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Stockouts mean lost sales. Period. And, Q4 isn’t the season for falling down on good inventory management practices. Supply chain challenges that are out of your control might be to blame for some of your inventory issues but here are 4 things you can control to avoid stockouts: |
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Invest in integration software – The goal is to have one inventory feeding all sales channels and updating in real-time. With so many software options catering to the ecommerce boom, there’s no reason to rely on manual processes to enter and adjust inventory on multiple platforms. It not only takes up valuable time and resources, it leaves you vulnerable to lost sales. Find a solution to integrate and automate this step so you can get back to growing your business. |
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| Get good at forecasting – One of the most important elements of inventory management is finding the balance between having enough inventory without having too much. Calculate your safety stock level, use demand forecasting to identify data-driven trends and be sure to account for seasonal promotions and marketing efforts, especially going into Q4. |
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| Establish a back-up for Amazon FBA – With Amazon cutting back on inventory allocations for many sellers, it’s important to establish a back-up plan. If you don’t have the capabilities in house to fulfill orders, partner with a 3rd party fulfillment provider who can meet the metrics for Amazon FBM – Fulfilled by Merchant. This allows you to quickly shift to your FBM listings and avoid losing sales when your FBA inventory runs out. |
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Hire an expert – Prior to the pandemic, Inventory Control Management jobs in the U.S. were on the rise. It’s safe to assume that trend has continued and for good reason. Managing inventory can be one of the most challenging aspects of your ecommerce business, especially if you don’t have dedicated resources or rely on manual processes. Depending on the size of your business, hiring an expert might mean adding someone to your team whose sole focus is your inventory and warehouse operations or it could mean outsourcing to a 3rd party who has the technology and processes to manage your inventory and provide actionable reporting across all of your sales channels.
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Nothing good comes from running out of stock when there's demand for your products. Make sure you're ready for the busy holiday shopping season with a sound inventory management strategy. |
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