Do you own an e-commerce store? Are you looking to improve productivity, increase profits, and have a more successful year all-around in 2022? If so, one of the things you may want to address is inventory management. Taking better control of your inventory and introducing new practices, techniques and tools can help your e-commerce store to operate more seamlessly. Here are four tips for inventory management that are ideal for eCommerce stores.
The Top Priority Should Be Organization
If there is any tip worth taking, it is to embrace organization. The organization helps any business to run smoothly. It saves time and it helps to limit the number of issues and even mistakes that may happen. Organizations can look different for each business, so it's a matter of finding tools and processes that work for your company. The organization is also something you need to place emphasis on if you have employees, as everyone needs to be on the same page for it to be effective.
Use Smart Devices for Scanning
Because just about everyone has a smart device on them at all times nowadays, why not harness the power that those mobile devices offer? Smart devices, such as a smartphone, can be used for such everyday tasks as barcode scanning, thereby eliminating the need for traditional, clunky, and slow handheld scanners. With the use of barcode scanning software in the form of an app, smart devices can be used for scanning, UPC lookup, and many other standard processes. It’s a great way to stay on top of inventory management so that your eCommerce store reflects the true quantities.
Find the Right Level of Stock to Keep on Hand
This is a tip that businesses of all sizes and in all industries can struggle with. Figuring out what the right amount of stock to keep on hand is, is important from a costing standpoint, as well as sales, marketing, and even customer satisfaction. You want to be sure that the popular items are in stock, while at the same time not over-stocking needlessly.
The best way to find the right level of inventory to stock is to be sure you’re using inventory management software that allows for tracking and reports to be generated. This will give you the inside look at what sells, what doesn’t, trends, and so forth. Without this kind of information, you are essentially flying blind.
Consider Doing a Physical Inventory a Couple of Times a Year
The final tip is to reconsider how often you are taking a physical inventory of your products. For many businesses, this is done once a year and there is usually a lot of stress leading up to it. Not only that, but should anything get missed - your inventory will be wrong potentially for the next year. You may want to do your physical inventory twice a year, or even quarterly.
Inventory management shouldn't be something you pass off as unimportant, as it plays a huge part in your profits. This is exactly why all of these tips should be considered.