Why Stock Control Is So Important for eCommerce Success

, ,
stock control management

In the early stages of having an ecommerce store, having a small selection of products and a few orders a day is the norm. However, as your store grows in popularity and increased traffic you’re likely to expand your product range and (hopefully!) you’ll be handling hundreds or more orders each day. As your store grows to this level, it’s important to take a look at how you manage your stock and inventory as to keep your online business as efficient as possible.

The Impact of Stock Control

A huge percentage of start-up businesses end up failing, with the main reasons for failure including:

  • The product not suiting the needs of the market
  • Restricted growth
  • Poor money and resource allocation
  • Poor customer service

When it comes to ecommerce businesses, the above issues have a strong tie to stock control and inventory management. Getting your processes for stock control efficient and correct will assist you in:

  • Understanding the market; what products are successful and serving the need of the marketplace
  • Grow your business by having the right stock and systems in place
  • Correctly allocating your money and resource into products that will be successful
  • Allow you to always have the right products in stock and thus serving customers efficiently

Having the right inventory management in place isn’t always easy, but with the right planning and resource in place, it is more than achievable. Let’s take a look at why stock control is so important when aiming for a successful eCommerce business;

1. Improving Your Sales Forecasts

Knowing what products to have in stock, and when, is one of the most vital aspects of a successful eCommerce store. On one hand, you want to have stock in to serve customers as quickly as possible, but on the other hand ordering in too much stock will only raise your storage costs. By utilising forecasting software (which surprisingly only 15% of small businesses use) you will already be heading in the right direction.  By outsourcing your eCommerce fulfilment, you will have access to a range of statistics that will keep your stock management efficient.

2. Cut Your Storage Costs

It can be tempting to expand your product range when your store begins to take off but don’t fall into the trap of having a lot of stock in storage whilst only 20% of your products are making you money. Stock control can help you know which products are successful and which are just “dead weight”. By cutting out stock that isn’t selling, you’ll be able to:

  • Reduce your storage costs by eliminating required space
  • Make picking and packing easier
  • Minimise your financial losses

Take a read of how to master your stock control system if you are a small business?

3. Efficient Returned Orders

Unfortunately, returns are inevitable when it comes to eCommerce, and whilst they are unwanted, how you handle them has a huge impact on the success of your business and your customer experience. Stock control steps in to save the day here once again. By utilising inventory management correctly, you can keep your product range relatively small but successful, which will make picking & packing far easier, therefore, minimising customers receiving the wrong product in error! By also have a clear and concise returns process in place, you will save money by repackaging or replacing products as swiftly as possible.

4. Improve Fulfilment Accuracy

Ultimately good stock control will result in easier storage management, meaning that products can be located, picked and packed efficiently as delivered to customers as quickly as possible. In addition, a warehouse management system will sky-rocket your pick and pack accuracy to 99.999% (quite the improvement on 97% human accuracy!). By outsourcing order fulfilment, you will gain these benefits along with all of the above.

 

For help with Outsourced Fulfilment complete the form below:

Catch up with our Fulfilment & Logistics News

packaging solutions

What is a fulfilment company?

E-Commerce Order Fulfilment for the Small Business

How to Improve E-commerce Customer Experience

, ,
With e-commerce now more prominent than ever before, find out how to deliver a high-quality customer service and why it has never been more critical in 2023
international shipping

Shipping – How to Choose the Right Carrier for Your Business

, , , ,
Read our Guide on How to Choose the Right Shipping Carrier for Your Business. For help with e-commerce fulfilment, warehousing, storage, pick and packing, call Pointbid Logistics 0121 326 7368
demand fulfillment specialist

Benefits of automating your order fulfilment process

, ,
2022/23 has significantly benefitted from the altered shopping habits of consumers, with a sharp increase in e-commerce sales and Ecommerce sales are forecast to increase by a whopping 50% from $907.9 billion in 2022 to $1.4 trillion in 2025. With…
packaging solutions

Brand benefits of bespoke product packaging

,
Consumers have always valued a perfectly packaged product. Receiving a nicely organised, dent-free package, immediately gives a positive impression of your brand to the consumer. However, since the effect of Covid-19, we have seen an upsurge…
packaging solutions

Guide to Reverse Logistics in Supply Chain Management

, , , ,
Read our Guide to Reverse Logistics in Supply Chain Management. For help with e-commerce fulfilment, warehousing, storage, pick and packing, call Pointbid Logistics 0121 326 7368
what is pick and pack featured imagehttps://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.displaymode.co.uk%2Fprocess%2Fpick-pack%2F&psig=AOvVaw3eUas8A0WG4JLWHB_UzXyp&ust=1575105130409000&source=images&cd=vfe&ved=0CAMQjB1qFwoTCNDf_92Jj-YCFQAAAAAdAAAAABAW

Ecommerce Warehouse: Best Practices to Increase Efficiency

, , , ,
Read our Best practice Guide for eCommerce Warehousing 2023. For help with e-commerce fulfilment, warehousing, storage, pick and packing, call Pointbid Logistics 0121 326 7368
selling across multiple channels

What are the benefits of a multichannel distribution system?

, , , ,
In today’s retail landscape, you will notice that many e-commerce businesses do not limit themselves to just one selling platform. More online stores are selling across multiple channels to reach more customers and drive further sales...
ecommerce online shopping

How to maximise e-commerce profitability in 2023

, , ,
How to maximise e-commerce profitability in 2021 - Despite the dramatic rise in online sales, maintaining profitability within e-commerce can still be a concern for business owners, particularly given the uncertainty surrounding post-Brexit trading rules and customers seeking value for money amid the pandemic.
Fulfilment Centre Warehouse

Order fulfilment and the growing need for efficiency

,
With e-commerce business soaring in 2023, the need for a seamless consumer experience from an efficient order fulfilment process has never been greater. The number one area in which consumers demand efficiency is when it comes to order fulfilment.…
what is ecommerce shipping

Key Logistics and Supply Chain Trends to Expect in 2023

, , , ,
Read our Guide to Key Logistics and Supply Chain Trends to Expect in 2023. For help with e-commerce fulfilment, warehousing, storage, pick and packing, call Pointbid Logistics 0121 326 7368
what is pick and pack featured imagehttps://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.displaymode.co.uk%2Fprocess%2Fpick-pack%2F&psig=AOvVaw3eUas8A0WG4JLWHB_UzXyp&ust=1575105130409000&source=images&cd=vfe&ved=0CAMQjB1qFwoTCNDf_92Jj-YCFQAAAAAdAAAAABAW

How to improve your order fulfilment process

, , ,
The order fulfilment process is one of the most vital areas of an e-commerce business, particularly with the rapid escalation of online orders. As the popularity of online shopping continues to grow, businesses are focusing on how to maximise…
/0 Comments/
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *