The wholesale industry is constantly evolving as technological advancements have enabled wholesalers to digitize their business.  With digitization, buying wholesale goods has become easier than ever.  How? Through online wholesale shopping sites of course.  Almost every major wholesale business has established a strong online presence through these sites.  This allows customers to easily view and acquire wholesale goods from the comfort of their homes or offices.  In this article, we discuss 26 top online wholesale shopping sites so that you can get a better idea abou ..read more

It is 2022, and in the past few years, Covid-19 has negatively affected most businesses. Still, it isn’t a bad idea to start a small business on the side for rainy days.  In this article, we’ll discuss ten of the most profitable small business ideas and how to start them: 1. E-commerce E-commerce is primarily the sale and purchase of products on the internet.  It is a great way to start a business in 2022, regardless of the scale.  Amidst the pandemic, many people are isolating themselves and aren’t going outside. Hence why the e-commerce market is on the rise. Getting started w ..read more

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 of the most eye-opening statistics for the retail industry in recent years. Rather than going on a wild goose chase, SeeBiz puts it all on one page. Retail Sales Statistics This section will cover the sales statistics for retail businesses. Retail sales to exceed $4.44 trillion by the end of 2021 (NRF) The Nati ..read more

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 adapt. Thus, wholesale eCommerce was born. Alas, traditional wisdom held that buying wholesale was too complex to conduct online, which is why so many suppliers have been slow to embrace eCommerce. In this article, we’re going to cover everything you need to know about the online wholesale business, including:  Why ..read more

What is Stock? Stock can be anything in the form of goods used by a business to generate profit. It can be finished goods or can be materials that are being used in the production. Stock is labeled as the company’s main asset on the balance sheet. If the stock is disturbed, a company’s whole performance will be affected. What are Stock Levels? A required amount of stock is needed for effective and efficient control of products. Stock levels help avoid under and overstocking of goods. Stock levels are divided into five following types: Types of Stock Levels Minimum LevelThe level of stock at w ..read more

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 companies manage and easily update the stock. On the whole, automated inventory systems are essential in the business. They not only have an impact on the inventory management team, but your entire business as well. Automated inventory management systems are help all kinds of comp ..read more

What is a dead stock? Businesses can’t sell all of their inventory. The stock left behind is known as dead stock. In simple words, the stock that doesn’t sell is known as dead stock. Dead stock is one of the worst situations in wholesale businesses as we know that wholesale businesses are all about trading in bulk quantities. The investments of wholesale merchants are wasted due to dead stock. Dead stock is a big headache for a warehouse. It can remain on the shelves as a forgotten or useless inventory. dead stock It is just an expense for the company. They cannot recover the dead stock’s cost ..read more

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 as follows: 1. Ordering costs Ordering cost, also known as setup costs, includes all the costs that the procurement department incurs. The inbound logistic cost and goods acquisition cost is also part of it. In short, ordering cost is incurred whenever a company places an order from the supplier ..read more

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 from direct labor and direct material costs. Businesses can consider it as an indirect cost. In simple words, we can say that the manufacturing overhead cost cannot be traced directly during the manufacturing of goods. Significant factors in manufacturing overhead Manufacturing ove ..read more

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. What does the Economic Order Quantity Model describe? The primary objective of the EOQ model is to find the ideal amount of inventory to order. A company can decrease its ordering, carrying, and shortage costs by identifying the optimal order quantity. EOQ is considered as a vital cash flow tool. As we all know, inventory is ..read more