Managing your inventory may take much work, mainly if you sell through several channels. Even worse, you’re losing more money than you think due to poorly managed inventories.
Improper inventory management costs merchants billions of dollars annually. Some sources include vendor errors, paperwork or administrative mistakes, consumer refunds, and theft.
In this comprehensive guide, we’ll explore the intricacies of BigCommerce inventory management, from setup to advanced techniques, providing actionable insights to help businesses thrive in 2024 and beyond.
What is BigCommerce inventory management?
BigCommerce inventory management refers to the tools and functionalities within the BigCommerce platform that enable businesses to track, manage, and optimize their product inventory. From monitoring stock levels and managing product listings to fulfilling orders and analyzing sales trends, BigCommerce provides businesses with the tools they need to manage their inventory operations effectively.
Why is BigCommerce inventory management necessary?
Effective BigCommerce inventory management is essential for several reasons:
- It ensures that businesses have the right products available at the right time to meet customer demand, minimizing the risk of stockouts and lost sales.
- Efficient inventory management helps businesses optimize inventory levels, reducing carrying costs and maximizing profitability.
- It enhances customer satisfaction by providing accurate stock information, facilitating smooth order fulfillment, and improving delivery times.
The Ultimate Guide to BigCommerce Inventory Management in 2024
Inventory management can become complex, especially for larger apps with many moving parts, encompassing several techniques and strategies. Let’s look at some inventory control techniques you may choose to utilize in your warehouse.
Setup Inventory Tracking in BigCommerce
When managing your inventory effectively, setting up robust tracking mechanisms is paramount. In BigCommerce, this process begins by navigating to the inventory settings within your dashboard. You’ll find various configurable options to suit your specific inventory management needs here. From enabling inventory tracking for individual products to managing stock levels for different variants, BigCommerce offers a comprehensive suite of tools to streamline the tracking process. Consider utilizing SKU management and barcode scanning to enhance accuracy and efficiency in inventory monitoring.
Report on stock levels.
BigCommerce gives you access to robust reporting capabilities that enable you to produce in-depth analyses of your stock levels. You may obtain important insight into the performance of your inventory by gaining access to these reports via the analytics or inventory management area of your dashboard.
Making educated judgments regarding inventory replenishment and management is made possible by analyzing data on inventory turnover, stock movement, and low stock warnings. BigCommerce’s reporting features facilitate strategic decision-making by providing the flexibility and depth required to track product supply and demand patterns.
Set and adjust pricing
To be profitable and competitive, BigCommerce pricing must be set and adjusted. To commence, go to your BigCommerce dashboard’s pricing settings and establish the starting prices for your items. It’s critical to consider variables like manufacturing costs, shipping charges, and overhead to ensure your pricing covers expenditures and provides a sustainable profit margin. You may choose the best price strategy by examining rival pricing and market demand.
Use dynamic pricing rules to modify prices in response to shifting consumer demand or market conditions. For example, you might provide discounts during periods of high sales. Use BigCommerce’s reporting tools to continuously track price performance, and try several pricing methods to find the one that works best for you. React quickly to changes in the market and modify prices to stay competitive and maximize profitability.
Allowing Backorders
Allowing backorders in BigCommerce can be a strategic decision to meet customer demand for out-of-stock items. Backorders let your buyers know that the product is not available currently, but they can still place an order and receive the product on a particular day. This way, you don’t lose a valued customer, and customers can stay in your shop and hustle elsewhere.
This feature can enhance customer satisfaction by allowing them to secure desired items, even when stock levels are low. To enable backorders, navigate to the inventory settings within your bigcommerce inventory management and configure the backorder options for specific products. It’s important to communicate clear expectations regarding fulfillment timelines and keep customers informed about the status of their back ordered items. By effectively managing backorders, you can minimize revenue loss due to stockouts and maintain positive customer relationships.
Quotation Process
BigCommerce’s quote process is crucial for companies doing business with one another. By making it possible to create and manage personalized quotations, it makes smooth contact and negotiation with clients possible. Businesses may enable quotation capabilities in their BigCommerce shop settings to start the quotation process. After helping them, they may provide customized quotations with information about terms, prices, and product specs for potential customers.
Customers may receive these quotations straight from the source for evaluation and approval, and they can use the dashboard to monitor the progress of each quote. The quote process simplifies business-to-business sales talks, enabling companies to offer customized solutions to clients while upholding professionalism and transparency. Utilizing BigCommerce’s quote process, companies can increase revenue and strengthen relationships with their B2B clients.
Managing your Bigcommerce inventory management together with Grit Global and Back Order
Integrating your BigCommerce store with manufacturing processes through Grit Global and Back Orders offers a comprehensive solution for seamlessly managing inventory and production. These integrations allow businesses to synchronize their BigCommerce storefront with manufacturing operations, facilitating real-time inventory updates and order management. By enabling backorders, companies can efficiently handle out-of-stock situations by allowing customers to place orders for temporarily unavailable products. Grit Global’s integration with Back Order functionality ensures customers can purchase desired items, even with low stock levels.
In conclusion, you now have the know-how to set up inventory tracking features in BigCommerce. For further assistance or to find the best service tailored to your needs, don’t hesitate to contact us.
