Inventory management is often one of the most time-consuming and challenging aspects of running a business. On average, 27% of business owners who manage their own inventory spend between 15 and 40 hours a week managing, according to new inventory management statistics.
Of course, you never want to sell out of your most popular items. But letting inventory pile up can get expensive. Bad decisions around inventory planning cost the retail industry $1.9 trillion in revenue. Another report found that retailers lose $634.1 billion stockouts annually.
For many merchants, the time and effort spent on inventory management is half the battle. Tracking inventory levels, managing product returns and exchanges, and re-ordering at the right time is a tricky endeavor. And as a business grows, sellers will have to manage inventory levels across multiple sales channels.
An automated multichannel inventory sync solution can solve all of these issues. The benefits of automated inventory management can be realized virtually overnight. When merchants automate these processes, they can spend less time restocking and more time on high-value tasks.
As you consider ways to invest in your business' future, inventory management automation should be a top priority.