Easily expand your online selling across multiple channels through a centralized inventory system

 You have worked firm to place your products into a variety of shopping channels and marketplaces to reach the broadest audience possible and secure the most sales. You have improved your product listings and images, published blog content, sent out email campaigns, and are even building a stronger social media manifestation. You are hopeful that your customers can find you no matter where they look – on or offline.



The thing is, there is one feature that many people overlook is dragging their multi-channel business down inventory management. That alone should persuade you to focus on your multi-channel inventory management procedures if you want to grow your business and continue to succeed.

Here in this article, we will discuss how to expand your online selling across different channels through a centralized inventory system.

Define Core and Non-Core Products

You likely have a few selected products that make up the bulk of sales for your online business. That is why the 80/20 Rule applied to sales — 80 percent of your online deals likely come from 20 percent of your merchandise.

Figuring out which merchandises generate you the most revenue year-round — separating them as "core" products and managing them separately — will ensure you never run out of a widespread product. It also protects your repute with loyal and new customers or prevents losing out expected revenue.

Take up Forecasting

Multi-channel selling through a centralized inventory system is delicate stability. You do not need to grasp on to too much inventory because it is costly, but you also do not want to run out of something and have a customer end up buying from your competition instead.

Here are some of the finest ways to invest in inventory forecasting:

Monitor historical sales data: This way you can see how your sales oscillate and buy according to those metrics, rather than putting in a fixed reorder every month.

Calculate lead-time: Understand how long it takes inventory to reach from your supplier and plan orders accordingly.

Factor in safety stock. It is better to be safe than sorry because forecasting is not always 100% exact. You may not be capable to forecast spikes in sales every time, but doing your study lets you make better data-driven choices. It also helps to share inventory across channels only when one channel runs out and another still has products available.

Centralized Inventory system

You might use to handle your inventory direct from the channel you sell from. Moreover, this may have worked in the past, when you were vending from a single E-Commerce the platform, as you expand into different channels this quickly becomes time-consuming and disorganized.

You will need to find an inventory management system that can deal with the multifaceted nature of multi-channel selling if you want to grow and succeed.

For example, Skubana — an advanced inventory management software intended to help you succeed — offer wholesalers features such as:

Right Inventory Counts: No matter how much you sell on any of your channels, Skubana will offer real-time inventory counts. Appreciate master SKU product data so you can share inventory across channels where required. Also, get automatic inventory updates every 15 minutes.

Bundle Kit Inventory: Use core products to form packages or kits, rather than pre-packaging them. This stops you from having to pre-allocate inventory to bundles you are not sure are going to sell.

Multi-Warehouse Inventory: Stop underselling or overselling inventory by handling all your warehouses from one place. Automatically import inventory when needed, omit certain warehouse inventory and share FBA Inventory to your wholesaler-fulfilled listings.

Under- and Over-selling Prevention: View inventory percentages and simply decide when to buy more products, merge warehouse inventory and share across channels and even market your products as hot materials by showing customers you're short on stock, even when you're not.

Multiple Pick Locations: Set various pick locations, determine the slightest inventory levels and even get in on barcoding to re-stock and maintain inventory measures.

Schedule an ERP Gold demo that helps you to understand how to expand your online selling across multiple channels through a centralized inventory system.

 

 

 


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