![]() Here are the basic steps in establishing inventory management for eCommerce you might want to consider: How To Establish eCommerce Inventory Management? Just-In-Time (JIT): It refers to products that are received from suppliers only when they are needed to reduce inventory costs.Dead Stock: It refers to products deemed unsellable but exists in your inventory.Lead Time: It refers to the period between ordering and receiving an item.Buffer Stock: It refers to your extra stock to ensure products won’t go totally out of stock.Supply Chain: It refers to the flow of processes from production to distribution.Units of Measurement: These are used to measure stocks based on their weight (grams, ounces, etc.) or volume (liters, fluid ounce, etc.).Variants: It refers to product variations in terms of colors, shapes, size, etc.Inventory: It refers to all products that you sell.Stock Keeping Units (SKUs): A set of codes to classify, organize, and manage multiple products.Here are the important terms and concepts you need to know: To better understand eCommerce inventory management, it would be best to learn and familiarize yourself with the terms firsthand. What Are The Important Terms In eCommerce Inventory Management? By being aware early on, you can easily address issues regarding your inventory to ensure customer fulfillment and a high satisfaction rate. With inventory management, you’ll be able to immediately identify the number of products in stock, soon-to-be out of stock, and totally out of stock. It includes tracking the location, quantity, and pricing of all products throughout your business platform. Inventory management is a set of different practices that manage the ins and outs of every product registered in your eCommerce system. ![]() What Is Inventory Management In eCommerce? Here are some pieces of information that you need to know to clearly understand what eCommerce inventory management is. You need to learn and understand all aspects of inventory management to be well-equipped in utilizing and controlling it effectively. However, automation alone may not be enough for a successful inventory management system. Through enterprise resource planning (ERP), you’ll be able to eliminate repetitive tasks and improve overall work productivity and efficiency. In that case, you may consider automating your processes using the best eCommerce ERP. Nevertheless, an effective inventory management system may experience problems and challenges, especially manual task errors. It helps businesses arrange their products systematically and ensure all products are released on time to increase fulfillment rate and promote positive customer satisfaction. However, to have a profitable online selling business, it’s crucial to understand the importance of inventory management in eCommerce.Īn effective inventory management system is one of the most crucial elements of running a sustainable eCommerce business. In this digital age, one of the best ways to earn money is to sell unique products online with the help of an eCommerce platform, such as Amazon, Alibaba, etc.
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