inventory management books quora

alternatively, since it sounds like you’ve been running a fair amount of ads, scour through your search term report, and see if you can identify any obscure words that your competitors haven’t picked up on and have lower CPCs. Accordingly any asset needs to be managed to ensure it is maintained properly and is stored in secure environment to avoid pilferage, loss or thefts etc. However you make a very good point that sellers should be sure to check whether the lead time stated includes weekends or not. Syed, You may want to refer to this post, but you will pay the customs fees before you can import: https://www.junglescout.com/blog/importing-from-china/. Competitor Intelligence Knowledge is power. Quora adalah tempat untuk mendapatkan dan membagikan pengetahuan. I’ve found during supplier research that lead times are only working days, Mon-Fri and don’t include weekends. How many units do you order? In regards to this webinar, are you shipping your next order by sea? Then you can order a product on Amazon direct to your photographer. When you state lead times of 30 days, these are not really accurate.

All of these can impact what the lead time is. Tim Ferriss even suggested those in his book (although, he warned away from edible stuff). This is the impossible task that Amazon sellers, and frankly, retailers since the beginning of time, have had to do to maximize their potential profits.
Establish the lowest possible price at which a product can be sold. Consequently, this methodology is only used for internal reporting purposes. With an Amazon business, a lot of capital can be tied up in the beginning, as you invest in purchasing inventory to sell. Ultimately, if you are able to pair a profitable product with good inventory management, then you can create a well-oiled cash machine primed for growth.

Are you factoring this in? For Jungle Snugs, the Lead Time is as follows: There are some implicit considerations here, such as: How reliable is the manufacturer?

Could you explain it please, i don’t think that this product is gonna generate a million dollars as appose to jungle stix, see jungle stix is a consumable product you can’t reuse it, it’s gonna sell to the same people more than once simply because theyre out of stock, but when you put jungle snugs into prespective it’s a reusable product people buy it once and often remain for generations. Here’s the calculation for the reorder point: The calculation above takes into account how long it takes to get inventory (aka your Lead Time), and how fast you are selling units (aka your Sales Velocity).

UK is ranked 100 vs the US at 50.

Let’s go through this one at a time, using Jungle Snugs as an example, to figure out when these should be reordered, and how many should be ordered.

I WOULD LIKE TO KNOW AFTER YOU SEND THE PRODUCT TO FBA WAREHOUSE, HOW DO YOU GET THE PRODUCT TO SEND TO THE PHOTOGRAPHER TO TAKE PROFESSIONAL PHOTO? Here are some other things to think about to be more prudent with inventory management: Jeremy put together some spreadsheets to help make the inventory management calculations easier. It can take some time to build back up too. But in my experience it usually happens within 24 hours, or a few days at the most. Yes, the conundrum of increasing competition….as you can see what we did with jungle stix and jungle snugs, we focused on the product launch phase, to get as many reviews and sales as possible.

I have a question. If production exceeds sales, absorption costing will result in a higher level of profitability, since some of the allocated overhead will reside in the inventory asset, rather than being charged to expense in the period. HI Remember, inventory is product you’ve likely already paid for with cash (checks and electronic transfers included), and you’re going to sell it for cash, but while it’s sitting in your warehouse, it’s definitely not cash.

There are no uses for variable costing in financial reporting, since the accounting frameworks (such as GAAP and IFRS) require that overhead … If you know you are going to have some stock out days, ordering a small amount by air is definitely one way to prevent the negative effects on your listing! You are right about this and as far as I know, it’s not really something you can determine. With the use of (among others) sentiment analysis the firm can compare the perception of their brand with that of the main competitors and create a data driven brand strategy. The best thing is to shop around at a variety of options, and ask around for who has the best rates in various seller communities. This is the quantity calculation for Jungle Snugs: Including the safety stock, we will need to order 1688 units.

Google Trends is showing Interest and searches for these hooded towels in the UK and Australia. There are no uses for variable costing in financial reporting, since the accounting frameworks (such as GAAP and IFRS) require that overhead also be allocated to inventory. In the beginning, our profits were diminished a bit by the higher shipping costs, but improved over time! Jungle Snugs currently has 537 units in stock. Why double 65 days after that add more lead time?

Any inventory of Raw materials, finished goods as well as Intermediate in process inventory has an economic value and is considered an asset in the books of the company.
Focusing on getting discounted sales could help your organic ranking in a more cost effective way (they still count towards your sales velocity). this could be a way to get profitable conversions with paid spend.

Variable costing is a methodology that only assigns variable costs to inventory.This approach means that all overhead costs are charged to expense in the period incurred, while direct materials and variable overhead costs are assigned to inventory. As it is a relatively new product, there is limited sales history, so it is hard to predict how sales will proceed. Again, assessing this Safety Stock figure is a ultimately just a best-guess, as you are predicting the unpredictable. Consumable products are some of the best products to use.

Inventory management is more than simply knowing what's left in the warehouse.

There are two factors complicating this estimate for Jungle Snugs: Sales velocity is simply how fast you sell your inventory. Your email address will not be published.

Product Research, The Million Dollar Case Study. In this session, Jeremy takes us deep into the topic of inventory management, to learn how to forecast demand, management inventory, and maintain a healthy cash flow. These spreadsheets can help you figure out each of the calculations we examined above. Since launching the case study it became obvious that launching in Europe would be a great way to scale and an insightful thing to share with the community. Please advise if possible. Have you heard the news yet? In addition to that, you may also have to alter your lead time using this template due to other factors, such as public holidays in China, which can increase your lead time. When I first started earlier this year I made this mistake and went back noticed this wasn’t mentioned/ made clear in the jungle stix or million dollar case study. Is it when the 30% deposit is paid and being processed or when the payment is finally cleared? Join us, we’re going to cover the full and unfiltered process for finding and launching a profitable product in Europe, and all of the business tasks that go with selling in a brand new marketplace. But don’t forget to round to the even case quantities, which will differ depending on your particular product. Keep marketing until I get a organic spot? My marketing costs are in the thousands and that is hard to maintain as I have been doing this for less than a year and don’t have extremely high profits on other products. I would definitely recommend doing another “launch” to get back up there. About day of inventory = 13 weeks (91 days). It’s just a guide for sellers to adapt to their own specific needs.

There are a variety of steps that need to be considered (you can go through the overview page of the Million Dollar Case Study to see each of these in detail), but these considerations include manufacturing time, packaging, shipping time, customs and importing, domestic shipping to Amazon’s warehouses, etc.

It is about expanding your baby hooded towel to different regions.

Understanding these concepts can have significant impacts on how our Amazon product fares, as inventory management is a key lever in maximizing cash flow and profits. Quora adalah platform untuk mengajukan pertanyaan dan terhubung dengan orang-orang yang memberikan wawasan unik dan jawaban berkualitas. US comes in 3rd behind UK and Australia in google trends. Jeremy advises that when you place your order is actually more important than how much you order when managing your inventory. Is it likely that there is a delay with customs or paperwork about importing the product? My first product is in the same range by weight and dimensions but the shipping cost I incurred was USD 2900 (I used a prep and ship because I dont live in the US). Alright then, time to order more units, STAT! My supplier was happy to take the payment confirmation as a ticket to purchase the raw materials and get started. Brand Analysis This analysis focuses on providing insights into the brand perception of a firm. Am I correct?

Would love to get that apparently killer sheet so I can realize how bad sheets suck and upgrade to Forecastly.

In your experience, generally speaking, when does the lead time clock start ticking? Just one last question since your here. I appreciate the aspect of reality that it adds to the case study. Hi Tara,

Obviously we don’t want stock-outs, but in the event we have them, I’m assuming that will hurt the BSR because of the zero sales velocity. Proper inventory management allows you to find that balance of stocking the right amount of inventory without tying up an excessive amount of capital in inventory that sits in an Amazon warehouse. The other two were easy to find but there is one that’s missing (according to the webinar). Would I need to do simulate another product launch to build up the sales velocity again?

However, if you are an Amazon seller and find yourself with a dreaded Out Of Stock note on your product detail page, the consequences are costly and painful: a plummeting Best Seller Rank, evaporating organic sales, and most importantly, lost profits. If you head back to Forecastly now and request the resources again you should be able to access all three. Since you’re still here checking in on these comments: any idea what happened to the 3rd spreadsheet tool that Forecastly’s founder wanted Greg to send out?

Required fields are marked *, Track product ideas & Amazon review trends with Jungle Scout by using the, Everything you need to find a product & start your Amazon business, Tools to make managing your business easy, so you can focus on growing it, Insights from the Amazon Marketplace tailored to the world’s largest brands, Web-based software suite to start & grow your Amazon business, Browser extension that adds accurate product data to your Amazon visits, Know when your products or listings change, Increase sales with targeted customer outreach, Designed for brands and agencies to dominate the market, The Million Dollar Case Study Session #22: Amazon Inventory Management.

This coupled by a high FBA fee is killing my P&L. Now that sounds quite appealing! So while the snugs themselves may take a while to get some momentum, they’ll help lead to the stix and vice versa.

The crux of good inventory management is that it helps you manage cash flow effectively. We have 537 units in stock, plus we would want an additional 159 units (the safety stock). Is there likely to be a delay in manufacturing, packaging, getting it to port, etc? I would imagine the response from seller support was a worst case scenario, so when managing your inventory, you can try to account for this, especially around busy periods like holidays or the lead up to Prime Day. Basically just figure out how many days of inventory you have in stock, and how long it takes you to get inventory after you place an order and convert that into actual units of inventory.

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