One of the most challenging obstacles to operating a business within the wholesale market revolves around inventory management. Inventory management is critical to any modern business, ensuring that supply can always meet demand without overordering stock. At the same time, informing companies when they need stock is vital.
This is a fine balance to strike, but many companies that invest in inventory management systems can make life harder than it has to be. Popular inventory management platforms like Cin7 Core can rapidly improve wholesalers’ inventory control. However, if your wholesale business invests in Cin7 Core inventory management systems, how can they be used to best effect?
Keep the following ideas in mind to help you feel more confident that you can make the most of this system in your wholesale business.
Best practices for wholesalers using Cin7 Core inventory
Make the most of ABC analysis
A vital best practice in wholesaling is to use ABC analysis. This means you break your products into three categories: best-sellers, valuable, and low-priority. ABC stock organisation means you do not have to worry so much if your C stock begins to run down, as there is less demand for that. A stock, though, should be the priority to have that re-stocked as long as demand is there.
Cin7 Core makes it easy to organise stock this way and then follow the figures to determine where your business should be making its most significant investments. Organising stock within your Cin7 Core management system in this way means you can use its automated reminders and stock management tools to keep stock levels in line with the demand that your data shows.
Utilise Cin7 Core WMS
As a wholesaler, your business likely works out from a warehouse. Well, you should be looking to use the Cin7 Core Warehouse Management System (WMS) to your advantage. This is aimed specifically at wholesalers, who can use tools like wireless barcode scanning to help make it much easier to count stock, pick stock, and organise accurate deliveries.
Many wholesalers using Cin7 Core do not even look at the WMS platform. It is, though, one of the best features of Cin7 Core for wholesalers. We recommend investing as much time and effort as possible into understanding this tool, as it could be extremely useful.
Do not ignore analytics
The analytics built into Cin7 Core Inventory are outstanding. They make it much easier for you to understand demand for your products simply by evaluating the incoming sales data. This means your business can get a leg-up on ensuring all decisions are empowered using analytics. These analytics will play a significant role in ensuring you do not over or underbuy stock.
These analytical aids will surely give you all the help and assistance you need to make the right calls on stock. At the same time, they can point you in the right direction for logistical improvements. Use the ability to create bespoke reports within Cin7 Core and follow what the data tells you. If you know something could be improved, Cin7 Core should make it easier to determine.
Invest in the B2B E-commerce portal
A vital extra service you can invest in when using Cin7 Core inventory management is the eCommerce portal they offer. This additional service is part of the extra add-on services you can use. For a wholesaler, though, this makes online business-to-business sales much simpler than ever before. Now, customers can browse an online catalogue of everything your Cin7 Core dataset includes.
This allows for 24/7 access to your products without partners having to contact your sales team. They can then either place the order online using the B2B eCommerce Portal or discuss their needs with a member of your staff. Either way, this gives more tech-savvy partners, new and old, an easier way to browse stock, get quotes on pricing, and even make orders without making a call.
Having more ways to take orders and fulfil your business’s potential can only be good. Something as simple as this eCommerce Portal add-on can simplify your digital sales and expand potential profits.
Integrate your current solutions
If your wholesale business sells online via Etsy, WooCommerce, and eCommerce platforms like Amazon, eBay, and Shopify, you can integrate everything with Cin7 Core. This is very easy to use and to do, meaning that you link all of your platforms together. This will save you a lot of time inputting key data to ensure that Cin7 Core can give your business the leg-up it needs.
In addition, it integrates with B2B solutions such as Handshake or Pepperi. This allows for easy integration with the channels you are already using to close sales.
Make the most of financial detailing
One major benefit of using Cin7 Core is that it comes with some of the best financial record-keeping in the inventory management industry. This makes it much easier to stay on top of your financial records, alleviates issues with cash flow and spots where money is being wasted, and makes your year-end accounts a much easier prospect than before.
With everything brought under one banner, though, Cin7 Core allows for much simpler financial record-keeping. The financial management and money management tools in Cin7 Core ensure you can get a much better idea of where your company’s income and expenditures are coming from and going.
Looking to implement Cin7 Core inventory management?
Wholesalers using Cin7 Core Inventory are investing in a powerful system that can help meet your long-term goals and ambitions. However, as you undoubtedly know, implementing every advanced feature specific to your industry is difficult. This requires time to adapt to Cin7 Core inventory management – time that you might not have. With that being the case, contact BlueHub.
We can help with the implementation and mastering of Cin7 Core inventory management. This will be used to help make sure that you do not have to feel limited or hobbled by the potential Cin7 Core offers. Contact us today to discuss your needs, and we can ensure that your wholesale business utilises Cin7 Core Inventory management to the best of its potential.
In addition to the practical tips above, you should find it much easier to manage inventory and keep your business partners happy.
