Inventory Management Explained

Inventory Management Explained

Post by Expandly on 14th August 2017

Tags:

Amazon

,

Ebay

,

Etsy

,

Expandly

,

Inventory

,

Inventory Planning

,

Multichannel Management Software

,

What’s the Problem?

You have three items for sale:

You’re smart and want to increase the number of ways that customers can reach you so you list them on multiple sales channels: Amazon, Etsy and eBay (as well as your web cart like Shopify WooCommerce BigCommerce):

A happy customer comes along and orders all three via Amazon – Great!

Unbeknown to this, another happy customer comes along five minutes later and orders three via Etsy – Not so great.

You now have six orders but only three products. You’re out of stock and you’ve oversold; meaning that one customer is going to be happy and the other not so much.

This is bad for customer feedback, brand image and reputation, in addition to affecting your chances of achieving things like the Amazon Buy box. But you’re no superhero; you can’t instantly and simultaneously update all your sales channels upon someone depleting your stocks. Or can you?

Enter multichannel management software:

One of the many benefits of multichannel management software is that you get live inventory management, which does more than you might think:

 

Automatically Syncs Stock

 

A sale on one channel will automatically trigger an update of stock levels on all channels – meaning no more overselling.

 

 

Cross-channel stock level dashboard

 

You can view a central up-to-date record of your stock levels, across all your channels, and run inventory reports – giving you better insight as what stock is selling best where.

 

 

Kits and Bundles Management

 

If you sell your products as kits or bundles, multichannel management software automatically deducts the individual items from your stocks – saving you time.

 

 

Re-Order

 

 

You can see when stocks are about to run low so you can re-order – meaning no more out of stock issues.

 

Manage Returns

 

 

Your stock is kept up-to-date across all channels when you receive returns – allowing you to sell it again.

 

 

What Does This Mean for Me?

All of this means that:

1. You Save Time

No longer do you need to manually update individual channels and update your own central records. Inventory management means that you can spend more time and resources on the important stuff – like managing your business, driving sales and having some downtime.

2. You Save Money

Saving you time saves you money. Whether that’s people costs or you being able to devote more of you to increasing sales. Plus, multichannel inventory management software is affordable. Expandly caters for the small business – offering you a manageable fixed monthly fee that is affordable and budgetable.

3. It’s Easy

You don’t have to do anything. Everything is happening automatically in the background, removing some of the stresses and worries that you don’t need in your life.

4. Confidence

You can be confident that your sales channels are showing accurate, real-time information and that there is no room for human error.

5. Central Real-Time and Accurate Information

Which makes reporting and planning your business a whole lot easier plus you can do it remotely (hello holiday!)

6. Happy Customers and Brand Protection

You won’t get unhappy customer number two because you will be able to fully manage your stock issues, being aware when things run low so that you can reorder. In the unlikely event that something does fall out of stock, customers will be fully aware that the product isn’t there right now but they can pre-order – managing expectations. This all leads to positive customer experience and that all-important positive customer feedback, reviews and repeat business – all thanks to inventory management.

 

Not all superheroes wear capes y’know!

 


See How It’s Done

 

Schedule a personalised, one-to-one demo and discover how Expandly can improve your inventory management, increase business efficiency and drive business growth.

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