10 Expert eBay Inventory Management Tips
As an e-commerce retailer, you want your products to be available far and wide. This means selling and holding listings on various online marketplaces, thus meeting your audience wherever they may be. With this in mind, you should for sure be selling on eBay. With 175 million active buyers currently on the eBay marketplace, this space is the perfect place to reach your target audience, find new customers, and sell to return customers. Of course, simply listing your products on the marketplace giant is not enough for the sales to start rolling in. You still need a strong business strategy, focus, and organized inventory management to make everything work smoothly. Fortunately, we can help you build up proper inventory management practices if you just follow our ten expert eBay warehouse management tips.
eBay Warehouse Management Tips for Online Retailers
When your inventory is not properly managed, it can lead to tons of errors no matter what e-commerce sales channel you use. This can lead to problems for your business such as lost or wasted money, poor customer relations, and even failure. Luckily, you can avoid these problems and more by just following our ten easy tips. With our help, you can ensure that your product inventory on eBay will always be properly managed so that your business is always booming.
1. Stay Up to Date with eBay’s Seller Policies
Each online marketplace is going to have its own unique policies for sellers and all online retailers must pay attention to these. For one thing, you may violate a policy if you aren’t familiar with them and lose your listings. For another, some policies can have a negative effect on your business and inventory management. For example, as a seller on eBay, you may experience a lot of success. When this happens, you can become a “top seller,” but this status can be revoked if you continue selling at a high volume, or in other words, oversell your products. If you oversell and find your listed products are out of stock, it can lead to a negative experience for your customers. A poor experience can lead to poor reviews and complaints, which eBay takes very seriously. For example, if your listings are out of stock or if a customer receives something other than what they paid for, eBay can either remove your listings or tie up your payments until the issue fixed. A small setback like that could do a lot of damage, so do yourself a favor and familiarize yourself with this marketplaces’ seller policies before you begin conducting business.
2. Stay On Top of the Changing Landscape
Since eBay is a site that runs like an auction, prices can change and fluctuate quite a bit throughout the day. When selling prices are always changing, it can have a strong effect on your inventory if you aren’t staying on top of things. For example, if your products experience a price fluctuation, you may be losing money due to lower prices than what your products are worth. On the flip side, however, if you raise prices too much, you could get stuck with too much inventory due to low sales. To ensure things are just right, keep an eye on prices and listings at all times.
3. Bundle Products
eBay’s marketplace comes with a product bundling feature which can be super useful for easy and organized inventory management. You can bundle items for sale with this feature which can lead to effective movement of less popular products with your high-selling items. This is also useful if you have overstock items that need to be cleared out to make room for new products in your warehouse. When you bundle products, you can manage inventory levels with ease.
4. Utilize Software Solutions
When it comes to online retail and inventory management, software solutions are a must. While it is true that inventory is easy to manage when you first start selling online, as your business grows it is no longer wise to manage inventory manually. The larger your business is, the smarter it is to switch to software solutions for seamless inventory management. Warehouse inventory management software solutions provide better organization, accuracy, and quality customer services. You can keep track of everything from product numbers, restocking needs, sales, and more with software solutions as well as use integration features to sync your inventory data so that it is accessible across various devices.
5. Integrate with Suppliers
In addition to making sure your software solution integrates with eBay and your other marketplace channels, you want to integrate with your suppliers and wholesale sources as well. When you integrate with your suppliers you get ahead of any impending inventory disasters such as backorders of stocks, discontinued products, overstocking, and overselling. Integrating with suppliers allows you to see up-to-date suppliers’ catalogs and product quantities. In short, when you integrate with suppliers, you’re much more prepared, and when you’re prepared you can save your customers from negative experiences.
6. Never Overstock Products
Managing your inventory can become a little tricky when it comes to maintaining the right amount of products. If you have too little stock you can disappoint customers and lose opportunities for sales. If you have too much stock, however, you’re actually tying up money and resources that could and should be used elsewhere. For example, if you have too much inventory, you have to pay storage and overstock fees for these products, costing you important revenue.
7. Utilize Finale Inventory’s eBay Inventory Management Solution: Dispatch TimeMax
Finale Inventory offers a useful warehouse management software solution that can update fulfillment latency (DispatchTimeMax). This feature is especially useful for eBay marketplace listings for advanced eBay sellers. DispatchTimeMax refers to the maximum number of days in which a product will be dispatched and mailed to the customer. This allows you to give customers an accurate date on when their order will be shipped and when it will be received. With this useful tool, you can build a better, more reliable presence your customers can trust.
8. Always Update Your Listings
An important part of warehouse management when you sell on an online marketplace is keeping your listings updated. This means that you stay on top of product numbers so that customers know what’s in stock and when to buy. if product listings are not accurate, it could lead to a customer receiving the wrong item, a customer moving to another shop to get their product if yours does not have it, and you lose a sale.
9. Look Into Multichannel Management Solutions
When you work with Finale Inventory, you get access to their state-of-the-art eBay inventory management software solution. This software has the ability to manage your warehouse inventory from your eBay orders using two simple and common configurations. One configuration opens a direct connection between your eBay store (or stores if you have more than one!) and Finale. When these accounts are synced up, your eBay orders are automatically adjusted depending on their needs.
10. Follow Up with Your Customers
Finally, following up with your customers is a must for proper eBay inventory management. When you follow up with your customers, you learn whether or not they are satisfied, whether or not they received their product, and whether it was what they were expecting. This information is valuable because it allows you to build on your customer service skills, making it so that each transaction ends with a happy customer. What’s more, when customers are happy, news of your business spreads, which means more sales, a larger inventory, and more to manage. Keep the cycle going strong by reaching out to your customers to make sure they’re happy having done business with you.
We hope these ten expert eBay inventory warehouse tips will be useful for you and your business and that you’ll see success as time goes on.