- by eSellerHub
Having an eBay inventory is your most crucial business asset, as they are the source for increasing your sales on eBay and drive profits. However, managing inventory is always a tedious and time-consuming task. Here, we give you some easy ways for online inventory management and complete other essential tasks.
Easy ways to manage your eBay inventory
We may spit the inventory into three components, which are as follows:
- Physical management
- Data management
- Sales management
Your physical eBay inventory management can directly influence the product sales, warehouse space ROI, and ship items quickly to qualify for eBay’s fast shipping programs. Effective physical management of your inventory involves three factors, they are as follows.
- Structured SKUs – they are the stock keeping units which are alphanumeric codes that identify particular products. They help handle the Stock levels by recognizing particular products, accurately tracking stock levels, and making sure that there is no over or underselling of products on eBay. A well-structured SKU format makes it easier for the warehouse employees to identify and pick products quickly, leading to faster delivery speeds. Also, they help to replenish, track stock levels, and set order triggers that save from selling out.
- Widespread warehouse locations – A better physical location for your inventory helps to manage your stock and attend your customers better quickly. Having a single warehouse located near your office only makes it expensive to cater to the nationwide orders. It is also susceptible to overflows during holiday seasons, item damage, and missing stock. Having widespread multiple warehouse locations enables fast-moving stock to be accessible easily, and slow-moving stock cleared out to avoid such difficulties.
- Conducting Audits – Regular auditing is an essential part of physical management. It enables you to verify your stock levels, move away damaged items, and recognizes missing and slow-moving stock, thus reducing warehouse space.
The data management of your eBay inventory involves recording, updating, and analyzing valuable information based on your stock. It includes batch numbers, expiry dates, stock levels, re-order points, and the duration spent in your warehouse. Your eBay inventory data can be managed by using manual spreadsheets to automated inventory management software.
- Spreadsheets – Spreadsheets are easily accessible and affordable, especially for small scale sellers and those who have just started to monitor their inventory. They can be set up quickly and act as an initial form of tracking. However, successful data management calls for accurate adaptations, which is the principal disadvantage of spreadsheets.
- eBay Selling Manager Pro – It is an advanced version with a subscription fee of $15.99 per month, ideal for medium-volume eBay sellers fulfilling orders in-house. It has in-built inventory management features that can track inventory, set replenishment reminders, and other advanced seller tools. However, it is unsuitable for multi-channel sellers as it does not support third-party integrations.
- Inventory management software – Best Inventory management software in place can help manage your eBay inventory by auto-syncing stock levels, replenishing fresh stock, and updating your warehouse systems. These tools make online inventory management quick and simple. The software generally comes at a price, but it can be platform-specific or custom inventory management software that has only the required features that works for your needs.
For successful eBay inventory management, both physical processes and inventory data have to be balanced. It can be achieved by relocating slower stock, forecasting sales trends, and having fast shipping programs.
The slow-moving stock that isn’t selling well on eBay can be given at a reduced price, discounted bundles, or run a smart sales strategy that attracts customers to purchase this stock. The reports generated from your inventory management data should tell you which products sell best and when. With this data, you can predict the trends to accurately price and stock products for the future. It makes sure that one always has the right products to meet the demand surge and gain an advantage from it.
The problem arises when you think it’s easy to manage your eBay inventory by simply re-ordering new products and updating your stock numbers. But, in reality, having custom inventory management software helps streamline fulfillment, increase sales, and reduce wastage. Thus investing time and money in managing your inventory can pay off in the long run.