Inventory Policy
Objective The objective of this Inventory Policy is to manage our stock levels efficiently, ensuring that we have sufficient inventory to meet customer demand while minimizing excess stock and associated costs.
Inventory Management
- Stock Monitoring: We continuously monitor stock levels to ensure availability of products. Adjustments to inventory are made based on sales trends, seasonality, and customer feedback.
- Replenishment: Inventory replenishment is based on a demand forecasting system that takes into account historical sales data and market trends. We aim to replenish stock before it reaches a critical low level to avoid stockouts.
- Inventory Accuracy: Regular inventory audits are conducted to maintain the accuracy of our stock records. Discrepancies are investigated and resolved promptly.
Safety Stock
- We maintain safety stock levels for our best-selling products to protect against supply chain disruptions and ensure that we can meet customer demands at all times.
Ordering
- Orders are placed with suppliers well in advance to account for lead times and to ensure timely receipt of products.
Storage and Handling
- Products are stored in a secure, clean, and organized environment to maintain their quality and integrity.
- Proper handling procedures are implemented to minimize damage and loss during storage and handling.
Out-of-Stock Situations
- In the event a product is out of stock, we promptly notify customers and offer alternatives or the option to cancel their order with a full refund.
- We update our website regularly to reflect the current stock status of all items.
Returns and Overstock
- Returned items are inspected and restocked if they meet our quality standards. If not, they are processed according to our return policy guidelines.
- Overstock items may be promoted or discounted to ensure optimal inventory turnover.
Continuous Improvement
- We continually assess our inventory management practices and make improvements to optimize efficiency and responsiveness.