10 Practical Ways to Reduce the Cost of Inventory
In a competitive market, cutting costs is a smart way to stay one step ahead of everyone else.
So what costs should you cut?
Well, you could hire a 3PL provider to reduce overhead costs, or replace Excel inventory management with a more efficient system to increase your productivity – thereby reducing labor expenses.
The best cuts to make are in areas that already cost you a lot of money.
There’s one area of your business that costs 20-30% of your total inventory, and you should do everything possible to reduce its impact on your bottom line.
What is it?
Your cost of inventory.
There are many ways to cut the costs of inventory, and we’ll show you 10 ways that you can use today.
Before we do that, let’s define the cost of inventory.
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