Leverage your High Value Inventory Items
Medium Value Inventory Items
Low Value Inventory Items
- Stock A: Represents approximately 20% of the items in your inventory and produces 80% of your annual sales volume.
- Stock B: Represents approximately 30% of the items in your inventory and produces 15% of your annual sales volume.
- C Stock: Represents approximately 5% of the items in your inventory and produces 5% of your annual sales volume.
The ABC ranking model Leverage your is similar to the Pareto principle (also known as the 80/20 principle) in that it determines that 80% of your sales come from only 20% of your inventory. This singapore telegram data type of ranking is useful because it provides you with a clear picture of the most important product SKUs for your business.
Once you know your best-selling product categories? you can organize them into an ABC-like structure to determine what actually generates the most revenue. Always prioritize replenishing your A and B stocks? as they account for the majority of your sales.
3. Leverage your categories and subcategories Leverage your
The main benefit of creating unique product categories in your POS system is that it allows you to quickly identify the categories that resonate most with your customers. With detailed and clear sales reports that give you a breakdown of your sales data by day? week? month? or year? you can see which categories are selling best? allowing you to order inventory that (based on historical sales data) has a high probability of selling.
Remember one thing: your inventory is? first and foremost? a substitute for your money. If you saudi arabia telegram data invest in a product that doesn’t sell? you’re not getting any return on that investment and are essentially wasting your money. The ability to predict inventory with a high Leverage your probability of selling? based on empirical sales data? is an invaluable asset and helps you maximize your inventory ROI.
Sales organization and return on investment are directly linked
It is possible to purchase your inventory based on your personal estimates (a mostly instinctive approach)? but the send your first cart abandonment email as soon as possible afte best way to increase the likelihood of your products being sold at full price is to:
- Use a system of unique categories and subcategories for organizing your inventory;
- Analyze your sales by canada data product and subcategory to determine what you need to reinvest in.
By doing so? you are setting yourself up for success by staying organized and ensuring the greatest efficiency and accuracy of your sales data.