Every year, sellers usually look forward to special events like Christmas, Black Friday, etc., or product-preferred seasons that bring considerable customers and revenues. However, there are some obstacles that sellers need to confront before gaining expected turnovers. They all relate to seasonality stock management.
Today, we are here to help you prepare for the upcoming busy season with five awesome hacks for fulfilled seasonality inventory management.
5 Fabulous Hacks For Seasonality Stock Management
Understand Your Supply Chain
The supply chain plays a crucial and direct role in customers’ expectations. A smooth and trustworthy shipping process will ensure your product arrives at customers’ houses as scheduled without any mistakes.
Choosing the third-party logistics company suitable for your suppliers and distributors will help you reduce additional costs in busy seasons and thus maintain lubricated workflow and productivity.
Financial Track
If you manage multi-stores in busy seasons, there are some arising financial accuracy problems. The more orders are, the more complex bills and financial statements are. Due to the large numbers of orders, a small mistake can lead to considerable loss. The fulfilled financial track and well-controlled seasonality inventory allow you to manage products and cash flow.
Moreover, the specific and transparent financial reports will help you evaluate your companies’ cost-benefit in this hot sale season, predict new trends, and establish suitable policies.
Optimize Inventory System
As you know, the product is the backbone of sales. Manage products processes or control seasonality inventory well is the critical element for a successful hot sale season. In seasonality inventory management, there is something more than organizing the inventory.
You will deal with an enormous quantity of products and must decide whether to store all of them or not. If you want to put all of them in your warehouses, the storage costs will be considerably high. However, if you do not store it, your product’s workflow and shipping process may be disrupted due to unavailable items.
As a result, you need to take into consideration the significance of each kind of product, what products are in the top best-seller lists, and which potential products can help you earn a profit. Analysis and planning with automatic application supports will help you choose which product must be in your warehouses.
Activate Backorders
To be honest, over-purchasing is no longer a strange situation despite the careful seasonality stock management. Therefore, it would be better if you prepare some approach to confront this situation.
Backorder is one of the powerful tools to help you tackle out-of-stock status in BigCommerce platform. It can allow your customers to buy unavailable items to help you gain revenue with nothing in your warehouses. To do that, you need to pre-set all of your products with Backorder. Whenever they are sold out, the pre-order status will be automatically activated. As a result, it helps your sales avoid being disrupted and enables you to reduce customers turnover rates.
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Maximize Productivity
Effective seasonality inventory management enables productivity optimization. The complete order fulfillment, real-time tracking, immediate support, and transparent reports will give you chances to reduce unnecessary costs, evaluate your companies’ performance and thus plan future directions and adjust something compatible with the current context.
Conclusion
We hope you already had some ideas to manage seasonality inventory to prepare for upcoming hot sale seasons with five proven hacks above. Moreover, we also believe that you will no longer feel it challenging to sell a large number of goods and services.
