Oct 25, 2022 | Blog, Fulfillment, Podcast, Warehouse Management Software
The Entrepreneurs We’ve Talked To This Season
It’s hard to believe that our little podcast, Objects! With ShipHero, has reached its season finale already. But what a season it’s been! From laughter to tears, we’ve navigated the ups and downs of being an entrepreneur with the help of ten inspiring guests who have launched successful products in the eCommerce industry. We feel grateful to have been able to share our guests’ journeys and learn from their experiences—cheers to all our fellow entrepreneurs out there crushing it every day. Keep launching, keep learning, and keep growing.
Which podcast episode was your favorite? Which one inspired you? Let’s recap on a very successful season one and the fabulous guests we had along the way!
Episode 1: WiFi Thermometers and Hygrometers
Digital sensors. Who knew? Not these guys, until they discovered a way to make and sell digital sensors that measure humidity, temperature, and other environmental conditions. It turns out there are all sorts of people and businesses who need these sensors. So the entrepreneurs turned their creative consultancy into a thriving business, making and selling digital sensors to everyone from individuals to major corporations. What started as a simple idea has turned into something pretty amazing. Become a fan of SensorPush by listening to our podcast.
Episode 2: B Side: Sensor Push
If you’re feeling lost or adrift, take a page from Nick and Jonathan’s book and start selling something. It can be anything from your consultant skills or your story. The important thing is that you get started somewhere, and the rest will follow. Check out our interview with Nick and Jonathan from SensorPush to hear more about their entrepreneurial journey.
Episode 3: EDC Knives & Climate Friendly 3PLs
If you’re curious about the world of EDC, listen to our podcast with special guest Yong-Soo Chung. In this episode, you’ll learn about the community’s origins and what motivates people to seek out the best-made versions of unremarkable items. You’ll also hear hilarious stories about knives (you might even want to start carrying one yourself). Who knows? Maybe after listening to this episode, you’ll be inspired to launch your own online store for everyday carry enthusiasts.
Episode 4: D2C Jewelry Brand
Stefanie Taylor is the perfect example of a leader who knows how to read her market and adapt. She’s taken her 3rd generation retail jewelry company from $3M annual revenue to over $20M by being bold and pivoting her business model when necessary. If you want to learn more about being a successful entrepreneur, listen to our podcast with Stefanie herself.
Episode 5: Healthcare Fashion
If you’re in the market for a good cry, listen to our podcast with special guest Chat Razdan. The founder of a healthcare fashion brand, Razdan, is radically changing how hospital gowns and other medical devices look and feel. He founded his company without any experience in healthcare OR fashion, proving that anyone can make an impact in this industry. So pull up a chair, grab some tissues, and enjoy the story of one man’s mission to make healthcare more comfortable for everyone.
Episode 6: B Side: Urban EDC
The world is a big place, but it can be even bigger if you’re willing to explore. I think that’s what our guest today was trying to say when he told us how far his journey has taken him – from Wall Street right into coding school and then onto taking tests selling headphones on Amazon! Listen up because this podcast could give insight to anyone who doesn’t know where their passions lie or how they should use them as an income source with a special guest: Yong-Soo Chung.
Episode 7: Adult Toys (and MORE)
As a self-taught entrepreneur, Anna Dee quickly learned that the best way to succeed was to dive in and figure things out as they came. Starting with handmade items on Etsy, she soon expanded her offerings and developed her website for her now wildly popular dildo business. That little venture turned into five successful companies, including a warehouse, online store, and community, where she teaches others about entrepreneurship and maintaining a positive mindset. Be sure to listen to this fun podcast about extraordinary and unique products.
Episode 8: Antimicrobial Copper Phone Cases
Say hello to Nick O’Brien, the quintessential entrepreneur who didn’t let a global pandemic stop him from achieving his dreams. He co-founded a phone case company in quarantine and navigated the challenges of setting up a Shopify site and finding a manufacturing partner. And if that wasn’t impressive enough, his company even got featured on Good Morning America! How did he do it? Get ready to take some notes from this podcast and turn your quarantine ideas into a real business.
Episode 9: African-Inspired Fashion
Meet Chioma and Uchenna, the entrepreneurial sisters behind the booming African-inspired fashion brand Cee Cee’s Closet NYC. From humble beginnings selling their wares at pop-up shops to being featured on NYC billboards, these ladies know how to make a splash in the business world. So how do they turn social media content into brand loyalty? It’s all about authenticity and connecting with their audience on a personal level. The sisters share key lessons learned during their journey, like the importance of taking risks and staying true to your mission.
Episode 10: Vegan Cookie Dough
Erica Rankin is the mastermind behind Brodough, a vegan cookie dough company taking over Canada with its delicious and healthier-for-you treats. What started as a mere idea in Erica’s head blossomed into a full-fledged business, despite her lack of prior entrepreneurial experience. In this interview, we get to hear about Erica’s journey and learn some valuable tips for aspiring entrepreneurs. So if you’re looking for some culinary inspiration or just want to hear a delicious success story, be sure to give this podcast episode a listen.
Episode 11: Cold Water Smoking Pipes
Even if you’re not in the market for a smoking apparatus, Rich’s story is exciting and provides insight into what it takes to be a successful entrepreneur. He has over 20 years of experience in the retail industry, which gives him the knowledge and skills necessary to design, manufacture, and market his products. If you are looking for inspiration or want to learn more about what it takes to start your own business, check out this episode of Objects! with ShipHero.
Get Inspired to Start Your Business Journey
It’s always exciting to see and hear about successful entrepreneurs constantly blazing their trails and setting new goals. They serve as examples of what is possible and inspire us to think outside the box and push ourselves to do better. So go ahead and check out some of their stories, and remember– entrepreneur or not– never stop dreaming big.
Be sure to subscribe and follow Objects! With ShipHero on both iTunes and Spotify for even more success stories in season two. Thanks for tuning in!
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Objects! with ShipHero is a detailed, 360′ exploration of eCommerce and shipping one object at a time. John Wakim, your new host and ShipHero Head of Partnerships, will drill into the details to help you make sense of this world. If you have an object that you want to profile, please send a note to John Wakim at pitch@shiphero.com.
Click HERE to Listen on iTunes. Click HERE to Listen on Spotify.
About the host: John Wakim is the Head of Partnerships at ShipHero and Host of the Objects! With ShipHero podcast. As an early-stage entrepreneur with experience in SaaS, eCommerce, and retail, John has a diverse background. His innate ability to embrace challenges head-on makes him an early adopter at heart. No matter if he’s working alone, with an in-house or remote team, with a vendor, or with an agency, John can wear many hats and roll up his sleeves and work relentlessly to meet goals.
Oct 21, 2022 | Blog
Between priority shipping demands and expected free returns offers, it’s no secret that clients today want more from the businesses they shop. In light of these requirements, the technology used in warehouses is more important than ever. Luckily, smart warehousing means that companies have options when it comes to staying competitive. From inventory counting drones to the use of AI in logistics, smart warehouse technologies offer a number of benefits, including improved productivity, greater accuracy, and fewer accidents on the job.
The Importance of Smart Warehousing
Among the many benefits of smart warehousing technologies is the opportunity to protect your workforce from harm. By optimizing warehouse processes and utilizing AI where possible, companies can keep mistakes to a minimum while cutting down on accidents and injuries. In fact, studies show that utilizing warehouse robots could reduce both lifting injuries and those resulting from physical fatigue.
Just as smart tech protects workers, it can also lower your operating costs. By leveraging automation, businesses can empower their human labor team to focus on more specialized and technical tasks while also cutting picking errors. With current rates standing between 1 and 3 percent, companies that don’t go smart risk draining profitability by a whopping 13 percent overall.
Get to Know These Smart Warehousing Technologies
The good news is that the technology used in warehouses can go a long way toward helping your business better serve its clients while benefiting your bottom line. By simplifying the picking and packing process, you can empower your team to do more in less time while cutting costs company wide. Here are some of the ways automation and AI in logistics and supply chains are helping companies like yours achieve their goals.
Warehouse Management Systems
Smart warehousing technologies can give you access to critical warehouse data at the click of a button. An end-to-end warehouse management system like the one available through ShipHero offers expedited reporting, real-time statistics, and superior planning abilities. As a bonus, companies can streamline and automate many warehouse functions, allowing them to distribute labor where it can do the most good. The end result is both improved warehouse flexibility and better relationships with employees, suppliers and clients.
Autonomous Vehicles in Logistics
Incorporating automation and AI in logistics can have a big benefit on your bottom line. Also known as AGVs, automatic guided vehicles allow for the efficient storage of heavy materials while helping companies automate the receiving process. According to a report by PwC, the digitization and automation of these processes have the potential to reduce logistics costs nearly 50 percent by 2030. As a bonus, utilizing more autonomous guided vehicles can help protect your workers from injuries on the job, including muscle strains, falls, slips and repetitive motion injuries.
Drones in Warehouse Management
Inventory counting drones are another way for businesses to use technology to their advantage. Not only can drones easily scan barcodes and RFID tags, but they can also alert warehouse workers about the number of units in stock at any given time. The end result is that inventory disparities are found faster and with less effort from staff. Additionally, drones can help boost safety and minimize the number of dangerous tasks performed by workers.
Work Smarter, Not Harder
There’s a reason that new technologies often make a big splash when they are first introduced. The amount of work they can do, and the amount of stress they can take off the labor force is astonishing.
Smart warehousing technologies can have a profound impact on your bottom line. By incorporating AI and warehouse drones into your current management, you can save on costs while doing your part to protect the people who have helped make your business the success it is today.
If you want to find out more about ShipHero’s smart Warehouse Management Software, we invite you to talk to one of our sales team members today.
Maggie M. Barnett, Esq., is the COO of ShipHero
ShipHero
About the author: Maggie M. Barnett, Esq., is the COO of ShipHero. She is responsible for planning and executing the overall operational, legal, managerial and administrative procedures, reporting structures and operational controls of the organization. Barnett’s greatest strengths are leadership, risk mitigation, change management and a passion for business transformation. She is known for her expertise in delivering operational excellence and an ability to provide guidance and mitigating risk. Her leadership of ShipHero is grounded in a servant mentality, always doing the right thing for our stakeholders. Her passion for ShipHero comes from the ability to drive operational excellence throughout the organization impacting the lives of our employees, customers, and partners.
Follow Maggie on Twitter & LinkedIn.
Oct 17, 2022 | Blog
When you’re running an eCommerce business, an important factor in online success is keeping your inventory organized. The best way to do this is by using a coding system. SKU in supply chain management and eCommerce is an essential tool that helps business owners know exactly what’s in stock in their inventory.
In a competitive market, eCommerce businesses have to keep up with the desires of their clients, which means it’s imperative to keep products relevant and accessible. This has to include having a clear picture of available inventory since clients want to be sure their desired product is available before making a purchase.
What is the Definition of SKU?
The acronym SKU stands for stock keeping unit. It’s a digital method used to track products by converting data about each product into a combination of letters and numbers that can be tracked by computer software.
This is an efficient identification system that uses information that’s unique to your business and helps to differentiate products from each other. It makes it easy for your team to locate and identify products being sold through your eCommerce shop.
SKU Structure
Each business can design its own structure of SKU identifiers. These identifiers refer to key pieces of information based on a product’s most important characteristics such as:
- Brand
- Style
- Color
- Type
- Size
- Price
- Warehouse location
The information provided by SKUs provides a lot of important information such as sales data and what products need to be reordered. As products are sold and SKUs are scanned, it’s easy to see which items are selling well and which variations of the same product are more popular.
How Using SKUs is Crucial to Managing eCommerce Inventory
Businesses retain historical data on the SKU level. This is crucial to inventory management because SKUs allow you to track the movement of inventory and to know exactly where a particular product is at any given time.
When an item is sold, it’s automatically removed from inventory. This makes it easy to determine what items need to be restocked. Data on SKUs also provides information on product popularity and sales trends.
How Do SKUs Compare to UPCs?
SKUs meaning isn’t the same as UPCs (universal product codes). Most people are familiar with UPCs, the barcodes that can be read by a scanner. While SKUs are scannable codes just like UPCs, there are some key differences between the two. These differences include:
- A UPC barcode identifies a product, and the same UPC identifies the same product carried by different businesses.
- A UPC contains only numbers.
- An SKU is an alphanumeric combination that’s unique to your business, so the same product sold at a different company would have a different SKU.
UPCs are always 12 numbers and always include barcodes. SKUs may be printed with or without a barcode and may vary in length.
SKU Productivity Definition
SKU productivity refers to evaluating the effectiveness of your SKUs by comparing the number of SKUs that are live on your site to the number that resulted in sales. Before doing this comparison, deduct items that have been returned.
Calculating SKU productivity gives you important information about products that don’t sell as well as expected. It makes it possible to get a better idea of what your customers are looking for so that you can satisfy demand and keep your product selection relevant. Low-performing SKUs can be swapped out for those that customers are more interested in.
Is Your SKU Level Too High or Too Low?
From the client’s perspective, one reason to limit SKUs in the supply chain is that too many SKUs mean too many options. While consumers don’t want to be limited to only a few choices, they also don’t want to be bombarded with so many options that it’s impossible to make a decision.
An SKU level that’s too high may lead to analysis paralysis on the part of consumers as they try to select a product from a large number of choices. Another reason to limit SKUs is the manpower required to maintain too many SKUs. In eCommerce, each item often requires uploading images, videos and product descriptions, which can be a time-consuming task, especially if a large number of SKUs don’t lead to sales.
Using the Right Number of SKUs in eCommerce
Your eCommerce team’s focus must be on products and SKUs that are most apt to lead to sales. A lower number of SKUs with higher quality images and more detailed descriptions is likely to lead to better results.
With information about SKU trends, decisions can be made about possibly purchasing fewer of the products that aren’t selling as well and more of those that are most in demand. Using SKUs helps eliminate guesswork. Whether your eCommerce business is large or small, SKUs in supply chain management are a vital tool for effectively managing your inventory.
To find out more about ShipHero’s fully outsourced fulfillment solution, talk to one of our Fulfillment Experts today.
About ShipHero
ShipHero is a US-based, leading solution provider in the fast growing eCommerce fulfillment space. ShipHero served over $5 billion of eCommerce orders in 2020 and is growing rapidly. ShipHero provides warehouse management software for brands that operate their own warehouses as well as outsourced fulfillment as a service from ShipHero owned and operated North American warehouses. Some notable customers include Universal Music Group, Glossier and Canadian Tire. ShipHero is a Shopify Plus partner and more than 10% of Shopify Plus stores globally use ShipHero.
Follow us today on Twitter and LinkedIn.
Oct 17, 2022 | Article
Conducting an Inventory Audit
Periodically conducting an inventory audit is an important part of effectively managing an eCommerce business. During an inventory audit, financial records are double-checked against inventory records which is a good way to make sure records are accurate. This may uncover possible issues such as damaged or missing items.
An eCommerce business may perform an inventory audit at any time to check inventory on hand in order to get a better idea of where things stand. Businesses may choose to audit all or part of their inventory periodically. Regular inventory audits can help prevent inventory shrinkage and can identify issues such as SKUs that are consistently off.
How Often Does an Inventory Audit Need to Be Done?
An inventory audit should be done at least annually. An inventory auditor may engage in a variety of inventory audit procedures to confirm that the amount stated as inventory is accurate. An annual audit may be done each year for tax purposes or it may be done to get a clear idea of what products are on hand and when they need to be restocked. An inventory auditor may be someone on staff or a third party from an outside auditing company.
What Methods are Used to Verify Inventory?
To describe methods used to verify inventory, it’s a good idea to start with your inventory audit objectives. Every inventory audit includes counts of inventory and data analysis and is a way to check inventory to ensure it matches the information within your automation system. Examples of methods that may be used to verify inventory include:
Full audit
This method involves counting all items in stock, which may be time-consuming. To obtain accurate results from this method, you’ll need to pause the actions of your business while the count takes place. Cutoff testing ensures that nothing goes in or out of the storage areas while the inventory audit is done. This means operations such as shipping and receiving are paused.
Cycle count
Using this method, you cycle through part of your inventory based on SKU. Selected products are audited each cycle rather than auditing the entire inventory at once. One way to divide inventory for partial auditing is by using ABC analysis. This means grouping items by value such as “A” products are high-value items, “B” products are mid-tier and category “C” consists of the lowest value products.
ShipHero has a cycle count feature that makes it super easy to execute this inventory method. Check out this video to find out more.
Spot check inventory
Another approach is to periodically do a physical inventory of just a few items. Regular spot checks may make it unnecessary to do an audit of your entire inventory very often which may be the best option for large companies with a large number of items in stock.
A partial inventory count may be done periodically to make sure items counted match inventory records, and if they don’t match, a full audit may be done. An eCommerce business must consider not only stock that’s on shelves but also stock that’s in transit to and from the fulfillment center.
Inventory Auditing Best Practices
Accurately tracking the value of your inventory helps you to budget for future inventory decisions. Auditing inventory can be time-consuming but devices like barcode scanners can help track inventory electronically. Point-of-sale tracking using SKUs allows for real-time tracking of inventory balances keeping inventory counts up to date and providing important information on what stock needs to be replenished.
Warehouse audit best practices include auditing items in the warehouse and reviewing the effectiveness of warehouse processes. This includes determining whether warehouse operations are complying with safety standards and policies. Having two people count each item and checking that their numbers match is a good way to improve accuracy.
What is an Inventory Findings Report?
Once an inventory audit is completed, an inventory findings report is done to provide detailed information on the value of your inventory which offers clarity on inventory accounting. This report can identify operational errors, help identify any inefficiencies in current inventory procedures and provides information needed to make budgeting decisions such as deciding whether to discontinue certain items that may have a surplus or it can provide insights into where funds could be redirected. Routine inventory audits provide one of the best ways to optimize inventory control.
Does Your eCommerce Business Need to do an Inventory Audit?
If your eCommerce business is small, you may think inventory audits aren’t yet needed, but audits can be beneficial whether your business is large or small. Performing regular inventory checks helps you implement good inventory management practices that will continue to benefit your company as it grows.
When you’re running an eCommerce business, effective inventory management helps you to have a handle on the size and condition of your inventory. Regular audits enable you to make sure that you have what you think you have in stock, and that you have enough inventory without having too much. When you know exactly what’s in stock and where it is, your business will run more smoothly and efficiently for your staff so that they can better serve your clients.
For More Information About ShipHero
Whether you want to let go of running your own warehouse, or run your warehouse better, you can do both – and so much more – with ShipHero.
Click HERE to Schedule a Meeting with Our Sales Team.
About ShipHero
ShipHero is a US-based, leading solution provider in the fast growing eCommerce fulfillment space. ShipHero served over $5 billion of eCommerce orders in 2020 and is growing rapidly. ShipHero provides warehouse management software for brands that operate their own warehouses as well as outsourced fulfillment as a service from ShipHero owned and operated North American warehouses. Some notable customers include Universal Music Group, Glossier and Canadian Tire. ShipHero is a Shopify Plus partner and more than 10% of Shopify Plus stores globally use ShipHero.
Follow us today on Twitter and LinkedIn.
Oct 17, 2022 | Blog
Operations management in eCommerce refers to what goes on behind the scenes to make an eCommerce company successful. A big part of operations management is inventory management, which is an essential part of running a profitable business.
Effectively managing your inventory means having a good grasp on what items are in your inventory and how they should be stocked going forward. The 80-20 rule in inventory management can give insight into what products are in demand and which are delivering the most profitability.
What is the 80/20 Inventory Rule?
The Pareto Principle is a well-known concept that states that approximately 80 percent of results come from 20 percent of causes. There are many possible applications of this principle in the business world.
In eCommerce inventory management, the 80/20 rule shows that 20 percent of a company’s inventory generates 80 percent of sales. If you apply this rule to your current inventory, the next step is to determine what products are in the 20 percent that are generating most of the sales or profits. Shelves should be stocked with these products at all times.
Deciding What to Do with Lower Performing Inventory
Clearly, eCommerce businesses need to increase the on-hand stock of items that fall in the 20 percent range of what is considered high-performing inventory. At the same time, decisions have to be made about how to manage inventory that may not be performing as well.
For products that aren’t in the 20 percent that are most profitable, consider those that are in the middle of the range and think about what needs to change to make these items more appealing to clients. Those that have been identified as the least effective performers may need better marketing or may need to be replaced with different products.
What Are Some 80/20 Rule Examples?
There are many examples of ways the 80-20 ratio may be applicable in the business world and in everyday life. Consider a few of them:
- Staff – 20 percent of a company’s staff is generating 80 percent of the profits.
- Clients – 80 percent of sales come from 20 percent of clients.
- Wealth – 20 percent of the population possesses 80 percent of the wealth.
- Complaints – 20 percent of your clients are responsible for 80 percent of complaints against your company.
- Accomplishments – 80 percent of your accomplishments happen during 20 percent of your invested time.
- Web content – 80 percent of your web traffic is driven by 20 percent of your web content.
- Projects – 20 percent of your work projects produce 80 percent of your stress.
- Effort – 20 percent of effort leads to 80 percent of results.
The main thing to be learned from the 80/20 rule is to look for the smallest things that are producing the biggest results. Work toward eliminating the 80 percent that’s not producing the results you’re looking for, or look at what changes could make a difference.
Applying the 80/20 Rule to Operations Management Decisions
Decisions must be made in operations management that affect the future results of a company. Using the 80/20 rule can provide important insights into many aspects of your eCommerce business. It’s a powerful guideline that can help managers identify where success and profitability are coming from and what strategies may need to be revised.
Analyze data and trends to find out the top 20 percent of categories such as best-selling products and sales that are improving. Are the items that are the top sellers the same as the items that are delivering the most profitability? Consider what items in the bottom 20 percent could be discontinued without creating a lot of client dissatisfaction.
Better Inventory Planning with the 80/20 Rule
When the 80/20 rule is applied to inventory, the insights gained can help you to fine-tune your inventory planning strategies and better align your decisions with the desires of your clients. This knowledge helps you to have a better idea of what items should be kept in stock.
Keep in mind that the 80/20 rule is a guideline but it’s not a guarantee. New products and services shouldn’t be discarded too quickly. Products that haven’t made it into the top 20 percent may still have the potential to generate profits somewhere down the line with the proper marketing on social media or other sources.
Continuous Monitoring
Using the 80/20 rule provides reliable timely data that can be used to improve profitability and reduce costs. Eliminating products that are selling poorly can reduce inventory held in warehouses and the costs associated with them.
Applying the 80/20 rule to operations and inventory decisions in eCommerce isn’t something that should be applied only once. Continuously monitor what products are boosting profits and what changes might lead to better results. Work to identify the 20 percent of business resources that are producing 80 percent of your results and focus most of your efforts on optimizing that 20 percent.
To find out more about ShipHero’s fully outsourced fulfillment solution, talk to one of our Fulfillment Experts today.
Click HERE to Schedule a Meeting with Our Sales Team.
About ShipHero
ShipHero is a US-based, leading solution provider in the fast growing eCommerce fulfillment space. ShipHero served over $5 billion of eCommerce orders in 2020 and is growing rapidly. ShipHero provides warehouse management software for brands that operate their own warehouses as well as outsourced fulfillment as a service from ShipHero owned and operated North American warehouses. Some notable customers include Universal Music Group, Glossier and Canadian Tire. ShipHero is a Shopify Plus partner and more than 10% of Shopify Plus stores globally use ShipHero.
Follow us today on Twitter and LinkedIn.
