Good inventory management is the cornerstone of any successful eCommerce enterprise. The smoother and more efficient your inventory management system, the less likely you are to run into costly errors and setbacks. So here are a few key tips for better inventory management:
Inventory management is more than simply selecting quantities from a supplier and placing an order. A savvy inventory manager fosters communication and builds business relationships with his or her suppliers. This will make your suppliers more willing to work with you to solve problems and more willing to negotiate with you on things like price lists and minimum order quantities, which could end up saving you tons on restocking, returns and inventory in general.
Know Your Top-Sellers
Customers hate seeing that ‘Out of Stock’ notice on their desired item. And because online shoppers now have an endless selection of alternate eCommerce sites to choose from, if you don’t have it, someone else will. If you’re inventory is properly managed, you’ll never accidentally run out of anything at all. But this is especially true when it comes to your core, top-selling items. Your top-sellers are the lifeblood of your business, they’re the key to return customers, so it is imperative that you have a system in place to track, monitor and instantly reorder your core inventory when stock dips below par.
In eCommerce management, access to reliable real-time data is absolutely crucial to keeping inventory flowing smoothly and cutting down on costly mistakes and stock issues. In fact, according to infomatica, outdated, inaccurate, or otherwise poor data can cost your business up to 30% of its revenue, which is simply an unacceptable margin of loss. Real-time analytics will help you track your inventory and stay up to date on every step of your supply chain, enabling you to meet customers’ demands and respond to supply chain issues the moment they arise so your customers never run into the dreaded ‘Out of Stock’ notice.
Get The Right Tools for the Job
In order to be effective with inventory management, you need the right merchandising tools in your arsenal. Software programs like Smart Merchandiser from Zobrist Inc. have become indispensable for eCommerce professionals everywhere. From small operations to enterprise-level eCommerce giants, the right software can streamline your supply chain, cut down on losses and mixups, and help you monitor inventory levels and stock data across all platforms and sales channels in real-time, making your job easier and saving money for your business.