Inventory management refers to the process of overseeing and controlling a company's inventory. This includes the ordering, storage, tracking, and disposal of inventory items. Effective inventory management is crucial for ensuring that a company has the right amount of stock on hand to meet customer demand while minimizing costs associated with overstocking or stockouts. It involves forecasting demand, setting minimum and maximum stock levels, monitoring inventory levels, and implementing strategies to optimize inventory turnover and reduce wastage. Inventory management plays a key role in e-commerce and marketing as it directly impacts a company's ability to deliver products to customers in a timely manner and maintain customer satisfaction.
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