By Siana Emery

May

02

You’ve set up shop on multiple different online marketplace platforms, and sales are happening left and right. It’s time to turn your attention to inventory management. Effective and successful multichannel inventory management is critical in the ongoing success of your e-commerce business.

Being a successful merchant is more than just having a great product. No matter how great your selection or product quality is, proper multichannel inventory management can make or break your business. We know this can sound intimidating, but we’re here to help!

Why is multichannel inventory management so important?

Inventory management involves everything from selling products, to the storing and processing of products. Maintaining  accurate and up-to-date information regarding your inventory is critical for customer satisfaction, knowing when things need to be restocked, and for keeping tabs on what sells and what doesn’t. 

Regardless of your product, you need to have an organized system to track orders and maintain stock. You don’t want to constantly be running out of popular items, or using money stocking items that aren’t selling. 

There are some key areas you want to streamline in order to optimize your multichannel inventory management. These areas include, but are not limited to: Order fulfillment, returns, shipping, and storage.

Sync your inventory across platforms

By syncing all your e-commerce channels into the same inventory management dashboard, you are both reducing the work for yourself and your company. You’re also streamlining the process to better ensure that all your channels are up-to-date and stocked. You can track trends in sales across platforms, so you can adjust your shops as needed.

Selling on more than one platform can be overwhelming, especially if your business is seeing rapid growth. That’s where multichannel inventory management software comes in. Whether you use Amazon, Etsy, WooCommerce or any other ecommerce platform, Listing Mirror can integrate your channels so all your information is in one easy-to-use location. Keep your inventory across all your channels easily traceable!

Fulfill orders efficiently

By tracking your inventory, you can better approach order fulfillment and inventory stocking in response to trends. 

One way to do this is to come up with a minimum stock number for your items. That way, when inventory gets low, a system is in place to put an order in for more.  Additionally, you can follow trends and know if there is a time of year a certain product sells better (for example, backpacks will sell better at the start of the school year). You can plan ahead and prepare a larger inventory!

With effective multichannel inventory management, you will be able to use information from past sales to more accurately predict what to prepare for.

In conclusion…

In order to ensure sustained success, you need to prioritize multichannel inventory management. Luckily, you don’t need to do it on your own. Take advantage of services like Listing Mirror to let a team of specialists assist you in the best strategy for you.

Regardless of your membership package, we guarantee dedicated assistance for multichannel ecommerce support at an affordable price. We serve as a landing page for all your ecommerce platforms, and streamline stock management and more through inventory sync. Try our 14-day free trial today!

Siana Emery