Just Say No to Empty Cupboards

Using inventory management as a business tool can actually save your business.
 
It’s a concept as old as time: you can’t sell what you don’t have. That’s a lesson many ecommerce vendors are learning the hard way.

Overselling your products without tracking your ability to fill orders can quickly sour customers on current and future visits. No one wants to see “out of stock” after they’ve made an initial selection. And no, it doesn’t entice with the knowledge that they’ve chosen a popular item. They will go elsewhere.
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For merchants navigating the ecommerce jungle, challenges are plenty. Conquering inventory issues can help assure a seamless experience for customers while keeping you apprised of what is a big seller and what is a shelf-hanger.

If you’re drop-shipping, this means a constant status check. Do you stock your own items onsite? You’ll still need a workable inventory management scheme.

Surveys show that nearly half of all small-market brands (sellers) neglect this element of online commerce. Don’t be a statistic. Here’s what you can do:

1. Use a centralized inventory system. These computer-based programs provide instant access to what’s on hand, and are self-maintaining as orders are fulfilled.
   
   
2. Inventory velocity. This semi-scientific system offers a pattern-based glimpse of which products sell better than others, putting you ahead of the game.
   
   
3. Forecasting. Be proactive by studying available research on market conditions that predict consumer buying habits.
   
   

Among many impressive choices for implementing inventory management through optional computer programs are SKUVault, Ordoro, InfoPlus, Fishbowl, and Cin7. Each has unique customizable features, so spend some time examining them for compatibility. Your business is not like everyone else’s. Use something that works.

The bottom line on your bottom line is simple. The most attractive, put-together site peddling the most sought-after goods will ultimately fail if those goods can’t be supplied. Inventory management could be one of the top concerns for successful ecommerce players.

Got a favorite inventory management system? Tell us about it in the comments.