The Indian apparel retail industry is very competitive. It can be difficult for retailers in the apparel industry to survive let alone be successful. But a sleek and seamless operation is one of the best methods to get an edge over the competition.
Inventory is a key factor that allows smooth operation of your business. By reducing inventory mistakes, streamlining your orders and keeping the right count, you can enhance the profit you make through the apparel industry.
Stock optimization, inventory control and it’s management help apparel retailers to gain even in the complex Indian environment. According to a survey, around 43% of retailers consider precision, control and optimization of stock to be top challenges of the industry.
As a trusted and experienced inventory and supply chain consultancy services in Delhi, VGNC understands the struggles of the industry. Here are some tips from our experts that will help you streamline your inventory.
Regular physical verification and counting of inventory help you to create the exact standing of your inventory facilitating better control and management. Regular stock calculation helps in avoiding spoilage and dead stock. With regular physical counting, the storage cost will reduce as having an accurate knowledge of inventory over the time will help you to optimize your restocking.
Optimize Stock Level
If you want to streamline your inventory process, you need to focus on forecasting. Forecasting helps in optimizing your stock level. This allows you to strike the perfect balance between storing too much or too less for a smooth operation. There are two popular methods to forecast. One method safety stock level and the other is calculating the reorder points. You can also find economic order quantity to forecast.
Note: How to maintain inventory accuracy : Expert tips by VGNC
Organize Your Stock
Organizing inventory is a crucial part of controlling your inventory. It is easier to identify or locate goods in your store or warehouse. If you have a well-organized store, you will be able to find the exact stock level of goods needed which helps in reducing both overstocking and understocking of goods. Organizing your store will also help your workers to work in a better way.
Prioritize Your Inventory Depending on Type
When you organize your stock, you will know goods have higher sales and which is not popular at all. You can use this data to schedule the orders for each good. By setting priorities, you optimize the flow and storage of your stock in your warehouse.
Consult Experts
Even though many starting retail businesses rely on their staff or internal resources for stock optimization and control, it is way more complex than considered. Inventory is one of the core verticals of retail business. And when it comes to apparel industry there might be some critical functions that need your attention. You need help from Inventory and supply chain consultancy services to streamline your inventory to attain optimal benefits.
In the end, you must keep in your mind that you need to analyze your inventory and other functions related to the inventory before you chose controlling and management techniques. The strategies you choose must be in tune with your business objective. An expert can help you identify the exact needs of your business and offer advisory that will maximize your benefits.
Note: Apparel Industry Internal Audit: Technical Guide by VGNC
