Replenishing Your eCommerce Stock for Optimal Sales
To be successful online, you must ensure your store is adequately replenished with fresh new items regularly so that customers have plenty of options to choose from. This blog post will provide an overview of stock replenishment, the best practices for eCommerce stock replenishment, and tips for ensuring your eCommerce business always has enough stock for optimal sales. Read on to learn more! What is inventory or stock replenishment? The procedure of shifting goods from reserve storage to warehouse picking shelves, where it may be collected for order fulfillment, is referred to as inventory replenishment (or stock replenishment). Stock replenishment is a regular DTC (direct to consumer) activity that ensures the proper items are accurately stocked in the right quantities. 5 best practices for eCommerce stock replenishment 1. Reevaluate your demand projections Predictions that are accurate serve as the foundation for stock replacement. DTC businesses may better handle unpredictable patterns and unstable supply chains by forecasting client demand. While always crucial, its significance has grown as eCommerce firms face new difficulties due to delays and interruptions. The more accurate your estimates, the simpler it will be to meet demand and keep stable stock levels. Therefore, you may make sure your projections come true by reevaluating your demand estimates. 2. Streamline cooperation between related sectors Collaboration in current DTC scenarios extends beyond weekly team meetings and company-wide emails. Artificial intelligence (AI) is being used by several DTC vendors today to improve cooperation across their brands’ operations. Collaborative mobile robots, for instance, can improve replenishment by fusing picking and replenishing tasks into a single fluid operation. These robots employ artificial intelligence to direct warehouse staff along the most productive replenishment routes, lowering mistakes and increasing production. 3. Keep a close eye on real-time inventory data The truth is that static spreadsheets won’t provide you with a clear view of how your inventory is performing. You can only unlock growth with real-time data, which gives you the inventory insights you need. This is because companies using spreadsheets to manage their inventory are usually more than a few days behind. After all, their data is constantly somewhat outdated, which limits their operational agility. Meanwhile, gaining significant insight into product movement and supply chain activities requires real-time inventory data. Your company will be able to make operational decisions that are wiser and more informed, which will enable development. 4. Enabling BackOrder Although it may not come easy to everyone, BackOrder is a terrific way to fast-track stock replenishment. Using BackOrder, stores can allow customers to continue making purchases even when inventory has hit zero. During this time, you and your team can strategize about customer fulfillment and future stock plans to reduce out-of-stock periods. 5. Automate stock replenishment Automating your eCommerce stock replenishment process is perhaps the simplest method to improve it. For instance, you may prioritize what stock to carry at which locations and determine reorder points using warehouse and inventory management software. You can also send replenishment reminders. To do this, you can try using Atom8 – a no-code automation application to solve key eCommerce tasks. Stores use Atom8 to auto-replenish stocks once the condition of zero inventory is met, even when no one is physically checking inventory. By connecting Atom8 to different apps, you can even automate your eCommerce store inventory workflow by up to 80%! In Conclusion, In the world of eCommerce, having adequate and timely stock can make or break a product launch. Without the right inventory management plan, you run the risk of running out of crucial products and potentially losing potential sales. So contact us today to do the best implement for your eCommerce stock replenishment process.
Preventing Out-of-Stock Situations in eCommerce
It’s an all too familiar feeling for any eCommerce store. Your sales chart starts to rise, customers add products to their carts, but then instead of checkout, orders start dropping, and your shop suddenly encounters a dreaded out-of-stock situation – leaving customers looking elsewhere for the same item. In this blog post, we’ll discuss just some critical ways for out-of-stock prevention and keeping your business on track without overstocking. What Is a Stockout? A stockout or out-of-stock (OOS) situation happens when a company runs out of a particular item and can’t complete client orders. The opposite of an overstock is when there is an excessive amount of inventory of a product with low demand. Stockouts can occur at any stage in the supply chain for various reasons, such as production delays brought on by challenges obtaining raw materials or retail shelf unavailability caused by inadequate inventory management techniques, or unexpectedly increased sales. Must-know ways for out-of-stock prevention in eCommerce Boost the accuracy of your inventory Stockouts may unintentionally result from inaccurate inventory counts. And out-of-stock prevention requires minimizing human error. By routinely checking and updating stock levels, businesses may prevent inventory problems, but doing so manually increases the chance of rare mistakes. In order for inventory data to be updated and communicated throughout a centralized system in real-time, it is more efficient to use an inventory management solution that enables employees to scan things as they are received and picked to fulfill orders. Make cycle counting a regular habit Closing the store regularly to do a comprehensive inventory count is important but not always feasible. Cycle counting – measuring and inspecting a small number of SKUs regularly — may be far more efficient. Inventory teams can use it for auditing inventory amounts and checking that absolute counts match what’s stated in a spreadsheet or inventory management software. Enabling BackOrder Timing is crucial for out-of-stock, losing out on potential customers is as heartbreaking as it is preventable. Have a plan to enable BackOrder functionality for when your inventory runs out so customers can keep purchasing. Set a BackOrder threshold so if inventory goes any lower and there is no certainty that resupply will occur in time, you can safely pull the product out of rotation. Calculate lead times The lead time, or the duration between placing an order and receiving it is essential for determining the reorder point. It is also a crucial aspect to consider when evaluating potential and present suppliers. In general, shorter lead times are desired since they can reduce the cost of carrying inventory. When products are selling out more quickly than expected, shorter lead periods might be helpful. Boost your planning skills One key aspect of doing company is being able to predict client demand effectively. Of course, customer demand might suddenly and drastically change, making forecasts useless. However, in most situations, demand forecasting may assist in maintaining inventory levels at an appropriate level, assisting in out-of-stock prevention, shortages, and overstocks – and ultimately saving money. Consider consumer patterns and seasonality to enhance forecasting abilities. Additionally, think about implementing an inventory management system that delivers data and insights automatically to support predictions. In Conclusion Out-of-stocks not only turn away potential customers but also damage customer loyalty in the long run. But with some vital inventory management steps in place, it’s possible to prevent such situations entirely while keeping your costs relatively low. An easy first step is to try out BackOrder – BigCommerce’s leading inventory management application. If you have any concerns about the topic of out-of-stock prevention, please don’t hesitate to let us know, we are happy to support you with our expertise!
