Selling on Amazon starts with finding the right product and ends with fulfilling orders. However, if you want to fulfill orders, you need to manage your inventory effectively.
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Now, let's look at the ways to plan and manage the inventory that makes you sell successfully on Amazon.
WAYS TO IMPROVE YOUR AMAZON INVENTORY
Forecasting inventory is one of the crucial factors, which leads to either over-ordering or under-ordering.
You need to understand the demand for your product which helps you to predict how many products you need.
Customers demand certain products based on different factors including seasonality and trends in sales.
You can look at your past sales history and your marketing strategies performance to predict your sales on Amazon.
INVENTORY TURNOVER RATE
Analyzing the Inventory Turnover Rate will also help you to predict the inventory status. Your inventory turnover rate shows how fast you sell your Amazon inventory in a given period of time.
With that, you can estimate how much stock you need in order to maintain stock levels between inventory deliveries.
Forecasting on normal days is easier than predicting sales on seasons. Depending on what products you are selling, you will need to have an idea of what products will sell quickly and which ones will be slow-moving.
It’s important to forecast your inventory levels at least a couple of months in advance. You’ll need to have a balance and need to increase your order during peak sales and decrease your orders on products that are out of season.
RELATIONSHIP WITH SUPPLIERS
Every business owner will definitely rely on the supplier, and that's why creating a great relationship is essential.
Maintaining open communication with your suppliers helps you avoid unexpected delays and other stock issues.
Also, you need to analyze your supplier with factors such as:
Estimated or promised dates for delivery
The dates deliveries are actually received
Quantity Order and Received
The condition of the package when it arrives
BOOST DEMAND FOR INVENTORY
By analyzing your inventory, you can get to know about your sales. If your inventory is only turned a few times a year, then you are not selling enough inventory.
That's where you're in a place to boost your inventory by putting some marketing strategies.
You can’t sell more if there’s no demand for it. So, this means you need to focus on marketing efforts.
It takes time to predict the sales and avoid over or under-ordering. However, you need to know the right strategies and a balance to fulfill customers' orders on time.
Use the above-stated tips to improve your Amazon inventory management.
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