Product classification sheet: http://bit.ly/3UfHpzc
Inventory KPI Calculator: https://bit.ly/3iiNiy0
Warehouse Health Meter – https://mindamend.net/tools/warehouse-healthometer/

Did you know:
23% of e-commerce players lack accurate visibility across the entire supply chain, leading to out-of-stock and overstocking situations.
Do you have too much stock and are you afraid of running out of stock?
Or are you out of stock for fear of dead stock?
How to hit this dart at the correct stock levels?

“05 tips for managing your e-commerce inventory like a PRO”

5: Product classification
63% of supply chain experts believe inventory optimization is important to streamline your supply chain.
And the first step towards optimization is analysis. You need accurate data to effectively manage your inventory.
If your product classification is done correctly, you will get accurate data to analyze your inventory.
To my right is the funnel which shows the most optimal way to categorize your inventory.
The upper funnel starts with the department, then the category of your product, followed by subcategories and various other attributes that will give a unique identity to each SKU.

4: Creation of the article repository
Once you have classified your products, the next step is to create the item sheet in the software. This software can be: ERP or WMS or IMS
Depending on the size and vision of your business, you can decide which software you want to use to manage your inventory. Some recommended software for e-commerce businesses are Odoo, Zoho, SAP, Oracle, and Quickbooks.

3: Barcode
In 1974, a pack of Wrigley's chewing gum was the first item in the world to have its Universal Product Code (UPC) barcode scanned in an Ohio supermarket. Today, UPC barcodes are pre-printed on most items you find in supermarkets. If you are dealing with such pre-coded products, you do not need to print your own barcodes.
On the other hand, if you manufacture or outsource the manufacturing of your products, barcoding becomes a necessity.
When you create an item code in the software, it must have the ability to create a unique barcode label for each item.
When you purchase products, you must ensure that you code them immediately as soon as you receive them at your stock points. You will need barcode labels and barcode printers to be able to print your own barcodes.

2: List
Listing your products on e-commerce channels like your website or marketplaces involves product cataloging
Product cataloging is where you mention your product details i.e. name, description, photos, product size, color, variant, etc.
Poor cataloging leads to poor sales because in e-commerce the products have to speak for themselves because you are not there personally to convince your customer to buy them.
Each channel will have its criteria to follow for cataloging
After your product catalog, you will be able to list the products on different e-commerce channels. In situations where you do not categorize products accurately, according to cataloging guidelines, you will not be able to restock them on time because you will not be able to extract accurate reports.

1: Integrate the inventory management system with your channels.
Let's understand the main reasons to do this integration and not manage inventory on Excel sheets:
1 Avoid out-of-stock situations
2 Avoid overstocking/excess inventory

Recent data from Adobe shows that out-of-stock situation increased by 250% in 2021
According to the survey, 42% of consumers faced with an out-of-stock situation will purchase from another website. 10% of disappointed customers post negative reviews online.
Electronics currently has the highest out-of-stock levels, followed by jewelry, clothing, home, garden and pet products.
Therefore, OOS will: cause loss of business and loss of reputation!
On the other hand, overstocking/excess inventory will cause financial loss to the business. Facing one of these situations has a whiplash effect on your business

Back to the solution:
Your inventory data or the Item Master is located in your ERP or WMS or any IMS
Now you can link this item file to different channels, it could be your website, your marketplaces like Amazon, etc., and even your physical store.
Every time you purchase stock, stock levels will increase and this will be communicated to all your channels.
The moment your last item is sold on one of the channels: it will be notified to all your other channels and this will prevent customers from ordering out of stock items.

If you have more than 100 items to sell, it's impossible to track them without an inventory management solution.

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MUSIC: Alec Koff @YouTubeMusicLibrary

Time:
0h00 – Introduction
0:39 – 5
1:18 – 4
1:41 – 3
2:42 – 2
3:24 – 1

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