Although reviving your listings is a simple process, the loss that it has on your business is quite immense. Prevention is better than cure, and for this problem, it is rather easy. Here are a few tips and tricks on inventory management for you to ensure that your inventory doesn’t go inactive on Amazon.
- Efficient usage of Amazon Inventory Management tools
Amazon provides an inventory management software that can help you optimize your inventory. The software provides a host of tools that help with inventory management, sales forecasting, alignment,etc, which can bring in higher efficiency in your inventory management systems.
- Supplier relationship
Maintaining a good relationship with suppliers is crucial for a smooth supply chain. Suppliers can help in calculating lead times, production, and shipping; helping you keep the flow of your products smooth even when there are changes in demand. They are the ones who can help you recover your inventory in emergency situations without much hassle.
- Planning Sales cycles
Understanding the changes in demand, such as seasonal demand, demand changes due to promotions, changes in overall trend,all of this helps in understanding the inventory requirements early on. Only if they are listened to intently, inventory shortage could be tackled just in time. Slowing down promotions in time or reacting to changes in sales velocity when unexpected demand occurs could help in balancing out the inventory requirements. Increasing the price is also an option to reduce demand, providing more time to restock. Forecasting and planning your inventory a couple of months in advance would also help keep things streamlined.
- Strategic promotions and sales
Sales and promotions can not only increase sales figures, they can also be used to manage inventory as well. Promotions can be set for a certain number of items, and limited stock remaining can be sold at a higher price to slow down the sales process, thereby providing time to restock. This would help keep promotions in check without losing on sales, reputation or visibility even for a second.
To sum it all, inactive listings could be a chaos for your business on Amazon. It can harm sales, visibility, and even your brand reputation in the long run. You must be diligent about handling your inventory and ensuring that Amazon has your products stocked. Leverage sales forecast data and use it in alignment with your promotional strategies so that you don’t deflect from your goals, wasting time and hurting sales and profits.