Fulfillment Depot can help you with Stock Management
As a warehouse having worked with over 5k customers probably 10k online stores, one of the serious problems which stop entrepreneurs from making profits or scale their business further is inventory management.No exaggeration, I bet 80% of online sellers don’t know how to manage inventory properly and some even don’t understand the importance of it.
Inventory Affects Your Customer experience
If you prepared very few stocks and you suddenly scaled up and stock isn’t enough, the factory tells you they will need 1 month to produce it. There are only two choices left for u, refund customers or let them wait, and after this unhappy experience on your store, these customer is not going to buy again anymore unless your customer service team is really really excellent at their job
Inventory Affects Your Cashflow
Many customers are so confident about themselves that they bought too much stock ahead before they actually have sales, and these stock will turn into rubbish in a few months or a year if they can’t even sell at a cheaper price, inventory money, and stocking fee will push them to throw it. We have seen small sellers having this problem and we have seen big sellers experienced this, sometimes a million-dollar business collapsed because of this
Whats the Key points of Stock Management
Always test products first, don’t buy much stock first before you actually having sales from the testing phase, we find out the results usually speak louder than words or thinking, which means you just buy stock accordingly when you actually have ordered, this phase is a lot of dropshipping Suppliers like Fulfillment Depot can help u. Never ever buy just 1k pcs when you sell 10 pcs per day, if you sell 10 pcs per day, at most you prepare 100pcs.
When you actually have stables sales like for 1 week, you may try to scale it more, That’s the part you need really be careful about, because ur sales will triple or even be 10X than a testing phase, spending some time on inventory is definitely worthy of your time
You will need to check 3 things:
How is the current stock left for your product in factory?
By checking this you know how long the inventory will be good for you to keep scaling, if you sell as 100 pcs per day and the factory tell you stock left is around 1k pcs, you know at most you can sell 7-10 days, and after that, the factory will have to start production of the new batch, you might also consider if other marketers are selling it as well, like some bigger sellers who can just sell 1k pcs in one day, this part you need know yourself, know competitors and also factory
Is the communication good with your supplier?
If it takes 2 days for your supplier to get back to u, or you feel their communication is terrible, you better change supplier or stop for a while before scaling, a good supplier is like a barrier between you and the factory to help facilitate all the process of stock checking, price negotiation, etc, if they don’t do this part well, your business is in danger.
How long it takes to produce a new batch of inventory?
By asking this, you know when its the time for you to place an order like if their production time is 5 days, and you sell 100 pcs per day, the stock left is like 600 pcs, you know you definitely need to place an order right now or within 1 day to make your orders processed without delay. When it takes them 1 month to produce one batch, it’s another story.
How Fulfillment Depot can help you with Stock Management
Fulfillment Depot aims to make order fulfillment much easier for online E-commerce sellers, from product sourcing branding shipping, we offer a one-stop solution to get orders fulfilled at a reasonable price, customers can stay focused to get
Good Language Communication Skills
With the experience of dealing with more than 5k customers, we not only received a high rate customer satisfaction rate, as well accumulated a lot of resources which makes us know our customers better and solve their problems effectively
Free Stock Management
For all clients who use our warehouse to fulfill orders, we offer free warehousing and charge no money for management
No matter in which phase, we give customers and clear understanding about stock, constant sales checking, and stock checking to give customers more updates about the stock level and production time.
If you run an online store and you don’t know how to manage inventory properly, talk with our expert now!