3 Tips for managing the inventory of your online store

Efficient inventory management is one of the most essential needs of any business and also one of the most challenging activities. As in conventional stores, inventory control is also a task of paramount importance to the success of e-commerce. Selling to your customer a product that you don't have the time or can't deliver, you risk seriously compromising the relationship of trust established with the consumer, and ultimately, the good reputation of your company.

To avoid this and other logistical problems damaging to the image of your virtual store, putting a good inventory management task into practice is more than essential. If you know how to manage your inventory effectively, take a look at the 3 well-selected stock management tips from your eCommerce!

First, consider the type of your business

Before defining the best form of inventory management for your virtual store, you must have an exact knowledge of the company and its operating system, as well as its audience and the type of products you sell. These characteristics directly influence inventory management.

Answer this question: Does your eCommerce use the web as a platform for distributors or your products? Are they custom made by you and your employees? The answer to this central question directly affects the decision making to manage the actions, the influencing factors, such as the volume occupied by the product and the estimated budget.

Nowadays, e-commerce works with two main types of actions:

Empty Deposit: Some online retailers simply choose not to carry inventory. Therefore, they make the purchase of products as the demands appear. This strategy is indicated for entrepreneurs who do not have much capital to invest in stocks. However, it was warned: implement a good dose of trust in your suppliers, that they must be harvested by hand and work in good harmony with your store is required.

Traditional Stock: In traditional stock, the entrepreneur normally handles more requests and a higher level of demand, which requires closer monitoring of the company. In these cases, a physical and necessary storage space is needed to keep it in order care. Good supply and demand management is also crucial for traditional populations.

Maintain strict control

In order not to lose track of the products being sold or have an excess of obsolete products, it is essential to maintain strict control of the exit and entry of merchandise from your electronic commerce. Everything that is available in the warehouse, all the transactions carried out (these inputs and outputs of the products) must be duly registered to control.

To facilitate the activity (which can be very complex, depending on the level of demand and requests from the virtual store), you can make use of an inventory management system of specific software and other tools specific to the activity. Excel spreadsheets and good old paper and pen are other options, it all depends on your type of business and your preferences for the organization. The important thing is to record transactions on a regular, weekly basis if possible.

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Know the products with the highest performance

To ensure a good supply of stocks, in line with demand, it is necessary to have a clear idea of ​​what the highest performing and lowest performing products are, as well as to know the replacement frequency of each item.

Also remember to consider seasonal periods. On holidays such as Christmas, Valentine's Day, and Mother's Day, you should make a good prediction of the production of certain products in order to control inventory and meet demand.