Indeed, effective inventory management is difficult to master and even tougher to perfect. Even with the help of the best technology, managing a warehouse full of stock is a challenging task. It’s even more difficult when you’re selling on multiple channels. That is, dispatching orders quickly in order to keep your customers happy.
On the ground, that means a lot of stock movement – most of which will be single orders. Thus, in order to keep track of all this stock, you need a good inventory management system. And to identify potential problems – and quickly resolve them – your inventory management needs to have clear stock visibility.
Before you start
With ChannelGrabber – as with any inventory management, for stock management to function correctly, it’s essential that you import all your products and with matching SKUs.
If you’re not sure what a Stock Keeping Unit (SKU) is, or are looking to set them up – check our Products and Stock help guide first. You’ll need to do this for stock visibility to be effective.
Viewing a single product
One of the most important views you’ll want to see is the status of a single product. You’ll want to check that the product is active on all relevant channels, and that the stock level is synchronised and correct for each.
By viewing each individual product status, you’ll be able to identify any potential errors quickly. For example, if an item is currently not listed on Amazon when it should be. This is especially useful if you’ve just added a batch of new listings to your channels, and want to check that each product is displayed correctly and generating revenue.
You can also go into each of your marketplace and webstore accounts. From here, you can find all product listings, so to check if a new product status is correct. As well as this, you can simply view any new product and quickly identify if a channel is displaying or not.
Inventory Management – Getting an overview of all your stock
Another essential view in inventory management is total stock.
This is the best way to get a complete overview of all your total stock. As a result, you’ll quickly and easily see the big picture, spot any products that are running low and update stock levels accordingly. It helps you to keep on top of all your re-ordering, keep stock levels accurate and reduce the risk of overselling. If you make a sale offline – on the phone perhaps or in a physical shop – viewing total stock allows you to quickly amend stock levels and adjust availability across multiple channels automatically.
Identifying available stock
Viewing available stock is useful if you want to just see which products have unsold stock. In fact, it also helps to filter out purchased stock that is ready for dispatch, so you’ll get a real time view of current availability.
Additionally, this view lets you check your available stock is in sync across all channels at the same quantity. Therefore, you can display the same amount of stock on every marketplace and maximise the sales potential. And if you see low stock levels on certain products, you can identify and address these to prevent customers from being disappointed.
Checking stock that’s ready for dispatch
Finally, the ability to view un-dispatched stock is another essential function in your inventory management system.
Indeed, you’ll get a quick indication of how much stock you is in the warehouse that’s ready for delivery. Additionally, you can also keep an accurate record of how much stock you have in total. Let alone how much is available for sale, and when you need to re-order. It’s another useful tool in helping you avoid any stock discrepancies – preventing both over-ordering and overselling.
For full support on stock management and different views, take a look at our dedicated guides.
And if you haven’t yet discovered how much a good inventory management system can help you keep track of stock levels, then sign up for free with ChannelGrabber.