As is the case for any business, one of the most important assets of an e-commerce or online store is its stock. You can’t keep up with the demand of your customers if your stock management requirements aren’t met. Conversely, keeping a high inventory level is just as detrimental. You might see a lot of your stock go stale and remain unsold, resulting in losses to your business.
That said, it’s very important to reach the necessary stock management requirements, especially for e-commerce businesses. Your online store might increase its customer base when you keep your customers satisfied as you keep up with their orders. Fortunately, technology has now provided new tools you can utilize, making it more accessible to streamline your business’ store and stock management requirements.
In this guide, you’ll learn about improving your online store’s inventory system by keeping track of the necessary online store and stock management requirements. Read on to learn more.
Automate With An Inventory Management System
A manual inventory system should be enough when your online store is still in its first few months of operation. Once your operation expands, a manual system might no longer be sufficient. Stock management is a long and tedious process that can also be quite time-consuming. As your online store grows, your workload will become heavier.
This is where automation comes in as an advantage. You can execute CartRover Shopify integration or similar systems to your online store’s website, so you can receive real-time updates on your stock. As soon as a customer completes an order or a purchase, these systems can automatically reflect those changes in your stock or inventory levels.
With automation, you don’t just have an efficient inventory system—you also have an accurate one. That way, you can reduce human errors significantly.
One of the most frustrating parts of running an e-commerce store is the possibility of returns. Returns can be higher in online businesses as customers don’t get to touch and see your products in person, unlike in a physical business. Especially when you’re selling clothing or retail, the possibility of returns is even more prevalent.
It’s not just disheartening to have a false hope of a sale, but it’s also added work on managing stock levels when you’re consistently bringing back products to your warehouse. The key to managing this smoothly is proper time management.
Once a customer initiates a return, note it immediately as soon as the same product is brought back to the shelves. Make that change to your system, and don’t wait until later. That way, you can show this change on your website or online store and you can put the product back on sale. Of course, you can put the item back on sale if it did not have any defects in the first place.
Identify Proper Minimum And Maximum Stock Levels
Once your online business has been operating for at least a few months, you may already have a clear idea of your minimum and maximum stock levels. Identifying this number is crucial so you know when to and when not to re-stock.
When your stock is reaching the minimum, you should be alerted that it’s time to get new stock. Doing this promptly minimizes delays in orders due to stock unavailability. Alternatively, it can also translate to potential lost profits when you have a customer who wishes to add a sold-out item to their cart.
Your entire warehouse team can operate more efficiently and smoothly when you set minimum and maximum stock levels. This enables you to streamline inventory management efficiently, so you always keep the right numbers. Fortunately, most inventory management systems have this feature built in to them so you can keep track of your stock levels.
Underscore The Importance Of Shipping
Never underestimate the importance of shipping. You need to highlight and underscore this part of the sale to a great extent. Remember that shipping times also affect your business’ ability to maintain your stock levels.
There are many facets when you consider shipping. For example, note how long it takes your suppliers to ship orders from their location to your warehouse or office. Knowing that time frame ensures you order new stocks at the right time. Add a day or two as an allowance to your supplier’s time frame to make way for freight delays, which can also be unavoidable.
Being this particular about time and shipping days also reduces delays in your online store when you’re still awaiting the arrival of stocks. You have what you need at any given time, ready for whenever a customer places an order.
Ensuring you consistently maintain your stock levels for your online business is crucial to your growth and success. If you’re not careful with maintaining your stock levels, you can affect your business’ stability adversely. It’s challenging, but thanks to technological advancements in e-commerce, you won’t leave your business hanging with unreplenished stocks.
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