Time and again reports suggest that people who visit eCommerce sites have a strong buying intent. If they are looking for a product on your store and find it ‘Out Of Stock’, they wouldn’t hesitate in switching to your competitors. If you expect them to wait till you replenish your stock, you need to come out of the picture-painted world!
Managing your inventory is essential for the smooth functioning of your eBay store. It helps you in tracking your stock so that you can anticipate when it would run-out and replenish it well in time to ensure continued selling of products.
According to a report, 43 per cent e-retailers ranked inventory management as their biggest issue. You can take the help of eBay Inventory Management Services in order to ensure that your inventory acts as an asset (that can be encashed in time) and not a blockage for your financial resources.
In order to ease eBay store maintenance, the following techniques can help in nailing your inventory management-
1. First-in first-out policy (FIFO)- In order to avoid unnecessary wastage and your products getting outdated (and therefore become unfit for selling), you should sell your old stock and not the newly added stock first. Over the time, product packaging can deteriorate. Practicing FIFO becomes even more important in case of perishable products.
2. Contingency planning- While you are selling your products online, everything might not go, as intended. You should be prepared for situations like-
- Shortage of storage space due to rise in popularity for a product
- Extremely slow or no sale for a product blocking large space in your warehouse
- Having orders lined up but your manufacturer is out of products
- Cash shortage resulting in failure in buying a product having high demand
3. Managing products as per their sales likelihood- All the products sold by you do not carry equal significance for your business. However, you have to continue selling products with moderate sales simply for keeping your customers intact and be competitive. In case of storage crisis, you need to attribute higher importance to high-selling products.
4. Opt for Dropshipping- With the expansion of products that you sell, managing inventory can be really difficult. In case you do not want to acquire additional storage space and would like to refrain from selling your products using a third-party seller, Dropshipping can be your cup of cake! You can opt it for certain products or carry your online business purely based on this model.
5. Management of Returns- When buyers return your products on account of defect, make sure that these products are processed and reach the respective supplier/manufacture in order to avoid any confusion and blockage of your storage space.
Effective management of your inventory is important as it is directly related to the expenses you incur in acquiring additional stock and how much you can sell at a given point of time. In order to sell your products when they are demanded, you need to keep your inventory in a good state. For this, your eBay store maintenance needs to be under regular check.
Specialists at QuikTek Info have years of expertise in offering eBay Inventory Management Services. For availing a free trial, you can write to us at firstname.lastname@example.org