Storage Tips for E-Commerce Businesses and their Inventory
If you are in the e-commerce business, your warehouse is debatably one of the most valued assets. It is where you receive your supplies and facilitate for orders to go out. Accuracy, care, and efficiency are paramount to the success of your business. Whether it is a small warehouse or self storage in Singapore, it is worthwhile to spend extra effort, extra resource and go the extra mile to ensure that your storage facility is organized and operating in optimum conditions.
Read on and find out useful tips on managing your inventory for your e-commerce business.
Labelling is Key
When it comes to your inventory, you need to stay organized and using labels can help you with that. Make sure that you label every box of inventory in the self-storage unit or warehouse. All it takes is a simple label sticker and a marker pen, or if you have a more computerized identification setup, a barcode as well. It will make a significant difference in how you or your staff handle the inventory. Rather facing a bunch of inventory that is unlabeled and can lead to a disorganized state, implementing labels tremendously adds to your business’ efficiency, accuracy, and productivity.
Process Incoming Stock Promptly
Whenever you receive a shipment, make sure that it is promptly verified. The sooner you are aware of any damaged or faulty items, or disparities in the quantities, the sooner you’ll resolve order management issues.
Putting away incoming stocks as soon as they are received avoids the situation where your stock levels do not tally with the current stock in the storage unit. Such a scenario would increase errors in stock-taking and complicate order fulfillment to your customers.
Apply the Pareto Principle
Ever heard of the Pareto principle? Or the 80-20 rule? It states that 20 percent of the fishermen bring in 80 percent of the catch. Or in business, 20 percent of your stocks bring in 80 percent of the sales. You can apply this principle in your warehouse management.
Identify the 20 percent items that account for 80 percent of your business and organize them in the warehouse such that they are quick to reach, easy to identify and easy to prepare for order fulfillment. If they take up more space than the other items, you can find the extra storage for space in a self-storage in Singapore. You will be able to prioritise the goods that bring higher demand and at the same time, optimize your inventory management.
Incorporate a Quality Control Process
With e-commerce customers, online customer service is key. The only interaction you have with them is online when they review the product, purchase it and give feedback. Sometimes you might also have to do damage control when unsatisfied customers leave bad reviews or lodge complaints. In view of this, you have to put in place a quality control process that will ensure there are minimal errors before products are packed and shipped. If you are working from a small warehouse or a startup office space, create quality control checks at different spots of the order processing to optimize your accuracy.
Finally, Be Flexible
Dynamism is the single most beneficial quality in business, along with persistence. After a period of time, it will be good to reevaluate your storage and inventory management operations and make adjustments to suit your business. This can also include looking for a small office for rent or the cheapest self storage in Singapore to run your business operations efficiently.
There are storage facilities that offer affordable office space for rent as well as the cheapest self-storage in Singapore. One such facility is Work+Store, where storage spaces are offered in a range of sizes from 6 sqft to 730 sqft to provide the extra space for storage your business needs. The units are fitted with basic facilities like aircon and lights, managed with flexible lease terms and all-inclusive rates. More affordable storage options are also available with Work+Store’s mini self storage units in 2 locker sizes: 1m x 0.6m for $39/month and 1m x 1m for $59/month.
You can also find cheap office space for lease at Work+Store. There are work spaces from 88sqft onwards that combines storage and working space in one unit. This can greatly benefit e-commerce businesses on cutting down unnecessary costs like extra storage and transportation, and at the same time, improve goods procurement and order fulfilment duties for your customers.On top of basic facilities, both storage units and work spaces are equipped with 24-hour keycard access and monitored via CCTV surveillance to provide a peace of mind and great accessibility. Work+Store’swork spacesare located around Singapore in these locations: Bukit Merah, Eunos, Kallang, Upper Thomson, Bartley, Ang Mo Kio, and Tampines.
If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at +65 8345 9966. Alternatively, you can email us at email@example.com for more information!