As your business expands and your customer demands increase, you will need to invest in more products to keep up with these demands. Failure to supply the products your customers want could negatively impact your customer loyalty and business success.
It’s not just purchasing additional products that’s important when you’re trying to meet increasing customer needs. You must also think about where and how you’re going to store these products.
There are a few different options when it comes to storing additional inventory. Below, we’ve covered some helpful tips for storing your extra products safely, efficiently, and cost-effectively.
Expand Your Warehouse Space
The most obvious option for storing extra inventory is increasing your warehouse storage space, whether permanently or temporarily. This is a great option if you rent your warehouse space, as many leasing companies will be able to offer additional storage space immediately.
However, even if you currently own your warehouse, it’s still possible to expand your storage space. You may need to store your extra inventory in a warehouse that’s on a different site to your current one or build upon your existing space to keep all of your items in one location.
Rent Shipping Containers
Consider renting a shipping container or two to keep overspill stock or new products that have not yet launched. This way, you don’t have spare stock taking up room in your warehouse and you can keep new and old products separate to avoid shipping and fulfilment errors.
Renting shipping containers is a great temporary solution for storing additional inventory before you’re able to find permanent warehouse storage space.
You can choose the type, size, and shape of your shipping containers to ensure they meet your business’s needs. Many companies also offer the option of customisable shipping containers that enable you to effectively and efficiently store your inventory exactly how you want to.
Use Inventory Management Software
As your product line expands and your warehouse fills up more and more, warehouse management and its associated finances can become difficult. Using automated inventory management software can make things much easier for you and your workers.
Inventory management software can streamline the shipping and fulfilment process by making it easier for your staff to find your extra inventory. This will be especially helpful if you have introduced new product lines or rearranged your existing warehouse inventory, as your staff won’t struggle to find where things are when they can rely on trusted management software to tell them where certain products are stored.
Inventory management software can also ensure you don’t understock and run out of products or overstock and end up with a bunch of products that aren’t selling in your warehouse. This will make storing your extra inventory much simpler and avoid confusion, frustration, and errors within your business.
