The procedure of tracking, storing, and restoring your stock is known as inventory management.
If your inventory is not managed correctly, no matter which e-commerce sales channel you use, it can cause many issues. This can cause your business problems, such as loss of goods and profits, bad customer relationships, or even failure.
Thankfully, implementing these simple steps can prevent most of these issues. Read on to learn the steps you need to follow to ensure your eBay product inventory is well optimized to maintain and expand your business.
Inventory Management Platform
Inventory management is made effortless with the right platform and software. An online inventory management software platform like trackahaul.com can help you track your inventory and profit margins while freeing up time for you to focus on your core objectives.
When you use Track a Haul, you can access its latest eBay inventory management software solution. The software can manage your warehouse inventory from eBay orders using standard and straightforward configurations along with 256-bit AES encryption. After these accounts are synchronized, your eBay orders will be automatically adjusted according to their needs. Not only can you manage the inventory, but also you can track your items, profits, expenses very easily.
Keep up-to-date with Seller Policies.
Almost every digital marketplace seems to have its own set of policies, rules, and regulations all the retailers must follow.
On the one hand, if you are not familiar with a policy, you may inadvertently violate the marketplace’s policies and regulations and be removed from the market. On the other hand, specific strategies may hurt your business and inventory management.
As an eBay vendor, for instance, you might have gained a ton of progress. When this happens, your product can become the “best selling product.” However, if you have oversold the product and cannot fulfill the demand, eBay may revoke the “best selling” status.
Let us say you oversold all your products and discover that all of your listing items are now out of stock. That will start to create several negative experiences with your customers. A bad experience may lead to bad reviews and complaints, and eBay takes this feedback very seriously.
For example, suppose your product list is out of stock, or the customer received a product that was not what they paid for. In that case, eBay can delete your product list or withhold your payment until the problem is resolved.
Such a minor setback can cause a significant loss, so before you start your business, please do yourself a favor and familiarize yourself with the seller’s policies in this market.
Adapt the Changes
Since eBay is a website that operates as an auction, prices may vary and fluctuate significantly throughout the day. When the selling price is constantly changing, it may substantially impact your inventory if you do not have the latest price information.
For example, suppose your product experiences price fluctuations. In that case, you may lose money because the price is lower than what your margins can sustain.
On the other hand, if you raise the price too much, you may get stuck with excess inventory due to low sales – which will also cause losses. It is essential to look at the pricing and listing to ensure everything is in order.
The product bundling feature on eBay’s platform is very convenient for coordinated and straightforward resource management. You can use this function to bundle the items for sale together so that the least popular items and the high-priced items can be effectively transferred.
This seems to be handy if you already have additional products in the stock that needs to be sold to make way for new products and services. When bundling products, you can easily manage inventory levels.
Integration with Vendors
You can ensure that your management software communicates with eBay and other merchandising networks and with vendors and retail suppliers. When you achieve supplier integration, you will deal with all impending inventory disasters in advance, such as out of stock, discontinued products, excess inventory, and excess sales.
Integration with suppliers allows you to view the latest supplier catalog and product quantities. In other words, if you have integrated with a provider, you are well prepared and equipped with the knowledge you need to run your business successfully. This integration will directly impact your customers’ experiences and reviews.
Never Overstock Products
When it comes to maintaining the correct number of products, managing inventory can become a bit tricky. If there is too little stock, customers will be disappointed, and sales opportunities will be lost.
However, suppose there is too much stock. In that case, it is a waste of money and resources that can and should be used elsewhere. Holding excess inventory can incur storing and backlog service charges for the excess stock, which will keep eating away at your profit margins.
Constantly Update your Product List
When selling on the online marketplace, an essential part of warehouse management is to keep the list updated. That means that you can follow the product number at any time so that customers know the inventory and purchase time.
If the product list is incorrect, it may cause the customer to receive the wrong product. If your product listing is inaccurate, the customer will go to another store to get their product, resulting in a lost sale.
Follow up with Customers
However, effective eBay inventory management requires that you follow up with consumers. As you follow up with consumers, you will find out if they are happy, if their goods arrived on time, and if you have met their expectations.
This assessment can be very beneficial. It encourages you to improve your customer service and client handling skills, and inventory management skills so that every transaction results in a pleasant experience.
The key to a successful online retail business is customer satisfaction. When customers are satisfied, your reputation will speak for itself and sell for you. This means more sales, more extensive inventory, and more information to manage. Keep in touch with your customers to ensure that they are happy to do business with you, thus maintaining a good business.