Genie

At Genie, we’ve worked with hundreds of brands at various stages of their inventory management process. One of the most critical stages where brands often make mistakes is choosing the right 3PL for their business. We’ve put together a guide to help Shopify brands understand what they should consider before choosing or switching to a new 3PL. If you could use this guide, comment “3PL” below and we’ll send it to you. Here’s what’s included in the Guide: Services Breakdown ⚙️ What to Look For 👀 Price Considerations 💰 Directory of 3PLs 📦 And Much More

If any of these apply to you it’s a sign you are in need of an inventory management platform: - Major stockouts of best-selling products - Surplus of inventory - Inability to predict demand - Delayed inventory data - Scattered and disorganized spreadsheets - Poor inventory reporting

Understanding which of your products are most valuable is as easy as ABC… Let’s dive into Inventory Grading: the process of organizing stock according to factors including demand variability, value, criticality, consumption rate, availability, and lead time. 🟩Grade A: Are the products that generate the most revenue for your business. Stocking out of these products would be a major mistake and could heavily impact revenue growth. 🟨Grade B: Are the products you should keep a close eye on to be able to identify whether they will end up making or costing your brand money. 🟥Grade C: Are the products that are generating the least amount of revenue. Don’t be quick to discontinue these items; take time to understand why their grade is low and see if there is something you can fix before pulling the plug on them. Next time you are considering discounting or placing a new purchase order for a product line or SKU, you should analyze their inventory grade. You can easily figure out which are your winning products with Genie within minutes of installing.

The reasons why ecommerce brands run out of stock are simple: - Inaccurate Demand Forecasting 📊 - Supplier Issues 📦 - Seasonal Demand Fluctuations 📆 - Poor Inventory Management 📋 - Unexpected Sales Spikes 📈 - Production Capacity Constraints 🏷️ The effects of stockouts are more complicated and can have a larger impact on your ability to grow your business: - Lost Sales and Revenue💰 - Customer Churn 😡 - Reduced Customer Loyalty 🤝 - Operational Inefficiencies and Costs 💵 Not many growing brands can afford to make a mistake like this, but we see it often. The simplest solution for stockouts starts with a good inventory management process. Learn more here: https://lnkd.in/gAbm9RPH