Ecommerce Stores Popups: Up Conversion Rates And Sales
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The following is a guest post by Ruoshan Tao from TradeGecko, a cloud-based inventory software firm. Ruoshan specializes in helping businesses grow in emerging markets; particularly in China, Southeast Asia, and sub-Saharan Africa. She's also a huge fan of kittens.
The fundamental principles that define good inventory management are deceptively simple:
However, many businesses fail to integrate their inventory management into their processes. This has serious negative repercussions for long-term growth, and here’s why.
Think of an online shopper who proceeds all the way to checkout, only to be told that the product they want is no longer in stock. Or even worse, the shopper who places her order and receives an email several days later that the item isn’t available.
Not only do stockouts affect the sale that would have taken place, they also damage your brand and reputation - which is what cost you customers in the long run, dearly.
Most ecommerce retailers know that they should closely monitor and refine their inventory management techniques, but what are some specific inventory-related issues that businesses should look out for and work on?
If you neglect to periodically review your costs, you'll miss out on opportunities to boost profits. Here are just some of the examples of inventory management techniques that could work well for your business:
Different techniques carry with them corresponding risks, inventory holding costs, and potential profits. It’s up to you, the business owner, to decide which option works best for you.
Remember, a process that works for servicing 100 customers might not scale to one that works for 10,000 customers! Find solutions that work for your business model and be sure to include future plans to scale up your operations if necessary.
One of the biggest problems facing ecommerce retailers is the lack of available data to make solid business decisions. A frequent mistake that many businesses make is to make purchasing decisions purely based on sales information.
Although using sales information is a good starting point, a comprehensive strategy will:
Ecommerce retailers operate in an incredibly competitive landscape, and effective inventory management can often make or break a business. It’s important that you make sure that your inventory works for you and not against you.