Tips for E-Commerce Businesses to Better Manage Inventory
What comes to your mind when you mention e-commerce? For many people in Singapore, the first thoughts often rush to fancy websites and Facebook pages, an aggressive online marketing campaign and impressive Google metrics. Without a doubt, these are crucial for you to have a successful e-commerce enterprise. However, few people will think of inventory management.
Inventory management is at the core of any e-commerce business. If not properly managed, your inventory could pave the way for reduced customer experience and financial losses. What should you do to ensure your business practises efficient inventory management?
Below are proven tips for e-commerce businesses to manage inventory better:
The fact that you run an e-commerce shop with no physical address for the public to see does not mean that you should not keep your stocks in an organised way. Throwing your goods randomly around your home is not a long-term solution. The last thing you want is for your stocks to suffer accidental damages by a family member or to lose products due to disorganisation.
Perhaps your business is still in its early stages and renting a warehouse is not in the works right now. But, you can always land great deals from the cheapest self-storage in Singapore.
Self-storage and workspaces at Work+Store in Singapore is an excellent solution for managing inventory. Our workspaces are great for e-commerce, start-ups and businesses that require space to store their goods as well as carry out order fulfilment duties together. Besides enabling smoother stock-taking and goods management, your business will get to reduce logistical inefficiencies and better handle good procurement for your customers.
If you don’t have a separate room where you can keep your inventory under lock and key, a self-storage and workspace solution at Work+Store is excellent for you to store and handle inventory management efficiently.
Keep the Right Stock Levels
Now that you are clear on being organised, you do not want to be stuck with excess stocks or have your stocks listed as unavailable consistently on your website. Overstocking ties up your much-needed capital on the shelves. Understocking, on the other hand, means that your stocks will be listed as unavailable, thus losing sales and hurting your reputation.
With a 24 hour access to your storage and workspace, you can track the number of your goods easily and keep up to date with the goods flow. This enables you to put in place measures to manage the right stock levels.
Keep Some Stock Reserves for Emergencies
Customer experience is a valuable intangible asset of an e-commerce business. One way to enhance customer experience is to deliver even if the worst happens and you have no stocks to meet your orders. It pays to keep some extra SKU’s on hand to cover for those emergencies or have a backup supplier should the other fail to deliver.
Automate Your Inventory Management
If your business is a start-up and you are running about 100 orders a month, it makes sense to work with spreadsheets. On the other hand, a more extensive business where you are dealing with larger volumes of sales and hundreds of SKU’s, demands that you move from spreadsheets to an inventory management software. Benefits of automation far outweigh manual inventory management. It is a great way to allow your business to grow and prevent leakages in your inventory management.
If your e-commerce business relies on an unstructured and disorganised inventory management system, you are heading for failure. Start by implementing these tips today. They will help you control your stock efficiently, enhance customer experience and save time and money. At Work+Store, the sizes of our workspaces begin from 85sqft onwards and come along with air condition, lights and a power point. We are located in areas around Singapore including Bartley, Tampines, Upper Thomson, Eunos, Ang Mo Kio, Kallang and Bukit Merah which offers you great options to accommodate your needs. These workspaces are also under CCTV surveillance 24/7, so you can rest assure that your storage unit will be kept safe and secured. You can even opt to install your own CCTV as well. By opting for a self-storage or Work + Storage Space in Singapore, you will be surprised at how much money and time it can save you!
If you wish to find out more about Work + Store and our other storage options, feel free to contact us at 6578 9966 or email us at email@example.com for more information!