If you’re running an e-commerce business, then you know how important it is to stay on top of inventory.
If your e-commerce store sells physical products, then the inventory management process should be a big priority. Not only does it affect customer satisfaction and order fulfillment rates, but it can also have a significant impact on your bottom line.
That’s why we put together this list of e-commerce inventory management tips. It will help you optimize your processes for maximum efficiency.
Get a Handle on Your Inventory
The first step in effectively managing inventory is to get an accurate and detailed picture of what you have. Without knowing exactly how many products you have, it’s impossible to determine whether the right numbers are being ordered from suppliers.
To do this, admins will need access to each product record to see product dimensions. If you’re storing inventory in a wide span shelving unit, this will also provide the space needed for each item to be displayed and measured.
Also, some businesses opt to use barcodes or RFID systems to identify products. Either way, it’s important to know what you have in your inventory.
Don’t Order Too Much
You don’t want to run out of inventory, but you also don’t want to order too much and have a lot of excess stock. This is especially true for products that are seasonal or otherwise in demand only at certain times.
Online retailers can utilize tools like Google Trends to help them figure out which items will be hot sellers during specific periods. That way, they don’t overstock their inventory and waste money on products that aren’t selling.
Also, it’s wise to have a good relationship with suppliers so that if they’re running low on popular items, they can inform you right away. This gives you time to place an order before the product is completely sold out and unavailable for purchase.
Have an Efficient Shipping Process
One of the biggest factors in inventory management is how quickly products get to customers after ordering. It’s not good enough for orders to come through if it takes too long and your customers end up canceling their purchases.
The best way to ensure a smooth shipping process is to have an efficient warehouse operation. One way of doing this is by implementing a wide span shelving unit. Good inventory management strategies with the right warehouse equipment are key to getting products from your supplier as quickly as possible.
Stay on Top of Order Fulfillment
Keeping up with inventory management means staying on top of order fulfillment. This includes monitoring the number of orders coming in and how quickly they’re being fulfilled. It also includes monitoring whether there are any issues along the way that could slow things down or result in a lost shipment.
You can stay ahead by investing in warehouse technology that will help you keep tabs on your inventory. For instance, you might want to invest in a barcode scanner that quickly identifies products.
E-Commerce Inventory Management Best Practices
Making e-commerce inventory management a priority can transform your business for the better. When you keep track of what’s in stock, when it’s ordered, when it ships out and how fast you’re fulfilling orders, then your business will be able to run smoothly.
And that means happier customers who are more than likely to return in the future for more purchases.
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