Over the years Amazon has emerged as the largest online marketplace in the world. It has changed not just the consumers but has also changed the way supply chain operations are done. Amazon inventory management is a challenging task if you are a seller on Amazon. It is a challenge to keep a record of your stock and change your prices again and again in order to stay competitive in the market.
Here are some tips that will help you in Amazon inventory management:
Stay organized :
You warehouse should be well-organized with correctly labeled products. It helps in less efforts during packing and shipping. This also saves you from stress of looking a particular product when an online purchase is made.
Use SKUs effectively :
Stock keeping units aka SKUs are identification codes for a product, often bar-codes that help in tracking the particular item for inventory. Decide on the strategy of how SKUs will be assigned. Use unique SKUs that relate to products of the similar category.
Sort products as per their demand :
Do a market analysis and determine what products are going to be in higher demand. Products having higher demand should be prioritized during Amazon inventory management. These products should be kept in easily accessible areas in order to save time and effort.
Invest in your staff :
A well-trained staff is required if you want to stay relevant in a marketplace like Amazon. Train your staff. Get them equipped to processes: moving, packaging, getting items ready for shipping. If you have a well-trained staff, you have an effective warehouse.
Error free data Entry :
Error-prone accounting and faulty data entries can result in a lot of mess in your inventory management. Manage data and inventory from a central unit. Integrate your stock data with Amazon sales system. Upload accurate and updated inventory counts & sync in real time.
Every product is important :
Take a close look at the sales data for every single product. Keep a focus on seasonal purchasing waves-holiday season results in increase in sales, keep inventory to back up these orders. Be sure that you don’t run out of stock in the middle of the season.
Trust your feeling :
If you have a feeling that some product is going to become a hit in the next few days, place a good size order. Take the risk. Believe in your best judgment, but don’t go overboard in excitement.
Update daily :
Update your inventory daily. Make daily additions and deletions. Keep an eye on small issues and complaints arising on a regular basis.
And most importantly, be proactive. Watch out your competition. And remember: nothing is worse than having an order, and not having the desired product.