Good inventory management is the cornerstone of any successful eCommerce enterprise. The smoother and more efficient your inventory management system, the less likely you are to run into costly errors and setbacks. So here are a few key tips for better inventory management:
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The holiday season is the highest inventory turnover time of the year. As inventory levels change, so should your eCommerce store. Time and time again, we stress the importance of moving items with low inventory to the bottom of the page so that such products are not taking up prime spots on your online store. This is even more important during the holiday season when the hottest items can be depleted in a matter of hours. This is why it is recommended to merchandise your online store daily this holiday season. In addition, trends are constantly changing. One day a product has no sales and the next it is featured on a talk show as the best gift for dads this season, immediately making it a hot item that needs to be featured.
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As a customer, there is nothing more frustrating than finding an item you love only to realize the store doesn’t have your size in stock. For example, we have all found ourselves going through discount racks and finding several items that we love, only to realize they are all size XXL. You finally give up and leave the store empty handed.
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It's that time of year again — when online shoppers begin combing their favorite retail sites looking for sales and clearance deals. It's also the time time when digital merchandisers are tasked with clearing out the last inventory of the season to make space in the warehouse for next season's hot new items.
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When weatherman Phil Connors, played by Bill Murray,labels himself a god in the mid-90s classic, Groundhog Day, it's as much a declaration about how much he knows as it is about his apparent immortality.
"Maybe God isn't omnipotent," he posits, after rattling off intimate details about seemingly perfect strangers in a diner, "Maybe he's just been around so long, he knows everything."
Knowing everything about shopping habits and customers’ preferences has long been a retailer's dream. But until big data analytics came on the scene, that "everything" was elusive.
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The major job of merchandising your online catalog to increase conversion rates can be overwhelming!
Just the sheer amount of data an online merchandiser needs to digest in order to make smart digital merchandising decisions can require a huge team of employees:
As a successful eCommerce merchandiser, you understand how easy it is to get lost in the seemingly never-ending flow of data available at your fingertips.
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