Including Supplier Quantity When Updating Listings
Best Practices: Including Supplier Quantity When Updating Listings
As you’re selling online, nothing is worse than running out of inventory and having the listing pull down from your eCommerce sites. When you reach zero, you run the risk of losing the buy box, falling down in search results, or worse, missing out on a potential sale. In this installment of our Best Practices series, we will discuss how you can recover lost revenue by including supplier quantity when updating listings.
With Finale, you can now leverage your supplier’s quantity. Instead of providing the stock levels of JUST your warehouse, now you can include what you’re able to purchase as well. Not only that, but Finale can also push an updated lead time to sites like Amazon to adjust your expected shipping date to accommodate for the additional time it will take you to receive the inventory.
This capability is critical for retailers who leverage drop shipping. Dropshipping occurs when retailers do not actually have the item they are selling in their possession. They make arrangements with the wholesaler or the manufacture to directly ship the item when an order is placed by their end consumer. In this relationship, the retailer is only concentrating on marketing the product and generating sales.
To be successful effectively leverage dropshipping, obtaining accurate inventory stock levels from your supplier is critical. Your supplier’s inventory levels can change by the hour. To prevent overselling, you need to know their current availability on a regular basis.
To use this feature of including supplier quantity when updating listings, first make sure your account has the option “Use per supplier pricing fields” enabled in your Application Settings under the Products tab.
Let’s assume that you have 10 of a sweater in stock and have your Amazon listing configured to ship within 2 days. Let’s also assume that your supplier has 50 available for immediate purchase, but it takes you 4 days to receive the shipment once you place an order. Finale can push a quantity of 60 to your Amazon listing by including the supplier quantity (as well as to all of your other integrations).
For the first 10 you sell, you will advertise a latency of your standard lead time of 2 days. Once you sell those 10, however, Finale will update your listing to a lead time of 4 days since now we’re listing based on inventory that needs to be ordered. Now you won’t ever miss out on sales from running out of stock.
One thing that is good to know, though, is that whenever you’re including the supplier quantity to update listings, you should also account for the time it will take you to order.
If you aren’t ordering every single day, make sure to include those extra days in your lead time as well. That way when if someone orders on Monday, but you don’t create a purchase order until Wednesday, the shipment wont be late.
Let’s take a look at how you’ll set including supplier quantity when updating listings in Finale.
How to configure Finale to include supplier quantity when updating listings
In the product details page for any product, scroll down to the section for purchasing. Here you can input the supplier quantity available, as well as the corresponding lead days. It is also important to choose the supplier name. This information can be imported from a spreadsheet as well using the field names as the column headers. It’s common practice to periodically update this information using the stock levels provided by the supplier.
Once you populate these fields, you’ll also need to make sure your integrations are configured to include supplier quantity in the stock source drop down menu.
After we’ve updated these numbers, you can quickly see what Finale will push out to each integration in the section for stores in your product details page. The product we’re looking at has a physical quantity of 10. Based on that plus the supplier quantity we input, Finale will push a stock level of 90 to all of your integrations.
We also created a helpful step by step walk through video for how to include suppler quantity when updating marketplaces.
Once you’ve utilized the supplier quantity, make sure to read our Best Practices article on how to make the most out of Finale’s reorder points too.