As an online boutique owner, it’s important to understand how to effectively manage your inventory. By properly planning your inventory, you can ensure you don’t miss out on sales due to lack of products. Here are some tips for planning your online boutique’s inventory:
Set Realistic Reorder Quantities
It’s important to determine when you will need to reorder items from your vendors. It’s hard to sell product when you don’t have it on hand. This may require planning out the amount of inventory needed and setting re-order points accordingly.
Stay Organized & Accurate with Inventory Planning Software
Inventory management software can help streamline the process of managing and tracking your inventory levels. Shopify has inventory tracking built in to help you keep track of inventory levels. This allows you to have real-time visibility into current inventory levels so you can reorder if necessary. You can also pull detailed reports on sales trends and product popularity with certain plans.
Create a Backup Inventory Plan in Case of Stock Issues
It’s never a bad idea to have a backup plan in case something happens with one of your vendors. There may also be issues with delivery or fulfillment times you will need to address. Having alternative vendors for products available could help save time and money if that happens. Inventory planning should always include multiple vendors with product that will work for your boutique customers.
Utilize Storage Space Wisely & Strategically
Whether you store items at a warehouse or in your spare bedroom, make sure you use the space efficiently. Organizing products by category, color and size is common. This will help you keep track of what you have in stock and where products are located. Even then, don’t be surprised if you occasionally lose a product. 🙂
Think Ahead Before Investing in More Stock
Carefully consider whether adding new product categories is worth the additional capital upfront before actually purchasing the products from suppliers. More categories of product does not always mean more profits for you. Often, adding more products too soon will use up your capital and cause unnecessary stress to you. Make sure you have your customer base built up before investing in them. This is why it’s crucial to plan your inventory.
Make Use of Automated Fulfillment Solutions
Automated fulfillment solutions can be incredibly helpful when it comes to keeping track of orders, shipping times, returns, etc. It can alleviate some inventory planning because it allows you to add dropship products. Dropship products do not have to be purchased ahead of you selling them. This leaves your cash free and allows you to focus more energy on marketing or customer service instead. This will allow you to grow your business more efficiently.
Following these tips carefully can make a huge difference in effectively planning inventory for your online business!
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Wondering if owning an online boutique is profitable? Check out Is Owning an Online Boutique Profitable?
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