This article educates you on how BigCommerce inventory management is effective in your business operations. BigCommerce is a powerful ECommerce platform for building ECommerce stores with high functionalities. When you have a business selling omnichannel across borders (or within the borders), you must stock orders, maintain them in good condition, and safely deliver them to the customer. This process is known as inventory management. This process involves a lot of planning, infrastructure, and labor, particularly when handling large orders.
What Is Ecommerce Inventory Management?
Inventory Management is the method of ordering, stocking, moving, and selling a company’s inventory. Without proper inventory management, the inventory would be available in excess or scarcity in times of need. If there is any mismanagement, it costs you much more than you imagine. Many retailers lose billions of dollars each year due to mismanaged inventory. The giant BigCommerce has come with enough tools needed for managing inventory. Additionally, many apps and 3rd party warehouse management software integrate with BigCommerce to provide advanced inventory functionalities.
Inventory Mistakes To Keep in Check
You need to maintain accurate stock records for the success of your business. Get familiar with some of the common mistakes to avoid in ECommerce inventory management so you don’t suffer unexpected losses:
1. Selling More Than What’s Present
Overselling is one of the commonly faced inventory mistakes by online merchants. Overselling refers to selling more products than what’s available in the inventory. This situation occurs due to inaccurate stock levels, which result in presenting products when they are sold out. When a customer visits the product, its status shows available while it is sold out. Once the customer has purchased the product, he might receive an email regretting the stock product. It creates an unfaithful user experience for the customer. This forces him to leave a negative impression about the product, and in the worst cases, he may spread the lousy word against your brand, which is detrimental.
The other end of overselling is over-ordering. It is a condition where the retailers have too much stock in hand instead of maintaining enough inventory to satisfy orders. There are certain disadvantages to over-ordering:
- Extra orders consume valuable storage space.
- There are chances that demand for the product might diminish before you empty your inventory.
- The cost incurred in acquiring the unused goods can be used to improve other business areas.
3. Irregular Inventory Inspection
Most businesses entirely cease their operations for one day to check the inventory. It may lead to potential profit loss for the business. For large businesses, it is still worse. They may end up shutting down for weeks, leading to huge losses. This method is highly unproductive and not recommended for businesses. It is better to schedule more frequent inventory audits to prevent the company from shutdown and missing out on potential sales. Using an online inventory management tool will reduce errors, improve operations and update you regarding the status of your inventory in real-time.
Why Use BigCommerce Inventory Management
There is a dedicated BigCommerce inventory app and BigCommerce inventory management API to help businesses handle inventory efficiently.
1. Saves Your Employee Productive Time
A significant amount of employee time goes unproductive in manual product tracking, searching for lost goods, manual inventory updates, handling customer issues, etc. The BigCommerce platform offers in-built inventory management functionality that automates inventory-related processes so the employees can utilize their time for essential taste. Integrating with third-party applications and warehouse management systems will provide advanced automation, lowering the need for manual updates and thus lowering the human error risk.
2. Better Product Management
As per the statistics, over 40% of customers shop through multiple channels. Thus, keeping track of their actions and monitoring product status is challenging. The built-in ECommerce inventory management will continuously update the product status after each purchase and thus keeps your product management on track.
3. Get Updated About the Product Demand
There are certain products whose demand might fluctuate in a year. If a product’s price is dependent on multiple factors such as raw material availability, transportation issues, etc., it’s always better to keep an eye on the latest industry trends to keep your business ahead when it comes to managing inventory.
4. Identify Your Best-Selling Products
The products you sell have varying popularity in your target audience, so some will perform better than others. Your core products are the products that are always in demand among your target market. Thus, you never want to run out of these products. BigCommerce Inventory Management helps you understand which products have higher need than others. Once you identify your best-selling products, you can prioritize supply replenishment and organize your warehouse more efficiently.
5. Fulfills All Your Inventory Management Needs
You can synchronize inventory status across different channels. With BigCommerce inventory management API, track & control your inventory in one warehouse, multiple warehouses, or third-party logistics. Handle customer inquiries effectively, and collects all the customer information in one place, regardless of the mode of purchase. Amplify the processing of purchase orders, reorders, & special orders real quickly.
The ultimate aim of any ECommerce business is to generate sales & make profits. To ensure a seamless business operation, you need precise inventory management. BigCommerce is the best ECommerce platform for a large inventory. Through the BigCommerce inventory management functionality by utilizing the right automation apps and a centralized system, resulting in more productive teams, streamlined operations, and reduced overhead costs. Following the proper inventory practices will give you the right amount of stock as your customer base grows.