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7 Ecommerce Inventory Management Best Practices You Should Follow PowerPoint PPT Presentation


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7 best practices to take care of inventory management for your online store. Follow these to setup a smooth supply chain for your ecommerce business. Get a robust inventory management software for your online store that helps you manage purchases, stocks, documentation, stock keeping, etc and automated routine tasks like generation of purchase orders and invoices.

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7 ecommerce inventory management best practices you should follow

[email protected]

7 Ecommerce Inventory Management

Best Practices You Should Follow

For an ecommerce business to succeed amidst the increasing competition, there

are a few central things which should be managed proficiently. Among these,

proper Inventory management is vital to the smooth running of a business.

Choosing the products you want to sell, and setting up a proper business model

to source products and a way to make them available to customers is an

important part of any business.

But how do you manage your inventory? What are the aspects you should take

care of? Not every business owner is an efficient supply chain expert and hence,

need guidance on the same. The first step in the right direction in this regard

would be to get a robust ​inventory management software for your online store

​https://store.biztechconsultancy.com


7 ecommerce inventory management best practices you should follow

[email protected]

that helps you manage purchases, stocks, documentation, stock keeping, etc

and automated routine tasks like generation of purchase orders and invoices.

But even to get the best out of any software you should know how inventory

management is done. Here’s a list of 7 ​ecommerce inventory management best

practices​​ that will get you started.

1. Priority Stock Up

To ensure that your best selling items are never going out of stock, you should

regularly check that they are enough in stock to ship to the next customer.

Going ‘out of stock’ for the popular products on your site can be destructive for

your business. Other products which might be seasonal or shows one or two

sales now and then can take this for once, but high priority merchandise should

be reordered immediately after the product is ordered by a customer (not

waiting for the actual shipment process.

2. Drop Shipping

Drop shipping almost means that you never run out of stock without even

having a physical inventory. What merchants do is take up the order and engage

drop shippers to pick up the product from the supplier, pack it, and send it to

the customer. The customer needs not to know if any third party had been

engaged in the transaction. This also doesn’t come to be hassle- free. You need

to continuously sync in with the shipper for updates regarding inventory, order,

and delivery. You can then convey the order status to the customer. But it’s

worth the effort. It also allows you to offer a huge array of products to your

customers and enhances customer satisfaction.

3. Immediate Inventory Updates

You should keep a close check on your inventory. As soon as a product is sold,

you should get the space refilled immediately. Don’t postpone it to a certain

time after sales, your next order could be in another half an hour, so keep

yourself geared up for that by having immediate updates and take quick actions

by sourcing that product at the earliest. If you fail to do so, it’s not good for your

businesses revenue sheets. If your site shows a certain product is in stock and

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7 ecommerce inventory management best practices you should follow

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the customer is later informed about the unavailability, you might lose the

customer for life.

4. Cross-Platform Inventory Management

If you are selling across platforms, you need to be more vigilant with your

inventory. For separate channels, manage different warehouses and inventory

records or you might end up messing it. If a product is out of stock and any of

the channels fail to update it, a customer might order the product and you are

left with no option but to inform them later that it’s out of stock. Therefore, you

must make it a point to handle all channels efficiently. You can also take help

from ecommerce inventory management software which helps you integrate

the channels and manage the inventory.

5. Managing Variety of Products

Stocking up your inventory timely gets more difficult when you are dealing in

variant products. It can be easy to stock up items like books or kitchen

accessories, but the same goes complicated when you are dealing in apparels

and footwear. That’s because you don’t just need to refill a particular design or

color for apparels or similar items, but different sizes as well. A proper and full

inventory means having all the sizes, in all designs and colors ready at any

moment. So, if you are dealing in businesses like these, it would be difficult to

keep a check through the e-commerce platform and will need a proper

inventory management solution to ensure that your stock is updated.

6. Kits and Combos

When you are offering products as individual items and as a part of combination

sets as well, you need to keep a check on these products. If any of these

products go out of stock individually and you don’t take heed, you might not be

able to ship the kit/combo on time and that’s definitely not good for your

business. You can also engage in partnership with a third party to manage

responsibility for collecting the combination products from different sellers,

pack it, and ship it. Your inventory remains intact and your customer satisfied.

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7 ecommerce inventory management best practices you should follow

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7. Calculate Re-Stocking Time

Managing an ecommerce store means sourcing products or raw materials from

different sellers and further putting them up on sale. When you are sourcing

products from different sellers, you should know in advance of the time they will

take to send out certain products. Note that they are actually re stocking the

items within that time period. Synchronization with your sellers is as much

important. When you know how much time is required for you to get a product,

you can plan to restock your inventory accordingly. If you are ordering raw

materials, you need to speed up a bit as it takes time to get the final product

that is to be shipped to the customer. So, calculate the average time it takes to

restock a product and plan accordingly.

Conclusion

Though it is true that it’s not easy to run a hassle-free business, but it is certainly

not impossible. If you align your strategies properly with the day to day activities

of your business, the sail will be much smoother. If you once get a formula

which works fine for the kind of products you deal in, your inventory would get

much easier to manage. But as no particular thing fits for all, you need to come

to that stage where you have discovered it yourself. Once you know how buying

and selling goes swiftly for your e-commerce, you can follow it to grow your

business further and generate more sales and revenue.

Resources:

https://store.biztechconsultancy.com/blog/ecommerce-inventory-man

agement-best-practices/

Reference :

https://store.biztechconsultancy.com/magento-mobile-inventory.htm

https://store.biztechconsultancy.com/magento-mob-admin.htm

https://store.biztechconsultancy.com/magento-mobile-pos.htm

​https://store.biztechconsultancy.com


7 ecommerce inventory management best practices you should follow

[email protected]

​https://store.biztechconsultancy.com


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