Inventory management is one of the most complex and critical operations for an eCommerce business to maintain proper growth and profitability. It’s an art and needs to be managed carefully to keep up with demand, costs, and customer service expectations. Any company that has been selling on the internet for any significant amount of time has experienced inventory pain points.
In this article, I will help you understand the importance of product inventory management for e-commerce businesses. Whenever there is a sale, new launch or any special offer, it is very important to keep track of your products and inventory on a regular basis.
How to keep your eCommerce inventory organized
Organization is key to a successful business, and keeping your inventory organized is an essential part of that. Your inventory is your livelihood, and it’s important to keep as much information about it as possible.
Start by creating an inventory spreadsheet that captures all of the details you need to know about each product. Who made it? What materials were used in its construction? What is the size and weight? Does it come in any other sizes or configurations? What SKU do you use to track this item in your inventory and sales reports?
The Importance of eCommerce Inventory Management
Software allows you to add, delete and track inventory levels of your products. It also keeps an eye on the stock status so that you can restock when the stock runs out.
Product inventory management is an integral part of e-commerce business. You need to keep track of the inventory and know the status of your products in order to run a smooth business. There are multiple tools out there which can handle this task for you, but if you have a budget constraint then you need to have a look at free tools.
Why use inventory management software for eCommerce?
There are two main reasons why a business owner should use an inventory management software. The first is to streamline the inventory management process and keep your business running as smoothly as possible, the second is to help you become more competitive in your market.
Streamlining inventory management processes can be achieved by:
1) Creating a central repository for all inventory data and information.
2) Accurately calculating your current, average, and maximum inventory levels at any given time.
3) Automating inventory adjustments to reflect sales and purchases, and automatically updating other applications like accounting and ERP systems.
How to create a good inventory management system for your ecommerce store?
A good eCommerce inventory management system is essential for every serious ecommerce store. There are many different ways of creating an inventory management system, and what system is best for you will depend on your circumstances.
The first step in building a good inventory management system is to decide whether or not you will be using drop shipping or stocking your own products. Some stores work with both, while others will only work with one. For example, most clothing stores that sell shirts and other apparel items use dropshipping because they can’t possibly have enough stock of the thousands of products they sell. Stores that sell books,
Setting up an automated eCommerce inventory management system using a spreadsheet with Google Docs and Zapier
Automated inventory is one of the most important tools that any business owner can have in their toolbox. Having the ability to know how much stock you have on hand at all times and what your current sales are can give you a huge advantage over your competition, allowing you to make better decisions about orders and keep more cash in the bank.
Automatically send data from a Google spreadsheet into Shopify with the use of Zapier and Google Docs. This allows you to have an automated inventory management system.
Keep an eye on your inventory
You’re an entrepreneur, but you also run a business. You need to understand how much of your inventory is selling and how much is sitting in your warehouse. Keeping track of inventory can be a pain, but it helps you plan for the future and make proactive decisions.
There are many tools you can use for eCommerce inventory management, from small apps that help you track inventory from your phone or computer, to web based platforms that connect with your store. Each tool offers different features, so it’s wise to do some research and find the option that works best for your business
How to know how much inventory you need
When you’re selling a product on Amazon, you have no control over when your items will sell and how quickly they will sell out. That’s why it’s so important to know how much inventory you need upfront, before you start selling.
One of the ways to do this is through learning from your competitors. The easiest way to do this is by using CamelCamelCamel, which is a website that tracks prices for all products sold on Amazon. You can enter any ASIN to see its historical price movements, which makes it easy to determine whether or not to sell a product.
How Much eCommerce Inventory Should You Carry?
Having a good amount of inventory on hand is important because it gives customers more confidence in your business. It also helps you to fulfill orders quickly, which is important if you have a deadline to meet.
The truth is that you need to carry enough inventory to be successful, but not so much that you are risking too much money. You may need to have one of your suppliers or manufacturers help you with the inventory management until you get the knack for it.
Track your eCommerce sales and get rid of inventory deadweight!
Most companies have a hard time figuring out what their customers want. They waste tons of money on products that no one wants, and then they try to sell them anyway. The result is a whole lot of wasted time and effort!
What if you could look at your sales data and make sure you were never wasting your time on a product that nobody wanted? How much would you save? What if you could exclude the deadweight from your sales pipeline, the people who never really had any interest in buying anything?
You invest a lot of time and money in your product. You want to be sure that your customers are successful and that you get paid for your hard work.
If you’re selling through a marketplace, like Amazon, you probably have some other people who handle the product fulfillment for you. But if you’re running an e-commerce store, you’ve probably had to deal with this yourself at some point. If things go well, it’s not much of an issue, but if they don’t, you might be stuck with a lot of deadweight sales.
Use automatic re-ordering to save time
If you’re managing eCommerce Inventory for multiple websites, then you’ve probably implemented a re-ordering script. Although this is a great strategy for Amazon affiliates, it’s also an incredible time saver for the merchants themselves.
When the merchant sets up automated re-ordering of products, they can do so with a single click. The order will be filled and shipped to the customer at the same time, and that customer will likely come back for more in the future.
How to get more customers with content marketing?
In today’s world, it’s becoming more and more difficult to get people to notice your business. In fact, some studies suggest that the average attention span is down to 8 seconds, which means you have a mere moment to make an impression.
This makes content marketing all the more important for growing your customer base. Content marketing is a form of marketing that focuses on creating and distributing valuable, relevant and consistent content to attract and acquire new customers.
When done right, content marketing can be a powerful tool for growing your business. Book a strategy session with our qualified team of specialists for strategic tips for writing great articles, blogs, and other content to attract and retain more customers.
