Post 5 of ‘How to Best Sell Your Inventory to Off-Price Retailers
While picking the buyers, offering those buyers product they are looking for, and providing information to support the best sale of your product, updating and digitizing your PO process can also save you time and money and lead to better relationships with buyers and to higher sales.
For many retailers, the current purchasing process in place is a manual one, where you as the seller must process multiple physical documents—sometimes up to ten different forms—during the purchasing period for each transaction.
This volume of documents requires 24/7 attention to track order fulfillment, spot duplicate orders, and notice any other errors that might occur. The complex and extensive filing system for these documents requires maintenance and additional attention to ensure that no orders are lost and order history is accurate for each buyer.
Mistakes, such as shipping the wrong product or under/over-fulfilling orders, and delays with inventory purchases can damage your relationships with buyers, leading to either fewer and smaller transactions or the loss of that buyer’s business. And errors in paperwork and reports can create internal issues within the company due to inaccuracies in stock levels and future order fulfillment.
These errors due to a manual purchase ordering process can be minimized through technological digitization. Examples are using a digital PO system that either stems from or plugs into an inventory management system that is also digital and accurate.
We’ve come to the end of the blog series, and now you should have a good sense how to better sell your inventory: through buyer selection, curated and detailed product listings, accurate inventory management, and exact order fulfillment.