A Penny Saved is a Penny Earned!
➕ Say Goodbye to Google Similar Audiences and Meta gears up for Q4!
Howdy Readers🥰
You've got more instruments in your hands than there are emojis in your text messages🎸🎶
In this newsletter, you will find:
🚫 10 Inventory Cost Mistakes You Shouldn't Be Making!
🚨 Google calls it QUITS with Similar Audiences (effective from Aug 1st, 2023)
🔒Meta gears up for Q4 with brand safety
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🚫10 Inventory Cost Mistakes You Shouldn't Be Making!
Inventory management is a vital cornerstone that can either make or break your eCommerce success, yet is not given the importance that it actually holds.
When you know your ordering, holding, and shortage costs, you should also know the true price of storing and managing the stock.
So, let's talk about the common mistakes to avoid and keep your finances in check. Swipe through these pointers to up your inventory game and save those bucks! 💸
1️⃣ Old/Damaged Stock = Money Drain!
Those unsold items sitting in your inventory are a silent killer. It's time to protect your wallet and inventory.
What To do?
Find out the old/damaged stocks from your inventory
Use Sales data or historical trends to pinpoint products that have been sitting for too long.
Consider offering promotions or discounts to clear out the old stock, or explore options like bundling them with popular items.
If all else fails, consider liquidating the old stock to recover some value.
2️⃣Carrying Costs Slip-Up
Don't underestimate carrying costs like storage, insurance, and depreciation! They can mess up your total inventory cost, leading to bad decisions. So, no more surprises, just smart moves!
What To do?
Take a thorough inventory of all your carrying costs, including storage fees, insurance premiums, and depreciation expenses.
Create a spreadsheet or use inventory management software such as