With growing business increases the level of stocks which increases the need for maintaining inventory in a streamlined way. Struggling between the demands of maintaining all sectors of selling is the biggest challenge faced by many online businesses. On top of that seller who is making the transition from a single selling channel to multichannel selling, face most of the issues related to
It is observed that approximately 65% of the seller’s face issues related to inventory and stock management. So, during our conversation with some few sellers, we asked them why inventory management is so vital to the business and see what they answered
- The stock is our primary asset and consumer of cash
- Struggling to maintain internal control.
- Too much stock, blocks and drains the financial resources.
- The wrong stock, sometimes blocks are finances that impact our profits.
- Displaying all our stock in every channel sometimes leads to overselling that further attracts negative feedback from disappointed customers.
- Splitting our stock into various sales channel creates a possibility of losing larger orders even if we are able to fulfill it.
Are you doing multichannel selling?
There is so much paraphernalia, surrounding the online retailing from SEO to SKU and so we have to make sure that we are on the same page and going on the right path from the start. If you have your own website and simultaneously selling on marketplaces like Amazon, eBay or Etsy then you are performing multichannel selling.
First Find out the issues other sellers are facing
Research what are the common problems faced by many of the online retailers by talking to them and they are probably to give you the below answers:
- Keeping the listings up to date every time is a nightmare
Logging into multiple channels and updating manually is a very time-consuming task. Many people end up not doing it and prefer doing other more important work. Thus, the listing displays the wrong amount of stock. If you have 300 products and 3 channels then you have a total of 900 listings. Each marketplace has a different criterion related to the image size, content size, and many other things. Prices must also be updated frequently. Most important is that stocks need to updated frequently.
- I am unable to keep up with the manual stock changes
If you sell a single product on one channel, the stock needs to be updated on every channel or you will face the risk of overselling. Overselling attracts negative reviews and wrong impression on new customer thus risking your online reputation. Here you spend hours updating the stock on all channels when you go the multichannel way.
- Picking Packing and shipping is a time-consuming task and eats up the maximum time
Multiple channels means multiple websites to log into and check the recent updates, and also multiple places to record your procedures like picking, packing and shipping. If you get the orders from different channels for the same product, then logically picking, packing and shipping can be done at a one go, but manually it becomes really difficult while sometimes erroneous as well.
- 90% of my time goes in administrative work with less time left for marketing activities
This problem arises due to the incorporation of the above three points in the system. But this covers the nuances of stresses and strain observed in all channels while selling online. You have multiple interfaces to manage and there are multiple ways of achieving the same goal. Every channel has a different terminology associated with the channels, learning and then using it might take some time.
Know how to get complete control over the daily tasks
Step 1: Check out your product portfolio. Are your all products selling? Do you really have the need of some of the products that aren’t selling at all? There might be a possibility that most of your profits are coming from only 20% of your products. This is a tedious task but researching about the product that has zero percent of sell-out, can give you a clarity of which products you can remove from the listings. Fewer products result in the fewer listing which keeps your listing up-to-date.
Step 2: After slimming down your portfolio, your SKU’s are easily manageable and now you can figure out from where your profits are coming from. You can now select your most profitable and fast-selling products and invest in them while making sure you are holding the right amount of stock against them. Calculate your stock run rate which will enable you to reduce the number of logins onto other platforms.
Step 3: Keep your warehouse organized. Use SKU or codes to organize different products on different shelves. The fast-moving items should be kept in a place where it is quick and easy to pick like the packing area. Organize your workplace as per your business convenience.
Step 4: Consider a multichannel selling Software. There are many reasons why most of the successful online sellers consider multichannel software as their preferred tool for selling online. Multichannel software lets a seller manage products, listings, inventory, orders and shipping more efficiently. This single software helps you to list on multiple channels through a single click. Manage orders and inventory effortlessly while the software automatically updates the stock level as the order comes in and is processed. Multichannel software makes the accounting error-free.
Let’s have a brief look at on how multichannel selling software is helpful
- Eliminates overselling
- Never misses out on a sale
- Saves time
- Minimizes errors
- Helps seller to improve the customer satisfaction
- Integrates all the activities under a single platform
I am a recently established small business, can I afford multichannel software?
Kartzhub’s multichannel management software comes in an affordable cost that won’t affect your profit margins. This software is highly customizable as per the seller’s business needs.
Kartzhub has the best multichannel management software that makes your entire process of selling more manageable and error free. Thus, giving you space to invest your time on other important aspects of your business.