As the manager of an eCommerce store, you have your plate full. In addition to setting up, orchestrating, and managing the online store’s traffic, data, and business analytics, you’re accountable for the visual inventory management on the site as well.
Of all your responsibilities, this is perhaps the biggest one because it affects the visitors to your site and their willingness and commitment to return and purchase in the future. If the visual inventory management blueprint on your site is not updated, easy to access, and a breeze for your visitors to find their way around (without getting lost), it’s time to rethink it and improve it. Here are five ways to effectively organize and manage your online inventory:
Tip #1: Maintain solid systems.
You must have efficient and reliable systems in place for quality control, inventory tracking, and purchasing from your suppliers to run efficiently. Without organized systems, you will not have the capacity to scale in the event of unexpected growth or a market shift.
Tip #2: Implement the right visual inventory management software tool.
Use inventory management software that can automatically track the sales on your online store and adjust your inventory account so that it is always in sync with sales trends. Being aware of which store items get the most clicks and which items make the most sales will help a merchandiser quickly identify how to organize the above-the-fold section of its catalog. For catalogs that are large enough to be paginated, advanced analytics tools can help suggest which items should exist on the first few pages to optimize sales.
Tip #3: Adhere to good old-fashioned accountability.
Granted, you’re managing the movement of merchandise on your company’s website, but you don’t exist on an island! Ideally, you have created a dependable team of workers around you who understand the meaning of accountability. Enforce that.
If you have staff photographing your products, ensure they present each product in the best light. If you have a group of workers doing quality assurance checks on items, create incentives that will encourage them to find problems with merchandise (before it gets shipped off to the customer) so that they grow accustomed to perusing the inventory with a keen eye.
Holding your staff accountable inspires them to take pride in their work, to work collaboratively, and to realize the value in their individual role with your organization.
Tip #4: Streamline your inventory management.
It doesn’t matter how organized or stunning your online store looks if you are out of merchandise. By streamlining your supply chain management system, you can optimize both your inbound supply and your outbound fulfillment processes in real-time.
With a state-of-the-art inventory management solution, you can anticipate, control, and respond to the demand of your customers’ buying behaviors. From one location your visual inventory management process will be quick, easy, and up-to-date.
Tip #5 Challenge minimum order quantities (MOQ) and price quantity breaks.
You do not want a surplus of inventory that is not moving. Collaborate with your suppliers to reduce their costs of setting-up your orders. Or, consider proposing an annual commitment agreement so that your supplier can build the entire MOQ for the year, yet ship the inventory in small quantities. With a state-of-the-art software solution, you’ll be able to know what’s selling, what’s not, and what needs to be ordered before it runs out!
Your job is difficult, but it doesn't have to be tedious. Work smarter, not harder and invest in state-of-the-art merchandising software.
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