How To Manage Stock Inventory
To manage stock inventory, especially across multiple suppliers can become increasingly difficult, so you need to make sure you’re doing a good job of it, otherwise you’ll lose your customers.
That’s why using stock inventory management services such as Storefeeder or Linnworks will help you to manage your inventory, synchronise your stock levels, and create and manage your listings automatically.
Take a look at a recent Guest Blog for some of the common pains in eCommerce and Multi-Channel Retailing.
What should you do to prevent the event of out-of-stock products?
Multiple Suppliers: Using multiple suppliers is a huge advantage, because this will improve your order fulfillment. For example, if your first supplier doesn’t have the stock in, then there’s a good chance your other supplier does. This is normally the route that many merchants go down. Relying on one supplier alone may end up in many complications. Additionally, choosing multiple suppliers that carry – not all – but some of the same stock is realistically what you are aiming for.
Interchangeable stock: Using suppliers that carry interchangeable stock allows you to create a generic product description to fulfill orders from either supplier. Listing both suppliers’ model numbers in the model field also means you can forward an order invoice without making any major changes.
Check Suppliers Items: Checking which items are consistently in stock with your suppliers will give you an idea on what you can sell at a regular pace. Selling stock that your suppliers only regularly have will result in seeing you offer refunds and losing your customer base.
Freebies: We spoke about this earlier on in this article – offering a complimentary upgrade, or refund will help to keep that customer relationship strong. You may not make any money from this, but if the customer cancelled the order, you’d have made no money either way.