How can you manage inventory in a consignment environment?
Inventory management is a crucial aspect of warehouse operations, especially when dealing with consignment goods. Consignment goods are products that are owned by a supplier, but stored and sold by a retailer or distributor. The retailer or distributor only pays the supplier for the goods that are sold, and returns the unsold goods to the supplier. This arrangement can benefit both parties, as the supplier can access new markets and reduce storage costs, while the retailer or distributor can offer a wider range of products and reduce inventory risk. However, consignment goods also pose some challenges for inventory management, such as tracking ownership, maintaining accuracy, and reconciling payments. In this article, we will discuss some tips on how to manage inventory in a consignment environment.