Pandemic and Covid were the biggest buzzwords back in 2020 and 2021. Several businesses shut down, and the retail industry went through seismic changes. Understanding these changes will help you discover where the industry is headed and how consumers evolve. This article will cover some…
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11 Min Read
As the world tries to recover from the pandemic, it is now more important than ever for wholesale businesses to go online. Even before COVID-19, the industry was undergoing a huge digital revolution. As every other B2C seller was moving online, B2B sellers also needed to…
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3 Min Read
What are automated inventory systems? An automated inventory management system can add, update, delete, and transfer stock in real-time. Inventory is something that changes daily in the business. This is true especially for wholesale businesses as inventory changes in bulk quantities. Automated inventory systems help…
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2 Min Read
What is an inventory cost? The cost incurred due to acquisition of inventory is known as inventory cost. Technically, inventory cost is associated with procurement, management, and storage of stock. Elements of Inventory Costs Inventory cost is classified into three major elements. These elements are…
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3 Min Read
What is Manufacturing Overhead? The total costs involved in product manufacturing is called manufacturing overhead. We can also consider it as the cost incurred during a firm’s manufacturing operations. Manufacturing overhead is also known as factory burden, factory overhead, and production overhead. It is different…
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2 Min Read
Economic Order Quantity (EOQ) The model used to figure out the optimal quantity for inventory is known as the Economic Order Quantity (EOQ) model. This optimal quantity is required to minimize the ordering and carrying cost. Ford W. Harris developed the EOQ model in 1913….