ECONOMICS

Detailed explanation-1: -Storing goods is most often based on how much physical space your products take up. Fees vary depending on how many units you need to keep in stock. By keeping your inventory at the right amount based on your customer demands you will save money on storage fees, and put it toward different aspects of your business.

Detailed explanation-2: -Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there’s always enough stock to fulfill customer orders and proper warning of a shortage.

Detailed explanation-3: -Effective inventory management and control protects from incorrect or damaged goods being shipped to customers. This helps improve customer experience, protect from issues such as refunds, and achieve more repeat buyers.