The Right Inventory at the Right Time
Inventory management can be a nightmare when you don't use utilize your data.
An e-commerce business was growing fast, they specialized in speedy delivery of made-to-order gift boxes that were customized with a wide variety of specialty items. These gift boxes are carefully arranged and packaged with a handwritten note.
This growing business was able to keep up with demand, but they were having trouble with Inventory Management and lost opportunities due to insufficient stock. The Company wanted to tap directly into its e-commerce backend and create an automated reordering system. The resulting efficiencies would help scale sales volume by optimizing the fulfillment and result in a better customer service experience.
Excessive inventory creates unnecessary carrying costs, while under-ordering results in lost revenue. Before working with Nexus, the Client visually took inventory by walking through the warehouse and placing orders for products that were perceived as a low quantity on the shelf.
The Solution + Results
Many e-commerce tools do not have the proper reporting to manage inventory levels. Nexus plugged into Woo Commerce API with EZ Analytics Software to extract sales and inventory data on a nightly basis. The system generated advanced reporting that calculates a statistical burn rate combined with current inventory levels to determine the items’ highest priority for reorder. The automation provides the Client with an ongoing understanding of various product demands. The Company can now balance inventory with demand to minimize carrying costs while maximizing sales of complementary products.