Today’s digital age has brought around so many conveniences with everything being accessible only at the fingertips. This includes online or digital stores which are springing like mushrooms after rain. Online stores are becoming more and more preferred by all sorts of consumers globally.
Unlike physical stores, there is a variation in handling businesses digitally. However, one aspect of online businesses or stores that never changes is proper inventory management. Managing your inventory via digital spaces range from keeping track of all your products to identifying products that are high in demand which will need constant and rapid restoration. The question that lies ahead is how do you keep your online stores alive and going and to manage inventory effectively towards the remote future? Well, here’s 5 tips on online store inventory management for you to progress towards a substantial rise in sales and have a thriving business.
Start off with the basics. Notable organisational skills are of importance to keep things running smoothly no matter the occasion. As your online business will require you to keep track of your products, it is best for you to group and categorise similar parts or pieces together. You’ll no longer have to worry about spending time searching for missing pieces when they are organised in groups.
With Inventory log, you can monitor your inventory movement with inventory log and track your inventory with current stock and available stock to avoid back order for your customer.
As your business grows, your inventory is bound to grow too which means you’ll need more than one person to sort things out and keep an accurate inventory count. Having more than one person managing your inventory may lead to your inventory being all muddled up, so how do you avoid this? Simply upgrade to using any inventory management software. The software is primarily designed to manage your inventory easily and allows access to multiple users to make changes anywhere any time.
For instance with Biztory, you can offload your work by providing inventory features such as product performance report, inventory change report at a reasonable price. Check them out on their official website or Facebook.
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3. Barcode Scanning
You can automate your warehouse operations by using barcode scanning to effectively manage your inventory. Picking orders one by one is possible with mobile barcode scanners. The process typically involves a printed-out paper pick list for each order where the barcode scanner is used to pick the ordered items one at a time. Once the specific order is packed and shipped, you can move on to the next pick list that’s printed on the stack.
4. Data Analysis
Keep in check with analysing your inventory data as this is the benchmark on how to manage your future inventory effectively. By looking at past purchase orders and sales data, you can figure out which products need reordering and when to reorder as well as how frequent should you keep them in your warehouse cycle.
With a product performance report, this will enable you to do product analysis as the report lists down all different items in one list so that you are able to compare the quantity sold.
5. Data Analysis
Another effective online store inventory management is by doing regular audits of your stock and inventory. This is to make sure that your inventory and recorded data is matching up. Things can get easily jumbled up when handled digitally which is why audits are crucial for online stores. Auditing your inventory helps make sure that your records are accurate and reflects what goes on in your warehouse and how your business runs.
With inventory change reports, you can know every movement of your inventory for instants, when the inventory is bought or sold, invoice modified or even removed. So that you can manage your inventory well to ensure every number of stocks are correct. This can ensure the year end stock count is tally with the report to avoid audit risk.
The view expressed in this article is intended to provide a general guide to the subject matter and does not constitute professional legal advice. You are advised to seek proper legal advice for your specific situation.