23 Sep Managing Out of Stock Inventory On Your eCommerce Store
It’s a constant battle. The inventory of your eCommerce store is never in perfect balance. Some days, you have too much stock on hand while other days, it appears as if the whole world has bought every last one of your products.
But as an eCommerce store owner, you must have the product your customers want in stock. In our digital world, consumers can easily switch to a competitor’s website or store when they are unable to find what they’re looking for on yours.
Managing out-of-stock inventory on your eCommerce site becomes even more important when it comes to managing customer expectations and minimizing potential losses from abandoned carts. With so many moving pieces, how do you best manage stock?
Read this blog post for some tips to help better manage out-of-stock inventory!
Managing Out-of-Stock Inventory
Inventory is a crucial part of any business. With inventory management, you can make sure that your company doesn’t run out of the products it sells and customers remain happy with their purchases.
Here are some tips to help manage out-of-stock inventory.
Explain Why The Item Is Out Of Stock
There may be many reasons why an item is out of stock. The manufacturer could have run out of the product, or there might not be enough demand to warrant making more inventory.
If this is the case, it’s important that you let your customers know so they can make a decision on whether or not they want to order the item.
Here are some tips for communicating with your customers about an item being unavailable due to low supply:
- Offer alternate products in place of what was originally ordered.
- Offer coupon codes for future purchases if possible.
- Provide links where customers can find similar items at other stores online and offline.
Include An Estimated Availability Date
The availability date is one of the most important details for any eCommerce store. If you do not include this information, your customers may be wondering when they’ll receive their order or if it will arrive on time.
In addition, adding an estimated availability date in your eCommerce store will give customers more incentive to purchase now rather than later when they may not be able to get that product they want.
The best way to do this is by adding a countdown timer on your homepage with the estimated time until it is available again.
Another option would be putting up a sign indicating when each item will be back in stock and where you can find it online if necessary.
It’s also important not to forget about social media! You should always post updates on Facebook and Twitter for your customers to be updated.
Show Inventory Quantities By Size And Color
One way you can improve your sales is by showing inventory quantities by size and color on the homepage or product page.
You should also show how many are in stock, out of stock, and sold so that customers know what they are buying before they buy it.
Not only does knowing the quantity help your customers make the best decision for their purchase, but it also helps with decisions like what product sizes or colors you need more on hand.
With this data, you can restock items on time instead of waiting until they run out completely before reordering.
Adding this feature also allows customers to make an educated decision on their purchase without having to guess.
Offer Related Or Replacement Items
The best way to keep your customers happy is by giving them what they want.
This can be accomplished in at least two ways: either you have an excellent understanding of the needs of your customer base and are able to offer items that are related or replacement products, or you know how to listen well enough so that when a customer specifically requests something, it is delivered promptly.
The key to both options is there for your customers.
Just keep in mind that if you’re going to offer related or replacement items, make sure that the quality of them is just as good as the original.
Provide Email Or Text Notifications
The customer is the most important part of your business. Keeping them updated with the status of their order is key to keeping them happy and coming back for more.
The thing is, many retailers often do not provide customers with updates once a product is in stock. This can lead to confusion, frustration, and even customers purchasing the same item from another store.
Providing your customers customized email or text notifications once your products are in stock will give you an easy way to stay connected with your customer base.
This information will help both consumers and retailers save time, money, and energy while also keeping everyone informed on the latest happenings at your business!
Automate Tasks With Inventory Management Software
Inventory management software is a great way to automate tasks and get more done in less time.
For example, you could use inventory management software for ordering items from your suppliers so that you have the right amount of products on hand for when customers need them.
This can save a lot of time because people won’t have to wait while they wait to see if their order will be filled.
It also saves money because it means not having to purchase excess stock due to inaccurate forecasting or inventory tracking errors.
Some inventory management systems also allow you to take advantage of automation tasks such as emailing customers about their order status or sending out stock alerts when your product goes low on supply.
Make Use Of Safety Stock
The capacity of a business is determined by two factors: the number of sales it can make and the level of inventory.
When your inventory reaches its capacity, it’s time to consider adding more space for storage or reducing stock levels in order to avoid delays with customers.
One way to do this is by using safety stocks which are excess inventories that come into play when demand exceeds supply.
The idea is that if your inventory falls below a certain level, you might not be able to meet customer demand.
Safety stocks are typically set at about 10% higher than the minimum amount needed in order to avoid any shortages.
Wrapping It Up…
It’s a common challenge for retailers to keep their shelves stocked with the products customers want. This is especially true when you’re dealing with popular items that sell out quickly and don’t always have enough inventory.
To do this, there are many steps that you can take, including ensuring your supply meets the demand for products and services, having an effective replenishment system in place, monitoring your inventory levels at all times, and other best practices.
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