Just like stocktaking and inventory administration has always been a crucial part of any traditional retail business, eCommerce companies need to keep a very close and exacting eye upon their inventories. If a business neglects its inventory, it can expect to run into some issues. Stock shortages can mean customer orders take longer to fulfill and at greater expense. Discrepancies between your inventory and what you ordered from your supplier can land you in hot water. Piling up new stock without adequately taking notes and managing surplus can make it almost impossible to correctly work out profit and avoid overstocking issues. Here are some tips for managing your eCommerce inventory easily.
Data Is Your Friend:
Data is king in the information age, and so as a businessperson, data is your friend. It can help you work out a long-term strategy, aid you in understanding your target audience, and give you new insights into your competitor’s development. Data can also be a huge help when trying to manage your inventory. By collecting and analyzing data concerning the amount of stock you sell, you will be able to project just how much you need to order. This will allow you to plug holes in your inventory before they even appear. Noticing patterns in stock data also allows you to identify peak purchasing times so that you can plan a stock strategy in the long term while taking surges into account.
Use The Right eCommerce System:
Make the whole process easier for yourself by using an established eCommerce system like WooCommerce. WooCommerce is an add-on for the hugely popular web building system WordPress that is geared entirely towards retail sites. It includes inventory management features that can save you a great deal of hassle. WooCommerce is a big player, with more than 40 percent of all online shops using the service. Because of this, there are plenty of good web design firms like magecloud.agency that can create bespoke WooCommerce setups for you. Pretty much any eCommerce system is easier to keep track of than a fractured multipurpose website.
Automate Stock Alerts:
Automation is all the rage in just about every field of business. It might sound futuristic, but automation has been creeping up on us since the first machines were installed in mills and factories. In inventory management, automation is useful for giving low stock, overstock, or surge warnings. In order for this to be achieved, you need to log every single item of stock that comes into your inventory. Using inventory management software, it is possible to set warnings well in advance. Many programs audit stock every single time a change is made so that in theory you won’t need to conduct any audits yourself. Of course, these programs are not fool-proof. If the staff does not correctly log the stock they take or bring in, then automated auditing will typically give false results and jeopardize your business.
However, it is a much faster process than doing it manually. Mistakes are more likely to occur from human error than the technology itself.