Inventory Configurations

The Product Inventory Configurations page in HotWax Commerce offers users the ability to configure product inventory settings globally or for individual facilities. This is crucial for retailers with large product catalogs, as it allows for product-specific settings that cannot be covered across all the facilities. For example, bespoke items may only be available from certain facilities, necessitating specific configurations at the product level.

Global Settings Section:

The Global Settings section enables users to customize various product configurations at the company level. This customization includes managing product thresholds, order brokering, store pickup options, and shipping timelines. These settings are essential for optimizing inventory management and order fulfillment processes.

Adjust Threshold:

To avoid overselling due to inventory inaccuracies, merchandisers prefer not to promise all the inventory to the online sales channel. So the merchandising team keeps a buffer stock on a company level before promising the inventory to online channels, also called Inventory Threshold. Adjusting the threshold is crucial for maintaining optimal inventory levels. During peak seasons, increasing the threshold prevents stockouts, while reducing it during slower periods prevents excess inventory. Here's how retailers can adjust thresholds

• Navigate to the Global Settings section on the Product Inventory Configurations page.

• Click on Threshold to access the dialog box.

• Modify the threshold value to match your requirements.

Enable/Disable Order Brokering for Products:

Retailers may sometimes want to ensure that some products are routed to only specific locations and they may want manual control on these products. Enabling or disabling order brokering based on product-specific requirements ensures optimal order routing for the products. This step is essential, particularly for bespoke products that cannot be fulfilled from all locations.

• Navigate to the Global Settings section on the Product Inventory Configurations page.

• Open the dialog box by selecting Order Brokering.

• Toggle the setting to enable (Y) or disable (N) order brokering based on your business needs.

Enable/Disable Store Pickup for Products:

Retailers sometimes have bulky items in their catalogs that are not optimized for store pickup. Enabling or disabling store pickup options ensures accurate order fulfillment options, for the customer.

• Navigate to the Global Settings section on the Product Inventory Configurations page.

• Access the dialog box for Store Pickup.

• Toggle the setting to allow (Y) or disallow (N) store pickup according to your business model.

Days to Ship:

Setting minimal days to ship the product is crucial for meeting customer expectations and optimizing order fulfillment timelines. For example, bespoke items may require a minimum of 2 days to ship, therefore, they cannot be available for same-day or next-day delivery.

• Navigate to the Global Settings section on the Product Inventory Configurations page.

• Open the dialog box by selecting Days to Ship.

• Edit the number of days required for order shipment.

Configure Inventory within Facility:

The Inventory Configuration section empowers users to efficiently manage their inventory by configuring facilities, adjusting safety stock levels, and organizing locations within each facility. This feature is aimed to optimize inventory levels, streamline warehouse operations, and ensure seamless order fulfillment processes.

Associate facility to Products:

Adding facilities is crucial for retailers operating in multiple regions or countries to streamline storage and distribution efficiently. Not all products are available at all facilities, so facilities need to be associated with the product where the product will be sold or fulfilled from. This ensures accurate order routing and efficient inventory management across various locations.

• Click on the Add Facility function in the Inventory configuration section to open a dialog box.

• Select the desired facility and its location from the dropdown menu.

• Click Add to confirm the addition of the facility.

Video: Add Facility

Add Location of Product Inventory in Facility:

Adding locations within each facility helps in optimizing product storage and organization. It enables businesses to effectively manage their warehouse space, improve inventory visibility, and streamline order picking and packing processes, resulting in enhanced operational efficiency and customer satisfaction.

• Click on the Add Location function to open a dialog box.

• Choose the facility to which you want to add a location from the dropdown menu.

• Select the geographical information or address for the location from the dropdown menu.

• Click Add to confirm the addition of the new location to the selected facility.

Video: Add Location

Edit Product Safety Stock:

Editing a product's safety stock levels ensures maintaining an adequate level of stock to meet demand and prevent stockouts. Safety stock is set to ensure stores have stock that can be used in case of any inventory variance or to reserve stock for in-store sales. By adjusting safety stock levels, businesses can optimize inventory investment, minimize carrying costs, and mitigate the risk of stockouts, thereby enhancing customer satisfaction and revenue generation.

• Locate and click on the edit icon of the facility for which you want to adjust the safety stock.

• Update the minimum stock (Safety Stock) as required.

• Click Add to confirm the changes in safety stock.