Inventory management is an essential activity involved in any business and requires efficient control to reap great returns. Maintaining an ideal inventory management system is also a pivotal tool to drive your sales and achieve great success in eCommerce. You can target good sales if you manage your product inventory efficiently. To boost sales and to prevent situations like ‘Out of stock’ and products getting completely ‘Sold Out’ follow below measures.
A. Averting Low stock situations :
- Make sure that you have sufficient inventory
- Avert procurement delay from suppliers
- Plan accordingly for a promotional activity
- Take care of seasonal fluctuations and requirement demand
B. Factors for Managing inventory:
1. Ability to forecast future sales accurately: For sales forecast, take care of the average past sales, expected future sales growth and sales fluctuations like promotional activities and seasonal variations.
2. Ordering concepts: Sufficient stock should be maintained keeping procurement delays and sudden high demand in mind. Keep track on number of days the inventory will last so new and the right quantity of orders could be placed timely.
C. Keep Stock Keeping Unit (SKU) Updated :
Always update SKU whenever new stock is added or a product’s price changes. You can update inventory in two following ways:
- Single SKU updation: Single SKU update is used when you change details of the catalogue for only one single product. In Catalogue, you will select single product and update for its change in price, MRP, quantity or any other field if any.
- Bulk SKU updation : Bulk updation is used to update SKU for multiple products in a single go. To execute this, select ALL Tab-Product Details and then select the products for which you need to update the SKU and download the CSV file of the selected products. Open the downloaded file, make necessary changes in the fields, save as a CSV file and upload this new file of catalog updation.
Maintaining enough stock and regular catalogue updation is essential from time to time for effectively managing an inventory. This will also surely attract customers to come,browse and purchase your products.
For any issue or assistance while uploading, updating CSV file or managing your inventory you can get in touch with us via the Support tab on the top-right of the Seller Panel.