Stock management in e-commerce is not the most pleasant part of the job! However, optimising your stock and supply management can save you money. Read this article to find out if your business is well organised or if there is room for improvement!
Do you use the minimum stock method?
This method requires replenishing your stocks when they fall below a set threshold. Ultimately meaning that your products don’t take up too much space, that you only have to manage the minimum, and that you don’t run out of stock. This avoids poor organisation which ultimately leads to a drop in sales.
Stock Management: The method “just in time”
Are you used to boxes stacked up to the ceiling? If so, we suggest you try the just-in-time method. A customer places an order? Then and only then do you stock up. With this method, your stocks are permanently reduced to a minimum. In addition, you only buy products that you are sure to sell.
However, this method of stock management has two disadvantages: delivery times are longer and you are always short of products.
The counter-intuitive “last in-first out” strategy
With this strategy, the last products to arrive in your warehouse are the first to leave. The advantage of this method is that it makes the process easier! However, keep in mind that this method of managing e-commerce stocks is not suitable for shops selling perishable goods.
Can you anticipate demand?
To optimise e-commerce stock management, you can rely on a study and forecast of demand. To do this, analyse trends, cycles, seasonality, carry out surveys, do market research, etc. The aim is to be able to forecast sales volumes for a given period. Then all that is left is to base your supply on the forecast. This is one of the most effective ways of keeping a low stock of goods while still being able to meet customer demand.
Are you complying with the obligation to carry out an inventory?
Carrying out an inventory is essential for good (better) stock management in your e-commerce. This step allows you to check the state of your stock. It also allows you to verify your products for damaged goods or sell by dates. Note that all retailers must do a physical inventory once a year, shortly before the end of the financial year.
These different techniques will help you to manage your stocks properly and avoid overstocking and shortages!