Hey there! If you’ve clicked on this article, chances are you need help with the concept of stock rotation, or you’re just curious. Either way, you’ve come to the right place. Let’s discuss why stock rotation can be a game-changer for your business.
What is Stock Rotation Anyway?
Imagine you’ve got a stash of chocolates. Would you eat the oldest ones first or the newest? You’d go for the older ones, right? That’s the essence of stock rotation. It’s like ensuring that the oldest chocolate (or product) gets consumed first while the fresh ones wait their turn. The fancy terms for these are “First In, First Out” (FIFO) or “First Expired, First Out” (FEFO). But, it’s just like that chocolate principle!
Why Should You Care?
Waste Not, Want Not: Nobody likes to throw things away. But, guess what? In the UK alone, a ton of food gets tossed. With proper stock rotation, businesses have reduced waste by a whopping 15%!
Happy Customers: We all love fresh products. When customers see you’re selling them fresh stuff consistently, they’ll keep coming back. Plus, no one wants to find out they’ve bought something expired. Yuck!
An Institute of Customer Service survey found that 86% of customers would only continue doing business with a company if they had a good experience with the product or service.
Maximise Your Space: It’s like spring cleaning. Selling older stuff makes space for new arrivals.
Cha-ching! With less waste and happier customers, guess what improves? Your profits!
For example, a study by the Food Marketing Institute found that up to 25% of food products in supermarkets are wasted. This waste is often due to improper stock rotation, leading to products expiring before they are sold.
How to Become a Stock Rotation Pro
Tech it Up: Set up systems. Barcodes, tracking software, the works. It’s 2023; let’s upgrade!
Rules are Cool: Make clear FIFO and FEFO rules. Everybody should be on the same page.
Training Day: Teach your team the ropes. An informed team is a successful team.
Audit Like a Boss: Check your stocks regularly. Make sure everything’s on track.
Software is Your Friend: Automated Stock Management Systems? Yes, please! They’ll make your life a whole lot easier.
Expiration Dates are Key: Keep an eye on them. They’re more important than you might think.
Stay Organised: A tidy inventory is a happy inventory.
Data is Gold: Check what’s selling and what’s not. Adjust accordingly.
Stock rotation might sound complicated, but it’s just about ensuring older products get the love they deserve before they go bad. This can save money, keep your customers happy, and help you maximise your space.
By the way, if you’re thinking, “I need something to help with all of this,” check out Clarus WMS. It’s an advanced warehouse management system that can assist with everything we’ve chatted about – from tracking expiration dates to setting up alerts. It’s like your personal assistant for stock management.