If you sell products on more than one online store, an effective multi-channel inventory management strategy is essential. Streamlining how you manage multiple inventories on various platforms can save you time and money, and boost your reputation with online customers.
The pros and cons of multi-channel
Multi-channel selling is advantageous to online sellers as it makes it easy to find new customers, wherever they’re shopping, and build your brand’s name and reputation. For fashion retailers, using Etsy, eBay and Amazon guarantees access to over 300 million registered users – and counting.
The problem is, every item available for purchase comes from one inventory; if you sell one item on eBay, you have to update your inventories on each platform to avoid overselling – and disappointing shoppers. That’s why having an effective multi-channel inventory management strategy is so important. Manually logging each sale across all the channels is time-consuming; from uploading product details to removing sold items, basic administrative tasks can take up hours of your time.
Multi-channel inventory management: best practice
Balancing incoming and outgoing stock is key to getting the most out of your inventory, preventing shrinkage and maximising profits. Effective inventory management ensures stock never runs out, perishable goods don’t expire and products are stored safely.
“First in first out” is one way of managing your inventory manually that simply means new stock is last to get picked during fulfilment. It’s widely used by sellers with products that have a limited shelf life and minimises the chance of inventory spoilage by rotating stock.
However, the “first in first out” method of inventory management requires a well-organised warehouse with enough space to rotate goods as they arrive and leave the storage facility. Plus, depending on the size of your business, regular audits and stock checks can be hugely time-consuming for you and your staff.
Do you need an inventory management system?
Attempting to stay on top of multiple channels with a shared inventory quickly becomes time consuming and is prone to errors. Multi-channel inventory management software automatically monitors your stock levels, taking care of reordering, syncing sales channels and offering reporting and accounting functionality, too.
Automating elements of your selling process, from listing, creating and order processing through to shipping labels and stock replenishment, increases your efficiency and minimises the risk of human error to ensure your reports are accurate and you never oversell between channels.
Get ahead with Sprint Logistics
Sprint Logistics can help you choose the right multi-channel inventory management strategy for your business. From smart supply solutions to logistics and warehousing, we offer online retailers services designed and built around their specific business requirements.
Our online stock control services use AIMS to give you complete control over your logistics operations. Create product sets, monitor stock levels and shift unused stock with just one click, using automated systems and alerts to ensure your inventory management strategy is working for you, across multiple channels.
Contact us today and see how we can help streamline your stock management.