Strong eCommerce inventory management is a key characteristic of successful eCommerce brands. Not only does accurate inventory tracking allow you to fulfill and ship orders on time, but it also enables you to update your eCommerce site in real time, keeping customers informed.
3 Tips to Optimize eCommerce Inventory Management
Inaccurate order fulfillment, unhappy customers and negative brand perception are symptoms of poorly managed inventory, and they can result in your competitors scooping up your customers. The good news is that these missteps are easily avoidable if you’re proactive about eCommerce inventory management.
Not sure where to start? Don’t worry. Follow these tips and you’ll be on your way to better inventory management:
- Track inventory in real time. Maintaining and tracking inventory in real time gives you the ability to accurately manage warehouse levels and keep your eCommerce site up-to-date. Dedicate resources to ensuring products are carefully and consistently managed. With a constant eye on inventory, you’ll avoid misunderstandings with customers who think the item they’re ordering is in stock.
- Identify the velocity of products. Velocity is the measurement of how quickly a product is sold as it sits in the warehouse. Understanding the velocity of your goods allows you to make more informed inventory decisions. If a product hasn’t sold more than 10 units in three months, you might want to consider liquidating the remaining units and increasing the stock of more in-demand products.
- Turn warehouse numbers into reports. In-depth inventory analytics and velocity metrics are great, but you need a way of sharing and referencing these numbers to keep up with strategic eCommerce inventory management best practices. As you continue to sell and your brand grows, it’s important to implement a robust reporting strategy. This means either leveraging reporting software or partnering with a fulfillment company that generates reports for you. Reporting is an excellent method for determining what immediate adjustments can be made.
Achieving strong eCommerce inventory management can feel like an obstacle course. And as a growing brand, it’s easy to stumble or miss a step if you attempt to handle inventory in-house. To ensure you’re effectively growing your inventory management program, consider partnering with an experienced eCommerce fulfillment partner.
Dotcom Distribution Makes eCommerce Inventory Management Simple
In a crowded multichannel marketplace, top-notch fulfillment and inventory logistics are more important than ever before. At Dotcom Distribution, we use the latest warehouse technology and solutions to streamline inventory management for your eCommerce brand. When you partner with us, advanced analytics, scalable solutions and reliable resources are at your fingertips.
Our latest eBook, “Emerging in eCommerce: A 360º View From the Inside,” walks you through what it takes to enhance your eCommerce inventory management strategy.
To learn more about Dotcom Distribution’s inventory logistics services, contact us today.