Multi-Channel Inventory Management
Make the most of your ecommerce investment with multi-channel inventory management. With fierce, international competition and customers, there are many ways to earn a substantial income and even more ways to fail. Don’t become another failed startup. Find out how you can use multi-channel inventory management with your current business model, some common mistakes and some important software that can help you gain a winning edge. If you’re ready for aggressive growth and exponential sales, now is the time to take a multi-channel approach.
What Is Multi-Channel Inventory Management?
Simply put, your ecommerce business runs through channels. Whether you’re selling to individuals or wholesale, you’ll need to setup a specific channel of sales. Choose a well-known marketplace, like Amazon or Walmart, or consider launching your own ecommerce website for direct sales.
Each of these channels provides many pros and cons. However, to make the most out of the diverse range of customers, many ecommerce businesses create a profile and storefront on multiple marketplaces. This approach is called multi-channel inventory management, and it’s a great way to instantly open up your customer base. There are many reasons to use a multi-channel approach, but there are also some common mistakes.
The most important factor of multi-channel inventory management is scalability. In order to take advantage of the wider customer base, you need to be prepared to take more orders efficiently. Take a look at the following key features of a successful ecommerce company.
Make sure you understand some of the key terms typically used in ecommerce and multi-channel management. As you prepare your ecommerce business for a potentially exponential boost in sales and traffic, take a look at the following areas:
- Product descriptions
- Social media presence
- Warehousing and storage
- Order fulfillment
- Customer service
- Returns and warranty information
Streamlining each of these areas will save you invaluable time as your business prepares for a multi-channel approach. You’ll need to move all your listings from one marketplace to another, so be sure each listing is up-to-date, accurate, uses good SEO and is engaging. More channels could mean more sales, so take stock of your inventory, warehousing strategy and order fulfillment process to make sure it’s fast, convenient and easy to accommodate a large influx of orders.
Once you’ve perfected every ecommerce technique, be prepared for your new launch. Adding another channel to your business is even bigger than a product launch. In manys ways, it’s as important as the first day you began your ecommerce enterprise. Make sure you have a successful marketing strategy in place. Build excitement, raise awareness and create a demand for your products. Some customers may not shop at your old channel, so they’ll be experiencing your products and website for the first time. Don’t let this first-impression opportunity go to waste.
Just as with any other risky endeavor, there are many mistakes that could cost you valuable time, money and even your business. Be sure you’re ready to launch a new channel in your multi-channel inventory management business. Here are some common mistakes that companies can make, as well as some great ways to fix them:
- Inventory Issues:Whether it’s too little or too much, inventory issues can be very costly. While you may not know exactly how much inventory to buy for your new launch, consider using inventory management software to keep better track of your inventory.
- No Fanfare: Opening a new channel is a big deal. Your customers and potential customers will want to see excitement and be encouraged to become a loyal customer, otherwise your new channel may not seem attractive.
- Too Many Warehouses: One of the most difficult issues to face is warehousing. As your inventory and sales increase, you’ll need more warehousing space. If you have your inventory split between multiple warehouses, it can be difficult to keep track of sales, inventory, shipping and more. Use inventory management software to help keep tabs on your inventory levels and keeping up-to-date on the location of every item.
Use the Best Inventory Management Software
If you’re looking for the best inventory management software options available, contact Listing Mirror. Whether you need assistance with listings, fulfillment, keeping track of inventory or transitioning to a multi-channel approach, Listing Mirror’s software is innovative, easy to use and highly efficient. You’ll be able to avoid some common multi-channel pitfalls, keep tabs on all your inventory and warehouses and present a unified, engaging brand across all your channels. Listing Mirror can also provide complete order fulfillment through Fulfilled By Amazon.
There is so much to love about this versatile software, so contact an agent today to learn more and find out how Listing Mirror can help you transition to a multi-channel inventory management system more conveniently and successfully. All that’s left is to create some buzz and get ready for your new, multi-channel adventure.
Sell More. Work Less.
Erin is the Co-Founder of Listing Mirror.