As of this spring, data suggests most supply chains are improving, yet many sellers still struggle with inventory management.
In fact, among online sellers who manage inventory in-house, 37% say their biggest inventory-related challenges are stock management issues like overselling and overstocking, according to 2023 inventory management statistics.
But it’s not just operational efficiency keeping retailers up at night. Inflation, too, is hitting many retailers’ inventory budgets. CNBC reports that 27% of companies sell excess inventory on the secondary market due to high storage prices impacting their bottom lines.
But you can mitigate many costs associated with stock management challenges and storage with multisite inventory management. This inventory management strategy creates a central hub to oversee inventory levels across retail locations, warehouses, or distribution centers.
And for growing sellers, multisite inventory management could be the strategy that helps bring down costs and increase profitability.