Managing your Amazon inventory is a continuous challenge. It can prove difficult to keep a clear record of your stock and adapt your pricing to market fluctuations, even though software such as Sellery can make these tasks easier. But sometimes, the most difficult part is realizing when your inventory needs to be worked upon further than in terms of pricing. SellerEngine has put together the cues for reshaping your inventory, and what to do about them.
For a few tried and true tidbits on Amazon inventory management, please read on.
‘You are what you eat’ is one of those truisms that you’d find it hard to argue against nowadays. But if you’re an Amazon seller, then you’ve most likely become convinced that you are what you stock. Not only does your inventory speak of your integrity as a seller, but it also constitutes one of the main factors your Amazon business success relies upon. But how do you know when to tweak your inventory?
The 6 Signs Your Amazon Inventory Needs Tweaking?
Here is a list of no fewer than 6 triggers for seasoned and novice sellers alike to keep an eye out for, along with some tangible tips to serve as food for thought or even as possible solutions, if you happen to come across these situations.
1. Sales Drop
The first sign that you might need to update your inventory is a drop in your sales compared to the same period of previous years. If all other parameters that directly influence sales (such as your feedback) stay the same, then it is natural to assume that the sales drop is tightly related to your inventory. Analyze your stock – see what has changed since your sales were up. Maybe you’re running out of best-selling goodies. Or maybe last week’s top sellers are no longer so sought-after. Scout the market. Then restock. Regularly.
2. Amazon Sales Rank Rises
The sales rank, the most direct indicator of an item’s “sellability,” fluctuates constantly. As explained above, any seller wishing to maintain peak efficiency needs to keep up with the changes in demand. You need to check your products’ sales ranks regularly, and aim to stock up on items with the lowest sales rank.
3. Page Views Plummet
The less page views you have, the less interested in your items potential buyers are. Along with sales rank, this is an indicator that you need to restock your inventory full of items that are selling well at that particular moment.
4. Positive Feedback Dwindles
Though this occurrence might be caused by various other reasons (say, a change in your customer service or return policy), chances are that your stock plays a part. First, remember that it is vital to realistically describe the condition of your products. Moreover, it is always better to underrate than overrate it. Receiving an item that looks better than they expected might determine your customers to leave positive feedback without any further action on your part. Nevertheless, you can always email them to see where you could (or should) improve your service.
5. Product Complaints Pile Up
This is a clear warning sign. The products you sell should be exactly as advertised. Check whether the fault was caused by storage and/or handling, listing errors or manufacturing slip-ups. Accordingly, you should improve your storage and handling processes, notify Amazon about the error in their listing or invest in higher quality stock.
6. Competition Soars
This is always tricky. The more competition you have, the more you need to excel. Your inventory might be perfectly okay, but in this case you need to go that extra mile in order to win the customers over. Offering small freebies or a lower price (if you can afford it) are a couple of ideas. Conversely, you can opt for stocking entirely new categories of products.
Hoping we’ve given you some food for thought, along with some answers and guidelines, the team here at SellerEngine wishes to remind you that nothing is forever. Any issue has a solution, and whatever the matter, we are here to offer you advice and support in dealing with your concerns regarding your Amazon inventory, among others.
Axelle has been part of the SellerEngine team for over 5 years, being now familiar with all Amazon related matters. She loves people and she loves writing, always ready to save the world with her pen.