Lucas closes this week on Pitstop with a quick rundown of some of the essential services available for your Shopify and e-commerce store from our sponsor ShipBob that you may have missed.
Typically one of the more difficult aspects of running any retail operation, be it on or offline, inventory planning and management have broken many otherwise healthy and successful brands even at their best. Considering the extra complications, disruptions and global incidences that have caused shipping, production and manufacturing to slow to a trickle world wide, managing and maintaining some control over your store inventory and supply chain has gone from otherwise difficult to stressfully nightmarish. Thanks to our sponsor ShipBob, there are some helpful tools and easy fixes e-commerce operators can take advantage of to get a leg up on the new logistical reality.
Accurate inventory production lead times. Sometimes restocking is not as simple as ordering more products from a distributer or manufacturer; sometimes those providers need time themselves to literally make the items in question. Knowing of any delays ahead of time will not only save you worry and headaches over later deliveries, but will give you the tools to clearly and accurately communicate to your customers any delivery issues, encouraging an open and effective relationship between consumer and provider.
Consider your safety stock availability. Your safety stock, that is the extra products you keep available with presumption they will be sold rather than ones purchased with a known buyer, is an excellent way of gauging not only how you’re currently doing, logistically and sales wise, but is a great way to track activity throughout the year, and give you clear ideas of when you’re at your busiest, and when business has slowed. Track your stock closely, and use the data it tells you to improve your sales timing and restocking schedule.
Embrace demand forecasting. Listen to your data, not just for when items get delivered, or when you restock, but everything that can be quantified and tracked. Which shipping packages result in more positive outcomes? Do certain items always go up in price during certain times of the year? Are some items becoming more expensive to produce, and others getting cheaper? All these little details can build to a data driven picture that will show you hidden pitfalls and unexpected profit highlights, saving you money, time and make finding and maintaining success easier and less stressful.
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