eBay is one of the well-known eCommerce platforms for having tons of online sales. Moreover, eBay inventory is an important asset for every business. Definitely, the kind of products the retailers selling plays a pivotal role. Apart from this, online sales are also based on product storage, replenishment, and data.
Surely, we need proper eBay selling software to drive profits. Let’s understand how sellers or retailers manage inventory on eBay when there are several other tasks to complete?
Know the Gap
Before heading about the management of inventory on eBay. Let’s have a quick recap of the basics of inventory management.
What is Inventory management? It’s a process of storing, monitoring, and replenishing stock. There are different approaches to inventory management ranging from the basics to advanced tactics. In other words, the initial phase includes sourcing products and maintaining stock levels. The strategic phase contains streamlining your fulfillment operations or prediction analysis of future product performance.
Thus inventory management is a complex & challenging process. Hence, surely take a lot of time, especially when selling on multiple sales channels. If failed to be on top of things, then affect profits. Therefore lead to overselling or slow-moving stock. Perhaps, unable to maximize profits to the full potential. Do you think it will make your eBay successful?
How to Manage Inventory on eBay
➤Physical management
Good physical management of stock has a direct impact on product selling. Successful physical inventory management involves SKUs (Stock Keeping Units), warehouse locations, and occasional audits.
In SKUs, one manages three aspects of inventory. The first aspect is to identify & balance the stock level. The second aspect calls attention to pick products smoothly, leading to faster delivery. The third one underlines the requirement of re-order to prevent the item from selling out.
Warehouse location assists in better management of stock to serve customers adequately. If selling nationwide, make sure to use multiple warehouse locations across the country.
The last essential element of physical management is eBay inventory auditing. Fixed interval auditing enables you to keep your inventory on the safe side. Hence, avoiding damaged items, missing items, or slow-moving stock.
➤Data management
The next critical step is data management. It generally involves recording, updating, and analyzing valuable information about every stock. Earlier spreadsheets were highly affordable and easily accessible for small businesses. Due to the increase of competitors requires a pro tool making timely updations for sustaining the business. The software handles batch numbers, expiry dates, stock levels, reorder points, and much more.
Thanks to the advanced technology helping to manage eBay inventory by performing useful tasks. For instance, auto-syncing stock levels, re-ordering new stock, updating the warehouse system, etc. Undoubtedly, such features make a big difference!
Get an eBay listing software managing the data accurately and yielding profits. Especially if you sell on multiple marketplaces.
➤Sales management
Implementing the right physical processes and inventory data influence eBay sales positively. Here, the enterprises work on predicting sale trends, follow fast shipping programs, and come out from slower stock.
In sales management, the retailers recognize taking much time to sell or spending too long in the warehouse. Use the data to make certain sales actions like reduce prices, or create discounts that encourage customers to purchase.
The reports we generate in the data management phase allow us to pinpoint which products sell best and when. Moreover, such information helps us to predict sale trends accurately. Like predicting price for the future- ensuring to have enough products to meet customers’ demand.
Takeaway
Thinking and actions may differ! Like it might feel easy to manage eBay inventory but include many efforts to make the process smooth. Hence, look for inventory management software to reduce the stress of handling stock.