When it comes to selling products on Amazon or any other eCommerce platform, there are several critical factors to stay on top of. One of the most important of these is Amazon inventory management. This is largely because running out of inventory can easily upset customers, hurt the bottom line, and cause potential customers to have to turn to a competitor.
Fortunately, there are several best practices for Amazon inventory management. As long as the below practices are followed, inventory management should become a breeze.
Always Consider the Lead Time for Amazon Inventory Management
When working to maintain stock for customers to purchase, it is critical to always keep the lead time in mind. This is how long it takes for the supplier to manufacture and ship the products to the seller. It is never a good idea to assume that the lead time will always be the same.
Different times of year can cause extended lead times or if the supplier is already backlogged with many other orders. It is a good idea to find out the lead time on the next order well before needing it, which brings us to the next point of inventory management.
Maintaining Contact with Amazon Inventory Sellers
It can be easy to assume that the relationship with a supplier is only relevant when ordering new stock, but this is not the case. It is often a much better idea to stay in touch with a supplier even in the times between orders.
This does not mean that they need to be contacted as much as a friend, but it can build rapport to touch base here and there.
Not only does this build an excellent working relationship with the supplier, but it is also a great way to be updated on potential price changes and lead times. These are both important pieces of information to stay current on, so that they are known when it does come time to place another order.
Use an Amazon Inventory Tracker
Whether it is a third party solution or Amazon’s SellerCentral home page, it is a good idea to use some form of Amazon inventory tracker. This should provide all of the relevant info needed at a quick glance, such as the number of products, number of units in stock, locations of inventory, and margins.
All of this information helps to make better decisions on when to reorder, how stock is flowing, and more. In addition, it is a good idea to decide on a minimum inventory quantity to keep in stock and use trackers to know when to place an order to maintain this minimum.
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