How to Reduce and Avoid Phantom Inventory in Your Business?
Inventory is an important part of business especially in sectors such as the retail sector and online business. For the retail sector inventory is the source of revenue generation. According to the blog of Conveyco about inventory statistics, “The average U.S. retail operation has an inventory accuracy of only 63 percent”. When there is only an accuracy of 63 percent there are bright chances of phantom inventory existence in business! In this blog, you will know how you can eliminate phantom inventory! But first, let us know what exactly it is! So, let us begin! What Is Phantom Inventory? Also Read: Everything You Need to Know About Phantom Inventory Phantom inventory is that inventory that does not exist in the business for utilization. It means that according to your data you have inventory available but when you check physically you don’t have stock. Phantom Goods can lead to business loss as your real inventory is either stolen or missing. Moreover, you will also los...