As the world tries to recover from the pandemic, it is now more important than ever for wholesale businesses to go online. Even before COVID-19, the industry was undergoing a huge digital revolution. As every other B2C seller was moving online, B2B sellers also needed to adapt. Thus, wholesale eCommerce was born. Alas, traditional wisdom […]
What is Stock? Stock can be anything in the form of goods used by a business to generate profit. It can be finished goods or can be materials that are being used in the production. Stock is labeled as the company’s main asset on the balance sheet. If the stock is disturbed, a company’s whole […]
What are automated inventory systems? An automated inventory management system can add, update, delete, and transfer stock in real-time. Inventory is something that changes daily in the business. This is true especially for wholesale businesses as inventory changes in bulk quantities. Automated inventory systems help companies manage and easily update the stock. On the whole, […]
What is a dead stock? Businesses can’t sell all of their inventory. The stock left behind is known as dead stock. In simple words, the stock that doesn’t sell is known as dead stock. Dead stock is one of the worst situations in wholesale businesses as we know that wholesale businesses are all about trading […]
What is an inventory cost? The cost incurred due to acquisition of inventory is known as inventory cost. Technically, inventory cost is associated with procurement, management, and storage of stock. Elements of Inventory Costs Inventory cost is classified into three major elements. These elements are as follows: 1. Ordering costs Ordering cost, also known as […]
What is Manufacturing Overhead? The total costs involved in product manufacturing is called manufacturing overhead. We can also consider it as the cost incurred during a firm’s manufacturing operations. Manufacturing overhead is also known as factory burden, factory overhead, and production overhead. It is different from direct labor and direct material costs. Businesses can consider […]
Economic Order Quantity (EOQ) The model used to figure out the optimal quantity for inventory is known as the Economic Order Quantity (EOQ) model. This optimal quantity is required to minimize the ordering and carrying cost. Ford W. Harris developed the EOQ model in 1913. What does the Economic Order Quantity Model describe? The primary […]
What is a sales process? A sales process has a repeatable set of steps used to convince a customer to buy. It starts with the early awareness stage and ends with a closed sale. These steps are beneficial for sales reps as they allow them to follow a proper process to achieve business goals. The […]
Backordering is a process that allows customers to place an order even if the product is out of stock. These orders cannot be shipped or filled immediately. Items that pass through this backorder process are known as back-ordered items. Backorder is a type of agreement between a company and a customer that includes a shipping […]
Inventory management has always been one of the biggest challenges a wholesaler has to deal with. From acquiring products to storing and selling them in bulk, it’s a never-ending cycle that consumes a great deal of time and energy. Not to mention the persistent pressure of always maintaining stock levels to keep the business running. […]
