I am working as one of the leading imitation jewellery wholesalers for many decades. However, this journey was full of ups and downs. Every failure was a lesson without which I would not have been where I am today. It is true that in the initial business phase, every challenge looks like a big mountain that has to be crossed to find a way out. One important part of my jewellery business was inventory management. In the normal course, I used to acquire fashion necklaces wholesale and other accessories from the manufacturer. This was then produced by retail store owners. During this whole process, it was necessary for me to keep track of inventory.
Earlier it was challenging to differentiate between the most sought after and least preferred jewellery items. Though with time, I learnt and mastered certain tricks in inventory management. The first thing I did was set up an inventory tracking system in place. The Excel basics I had learnt school turned fruitful for my business. I started by preparing a spreadsheet and listing down each inventory by its date of arrival and date of dispatch. Against each item, I also specified the quantity bought and in stock on a weekly basis.
Also, every time I prepared a customer invoice, I made sure to deduct the shipped quantity from the business spreadsheet. In addition to this, I adopted a practice to update the items shipped by manufacturers in the same inventory system at the time of unloading the shipment. In case a new item arrives, I assigned it a new name under the Product column.
As my business started progressing, I carried out a manual counting of existing inventory to verify that there is no discrepancy between the jewellery in stock and recorded in the inventory system. I did that on a bi-weekly basis.
One mistake that I usually committed was not taking into consideration the returned pieces such as fashion necklaces wholesale and others that my retailer patrons delivered me occasionally. This caused a hinder in monitoring the inventory. However, later I rectified my mistake and included the returned stock in the inventory management system.
Moreover, it is never a bad idea to set reorder alerts. The main purpose behind it is timely fulfilment of requirements of retail business. Here’s a simple trick to do that. Put a ‘minimum order’ column in place. The moment a particular item hits it, know that you are running short of it. So, place a reorder as soon as possible.
Do you have better ways of inventory management? Tell us in the comments below. Hope you found this blog useful. In case of any assistance or query, connect with our wholesale experts. We have immense experience in the jewellery world. So, feel free to get in touch.
More info: Eindiawholesale
Also, every time I prepared a customer invoice, I made sure to deduct the shipped quantity from the business spreadsheet. In addition to this, I adopted a practice to update the items shipped by manufacturers in the same inventory system at the time of unloading the shipment. In case a new item arrives, I assigned it a new name under the Product column.
As my business started progressing, I carried out a manual counting of existing inventory to verify that there is no discrepancy between the jewellery in stock and recorded in the inventory system. I did that on a bi-weekly basis.
One mistake that I usually committed was not taking into consideration the returned pieces such as fashion necklaces wholesale and others that my retailer patrons delivered me occasionally. This caused a hinder in monitoring the inventory. However, later I rectified my mistake and included the returned stock in the inventory management system.Moreover, it is never a bad idea to set reorder alerts. The main purpose behind it is timely fulfilment of requirements of retail business. Here’s a simple trick to do that. Put a ‘minimum order’ column in place. The moment a particular item hits it, know that you are running short of it. So, place a reorder as soon as possible.
Do you have better ways of inventory management? Tell us in the comments below. Hope you found this blog useful. In case of any assistance or query, connect with our wholesale experts. We have immense experience in the jewellery world. So, feel free to get in touch.
More info: Eindiawholesale
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