Inventory is one of the most crucial components of any business and therefore managing the same effectively has a direct bearing on the profitability of the business. The investment made in inventory is non-yielding and hence it is important to minimise it. For inventory management to be effective, it is necessary to strike a fine balance between the ordering costs, the carrying costs and the shortage costs. The most common inventory management systems deployed by the businesses across the world use Economic Order Quantity (EOQ) and Just-In-Time inventory management (JIT) principles. Whilst both these methodologies aim to reduce the ordering and holding costs, the approach adopted by each is different.
This month we celebrated the 40th anniversary of the cell phone. So much has changed since the brick phone of 1973. Smartphones and tablet devices are now the norm. And these devices are no longer mere pieces of technology. They have become part of our day-to-day activity. Everything we own has become "smart" and "connected".
Don't let an abandoned cart sit there - When they don't complete their transactions, send your customers a personalized email showing items left in their cart. It should feature an offer, like free shipping, thus incentivizing shoppers to return to the site and complete their transaction.