Welcome to another episode of Women Powering Ecommerce! I'm thrilled to take you behind the scenes of my journey as a female e-commerce entrepreneur. Today, let's dive into the nitty-gritty of inventory forecasting, a topic that has been a recent challenge in my entrepreneurial journey.
Reflecting on the past year, I've experienced the highs of successful email marketing, contributing to an impressive 60% of our revenue during peak times like Black Friday. However, the flip side of the coin reveals the challenges we faced in inventory management, an aspect crucial to any e-commerce business.
In 2022, our lead times shifted from two weeks to two months, a change implemented to prevent backorders. Little did we anticipate the consequences that would unfold in the subsequent year. The delayed impact became evident as we found ourselves with excess stock, leading to an unexpected problem: impending expiration dates.
Overstocking became a new challenge for us, especially when faced with products nearing their expiration dates. What followed was a realization that we hadn't been diligent in regularly checking expiration dates, assuming our inventory management software could handle it all. This oversight resulted in a significant financial setback.
Rather than dwelling on the setback, I viewed it as an opportunity to implement better systems. It prompted a thorough analysis of the root causes, identifying issues like high minimum order quantities and varying product shelf lives.
In sharing these behind-the-scenes challenges, I aim to inspire fellow e-commerce entrepreneurs to embrace every obstacle as a learning opportunity. Continuous learning and adaptation are integral to success in this dynamic field. Remember to subscribe, like, and share if you found value in today's episode. Let's support each other on this incredible journey of growth and empowerment in the world of e-commerce. Until next time!