Inventory management is vital for always ensuring you always have the right products in stock for your clients. It’s particularly important in the e-commerce field, since if your clients can’t find what they’re looking for on your site, they’ll just click over to another one. To increase your sales and keep your customers happy, here are four inventory management tips for your e-commerce clients.
Implement a Tracking System
Tracking your entire inventory is essentially to filling orders in time. Ideally, you should have a system in place that records when an order is placed, when products for that order are pulled from the shelves, and when that order is marked as shipped. This way, you’ll always have a current count of exactly what you have on the shelves, which will prevent back-order mishaps.
Additionally, it’s important to keep track of the last time a product sold. If you haven’t sold a specific item for over a year, there’s no reason to keep having it in stock. Reducing low-selling items will allow you to broaden your inventory to include better-selling pieces.
Organize Your Inventory
Chances are, your warehouse has thousands of various products in different styles, shapes, and colors. Keeping all this organized and accessible will require a specific method of categorization. One such method is the ABC classification system, which places things in order depending on their value and documentation. Items with an A classification have a high value and require lots of records to ensure there is no product loss. However, items with a C classification have a low value, and therefore don’t have to be monitored as closely.
Perform Regular Inventory Counts
Even with the most careful organization and tracking systems in place, it’s still a good idea to perform an inventory count every few months to make sure you’re not suffering too much product loss. Instead of shutting down order fulfillment for an entire day or making your workers stay overnight to do a product count, try printing a stock count sheet for just a certain group of items.
You can make the inventory counting process easier and more efficient by renting a telescoping boom lift. This will enable you to reach high places with ease and move large pallets of items without requiring huge amounts of manpower.
Build Solid Supplier Relationships
If you’re receiving products from suppliers, it’s important to choose reliable vendors. If shipments are arriving late on a chronic basis, you might have to reevaluate your relationship with this supplier. Any delay in receiving your products could ultimately affect your customers, destroying their trust in your business. Make sure to monitor all shipments to ensure their timeliness, and bring up any recurring issues directly with the supplier.
By following these inventory management tips, you can improve the functioning of your warehouse. Customers will receive their orders on time, supplies will always be in stock, and you won’t be wasting space storing unwanted products. Over time, these techniques may even help your business outgrow its current space and blossom into a thriving enterprise that leads your industry niche.