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 After all, their data is constantly somewhat outdated, which limits their operational agility.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 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.