Inventory management is definitely one of the most important aspects of any business! I am currently running a company selling educational shower curtains and one of the biggest hurdles we’ve been trying to jump is our stock issue.
My company sells over 10 different styles of educational shower curtains. We were the top selling shower curtain on Target.com, until we were out of stock of the top three styles being sold through Target. Since Target only carried three of our styles, we were unable to restock because we had around 6,000 unsold units in our warehouse of the other eight styles.
When it comes to getting products manufactured in bulk, there is usually a minimum order quantity. For shower curtains they generally range from 500-1000 units per order. This makes it difficult for small companies to project which styles will do well, and which styles won’t.
It was interesting hearing the professor talk about how crucial it is to have effective inventory control. This is definitely something I’ve experienced and still learning from!