLs often have warehouses all over the country, and should be able to offer a convenient location, or find one for you.
• Supply Chain Visibility.
oKeep track of product availability, so you're not caught off guard when supply runs low
oPrevent backorders and customer dissatisfaction by talking to suppliers far in advance if you have forecasted needs
o(3PL Advantage): 3PLs can alert you when supply is running low, and expedite the process of getting new product to the store.

ITS Logistics:
Online Press Release:

About ITS Logistics:
Based in Reno, NV, ITS Logistics is a warehousing, distribution and fulfillment company that helps companies distribute goods nationally and globally with superior performance. Please visit for more information or a free consultation.


Cashing Out at the End of the Season Tips on How to Move Inventory

When the end of a season rolls around, think outside of the box. Time and energy invested in selling last season's stock is a waste of valuable resources, so come up with creative ways to get it out of your hands, and off your shelves. No one wants to have leftovers at the end of more

Talk Logistics at Outdoor Retailer Summer Market

Whether you're a manufacturer or a retailer heading to ORSM, if you have any logistics questions, be sure to make some time to sit down with logistics expert Kasia Wenker. As the outdoor sports specialist at ITS Logistics, a third party logistics (3PL) company specializing in the more

Photo credit: / Halfpoint

10 ways you can boost holiday sales starting today

The holiday season is well underway, but it’s not too late to come up with a plan to get people in your shop and spending money with you instead of a big box store or a website. You have great customer service and can provide much more attention than a website. Put that human more

Tips on How Your Business Can Also “Go Green”

Green logistics has become a central concern for a large number of supply chain professionals, but for the small- to mid-size manufacturer who may not know where to start, ITS Logistics offers a few tips to help reduce your carbon footprint. • Do you optimize your recycling? To more

The Logistics of Trade Shows

Trade shows are an integral part of a manufacturer's marketing strategy and new product introduction, but the behind-the-scenes operations can be stressful and complex. •Next season's or next year's inventory must be available for show, which often requires expedition from more

Get Insider Knowledge of 3PL Solutions at Interbike

You understand the concept of logistics, and you know it can make or break your company, but maybe you don't know how to grease the wheel. Logistics expert Kasia Wenker can answer those questions at Interbike, for free. Whether you're a manufacturer or a retailer heading to more


Can today’s outdoor start-ups get by without retailers?

As a new generation of consumers and technology emerges, a growing number of burgeoning outdoor brands are choosing to skip the middleman — retailers — and go 100-percent direct-to-consumer. Heritage brands Eddie Bauer and L.L. Bean have long opted for direct-to-consumer selling more

OIA Tech Panel; Dealers, Reps and Manufacturers Can Sell Better Togeth

Outdoor Retailer Seminar to Explore the Sales Experience in the Digital AgeSalt Lake City, UT – On August 5th, during the upcoming Outdoor Retailer Summer Market, the Outdoor Industry Association will host a unique panel comprised of Dealers, Manufacturers and Sales Reps to more

Untitled design

How retailers are managing inventory challenges during the pandemic

"If there's any pattern to all this, it's to expect delays. Which categories, brands, or products—that's anybody's guess. It's best to just assume everything will be delayed and end up pleasantly surprised if it's not." That's Eastside Sports owner Todd Vogel's take on the state more