In India, festivities bring you a lot of orders from across the country – be it Onam, Diwali, Dhanteras or Christmas. Many of these orders if not fulfilled on time or not fulfilled at all will lead to bad customer experience and lot of negative feedback. Going out of stock can also result in you missing out on sales altogether.
This festive season, we suggest you plan in advance to handle any increase in sales due to the festive rush. Let us share a few tips with you here that will help have better control over your inventory for smooth running of your business on Amazon:Tip 1: Categorise your stock
It is important for you to know the value, profit margins, shelf life and other business intricacies of each of your product. Especially if you are a seller who sells from a variety of categories, it is important that you are aware of fast moving and slow moving products and have customised processes for different products. Categorising your stock helps you understand your product’s lifecycle better so you know the demand patterns and start preparing well in advance. It also helps you forecast your stock requirements. If you are short of an in-house team to help you manage this task, you can consider outsourcing your operations (including stock management) to a service like Browntape
.Tip 2: Learn to forecast stock needs based on recorded experience
You can seek assistance from an online software to help automate demand forecast. The software will help cut out the guesswork and manual efforts to calculate seasonal demands of a particular category of products. You can also hire a team or get in touch with our third party service providers who can help you plan which products go out of stock sooner than the others focusing on historical sales data.Tip 3: Add offers on products, especially slow moving stock
As long as you are selling products that do not expire quickly, you can create special offers
to clear out your products that move slowly. Instead of struggling to recycle old products, and wasting warehouse space on them, put them under the lightning deals offer or other types of offers and sell them out quickly.Tip 4: Set up the Inventory Control processes and improvise
Processes are only as good as their relevance. A decade ago, keeping records on paper was possible, but it may not be as helpful now. So, once you set up the process, go over it every month to improve it as much as possible. For example, if today you can use a software like Browntape
to manage inventory, which will automate it in a way that less manual intervention is required.Tip 5: Use the FBA (Fulfillment by Amazon) serviceAmazon’s FBA
allows you to stock all your inventory within an Amazon fulfilment centre. Apart from the benefit of convenience, it provides by taking care of all your packing, shipping, delivery and return needs. It also has a dashboard and informs you about the fast moving products. It alerts you about the products that will be outdated soon and the products that are soon going out of stock. At any given point, you can even download the entire detailed stock report to analyse your sales.
If you have a good warehousing practise, you can always opt for EasyShip
, where Amazon will handle your deliveries. All these options will become available once you register as an Amazon seller