October 27, 2020
How to Effectively Manage Your Online Inventory
Summary: When it comes to online inventory management, it can be a difficult task to keep up with and keep track of if you do not know what you are doing. That is why we put together 3 main tips for you to use when you manage your inventory.
Inventory management is something that is very important when it comes to selling online or in a store. It can be a difficult task to get right if you do not know how to effectively manage and take care of it. That is why you should always research and test methods for effective inventory management. Listed below are some helpful tips on how to manage your inventory and make selling easier.
The first thing that you should do is prioritise your inventory, doing this allows you to easily see what you are selling and what you are not. By keeping track of this you are able to see what is popular and what sells just that bit less. From this, you are able to get a gauge on when to buy new stock for your inventory at the right times. The best way for you to easily see when you need to reorder more products for your inventory is to do weekly checks on your stock levels to track how much gets sold every week. This then allows you to get average weekly sales for your products allowing you to know when to restock.
Another way to manage your inventory is to audit it. This goes with what was mentioned above, you should audit your inventory weekly to see what is selling and what is not. Allowing you to get clear sights on what products you need to restock more and it also allows you to see how well each of your products is doing, letting you know what ones are selling the least as well.
Another great way to manage your inventory is to invest in inventory management solutions. By using inventory management software you can easily manage your inventory, making things run more smoothly and efficiently. It can be rather daunting introducing third-party software into your business but if you find the right one for you, your business could soar. With inventory software, you could also make selling online on multiple platforms easy. Some inventory management solutions also offer multi-channel solutions as well. Allowing you to easily manage all your online stores from one place.
An example of this is to say that you connect your Amazon Seller Central integration to your multi-channel software and you then want to start selling on eBay but don’t want the hassle of doing it manually. Your multi-channel software can easily take your Amazon products and upload them right to eBay easily.
To round everything up, there are many different ways for you to effectively manage and track your inventory. The best solution for any business is to invest in an inventory management solution to help you run your business more smoothly.