Inventory management refers to the management of inventory and stock. Some aspects of managing inventory include controlling and overseeing the ordering of inventory, storage of inventory, and controlling the amount of product for sale.
Whether you are a new or veteran seller, it is critical that you have a solid Amazon inventory management or eBay inventory management plan to stay organized and remain competitive.
Inventory management tips include
- Use a product research platform to help determine which products to sell. Of course, as a seller, you want to maximize your profits, but you first want to make sure you’re investing in a product that’s in demand and will sell well. After all, you won’t have any margins at all if your inventory doesn’t sell. Use a product research tool to understand which products have the potential to work best for your business, and in which marketplaces you should sell them.
- Develop your negotiating skills with suppliers. Negotiating is a skill that needs practice, but as your business continues to expand and you gain more negotiating leverage, meaning you can guarantee a certain number of orders every month) you will have the leverage needed to receive a better price.
- Prevent an Amazon Stockout with strategies like always keeping a bit extra inventory on hand and managing your supply chain. This includes knowing your suppliers shipping timing, being familiar with your sales velocity, and investing in safety stock.
- Inventory management software is also an option for sellers seeking to become more organized, exact, and automated with their inventory processes. From order and listing management, auto repricing, auto tracking, shipping organization, and much more, inventory software is a valuable tool for many e-commerce sellers.