Managing inventory is a crucial part of online ecommerce business missing this part can lead to loss of sales and more importantly new customers, whether it is an online business or a departmental store all of them has their own methods to manage inventory and stocks to avoid facing trouble with their sales.
Set Standard Levels:
Setting a minimum amount of products at any time can avoid loss of sales by lack of items in inventory, a prompt should be given when reached the minimum levels set for any item. Analyze and keep proper records of sales graph to understand at what times a particular product sales graph goes high or low. Set levels for that product as per demand mostly you will notice a change in graphs in seasonal items like winter clothes or swimsuits in summer and in festive seasons when there is a high demand of most of the items.
Close Analysis of Market Trends:
Checking out data from the previous year you can predict when sales graph will go high for an item and when you will need it most this will give you a prior idea so you can manage stocks before time, this prediction is only possible when you take a deep analysis of last year’s data. Take that data for any product and compare it with this year’s growth graph to get an estimate for the quantity you need this year for that product.
Keep Track of your Stock:
Every successful business always keeps the track of their stocks and check it at least once a year for missing products and the quantity of each product in the stocks it is a good practice, not just check out products with high value you should every single product in the stock even if it’s not an interesting job this will provide you with valuable data that you can further use to manage your inventory.
Get Rid of Old Stock:
Even with proper management some items in storage can get wear and tear in their packaging either because of time or due to improper management of products in warehouse, list these items first on the store as their condition will get worse by time this will avoid loss of product by damage, make sure that the old stock should not be in a condition that it will leave a bad impact on your customers, delivering products with bad packaging will damage your store’s reputation in the long run.
Build Strong Relationships with Suppliers:
In every aspects of a business keeping good relationships always benefits, keeping a good communication with suppliers and managing healthy relationships will allow you to negotiate the prices and you can also ask them to fulfill an order with minimum quantity, suppliers always gives preference to the sellers those they trust and have long relationships with, so try to build a strong relationship with your supplier as it will help you a lot in times when you need an urgent delivery of shipment with large quantity when demand goes high.
Checking out data from the previous year you can predict when sales graph will go high for an item and when you will need it most this will give you a prior idea so you can manage stocks before time, this prediction is only possible when you take a deep analysis of last year’s data. Take that data for any product and compare it with this year’s growth graph to get an estimate for the quantity you need this year for that product.
Every successful business always keeps the track of their stocks and check it at least once a year for missing products and the quantity of each product in the stocks it is a good practice, not just check out products with high value you should every single product in the stock even if it’s not an interesting job this will provide you with valuable data that you can further use to manage your inventory.
Even with proper management some items in storage can get wear and tear in their packaging either because of time or due to improper management of products in warehouse, list these items first on the store as their condition will get worse by time this will avoid loss of product by damage, make sure that the old stock should not be in a condition that it will leave a bad impact on your customers, delivering products with bad packaging will damage your store’s reputation in the long run.
In every aspects of a business keeping good relationships always benefits, keeping a good communication with suppliers and managing healthy relationships will allow you to negotiate the prices and you can also ask them to fulfill an order with minimum quantity, suppliers always gives preference to the sellers those they trust and have long relationships with, so try to build a strong relationship with your supplier as it will help you a lot in times when you need an urgent delivery of shipment with large quantity when demand goes high.
Set Preferred Items:
Inventory management allows you to set your preferred items so you can get a new chance to invest in new items in demand, with a close analysis of sales data we calculate what products are selling most and can list new items in the same category for more sales as an example if noticed that there is a continuous high demand for say a fidget spinner than you can invest and list new items for that category the same is applied for every product listed on your Shopify ecommerce store. This will give you a new opportunity to increase sales.
With an experience of more than 10 years in managing online ecommerce store, Gtechwebindia provides a complete range of solutions for Shopify ecommerce store, from product inventory management to market analysis our team is helping grow online businesses all around the world for more info on how we can help visit our website at https://www.gtechwebindia.com/shopify-product-entry.html or give leave us a message at info@gtechwebindia.com
