Blog10 BigCommerce Inventory Management Techniques Online Businesses Should Know

10 BigCommerce Inventory Management Techniques Online Businesses Should Know

Jul 11, 2024
10 BigCommerce Inventory Management Techniques Online Businesses Should Know

The idea of managing an online store successfully is something that many people dream about. But dreams are funny things — they can easily twist into nightmares if you lose control of your bigcommerce inventory management.

What if a customer excitedly places an order for the beautiful vase they saw on your site, only to be informed that it’s out of stock because of a poor inventory management process? Can you see the disappointment that clouds their faces? In no time, they’ll head straight to your competition. 

Why let your competitors have what was meant to be yours? Make those dreams come true by ensuring that your inventory is well-managed and up-to-date

But then, having too much inventory is also not a good idea. It drains your money on items that are not being used, takes away your space for storage from what could be more important use, and can sometimes even result in expired or spoiled goods. 

Discovering the balance — the sweet spot of inventory — is what will determine whether you can satisfy your customers or not. 

We understand the hurdles of BigCommerce inventory management here at eComVa. For this reason, we have compiled a number of innovative methods for online businesses using the BigCommerce platform.

Tips for BigCommerce inventory management

1. Use BigCommerce Built-in Inventory Management Tools

BigCommerce doesn’t need any additional third-party inventory management apps. Right from the start, BigCommerce store management services come with a good selection of stock control tools. These tools enable you to follow the levels of your stock, establish purchase orders, and take control of low-stock alerts. Learn more about features like product variants, inventory tracking by location (for multiple warehouses), and backorders among a few examples.

Use these built-in functionalities for your inventory management process and decide what you should restock and the products to offer. 

2. Implement a Regular Inventory Cycle Counting Process

Do not only depend on your system’s inventory management techniques as physical inventory counts are critical in maintaining accuracy. Perform regular cycle counts, focusing on one portion of your inventory each time. This allows you to find disparities between your system data and actual stock.

While a full inventory count can be disruptive, cycle counts allow you to spread out the workload and ensure ongoing data accuracy.

3. Learn Forecasting Demand

Being able to accurately predict future sales is not an exact science but rather an art of BigCommerce store management services. However, it is a valuable skill that contributes towards efficient management of stock levels. There are a number of steps that you can take to increase your chances of getting it right: 

  • Look at historical sales data, not forgetting any peculiar spikes or dips
  • Identify seasonal trends as well as their possible impact on sales
  • Consider any upcoming marketing campaigns so as to measure their influence on future demand.

Various tools are available for prediction, including built-in BigCommerce features and third-party integrations. By anticipating demand fluctuations, you can ensure you have enough stock on hand to meet customer needs without getting caught in an overstocking trap. 

4. Do ABC Analysis for Prioritized Inventory Management

The ABC analysis can help in classifying your inventory on the basis of its value as well as sales speed. Let’s take a closer look at how you can use BigCommerce product listing services to classify your products.

  • A Items: These are the high-value products that you sell quickly. They deserve special attention, and you need to have tighter control over the inventory of these items.
  • B Items: These are the products that fall in between when it comes to sales velocity and value— they aren’t too high or too low. Finding a balance between control and efficiency would be most suitable for these products.
  • C Items: And finally, these are the low-value products that take their time to sell. While it’s important to manage them to some extent, they certainly don’t need as much attention as the A items do.

By using the ABC analysis, you can prioritize your inventory management process, ensuring that you concentrate on those products that are more significant to your profitability.

5. Set Minimum and Maximum Stock Levels

For example, a customer is showing interest in purchasing an excellent product by clicking the ‘buy’ button but ending up with disappointment upon receiving an ‘out-of-stock’ notification. To prevent such situations, establish a point where all products will have a minimum stock level. Whenever the inventory goes below this level, it should act as a trigger for an automatic reorder so that stock outs can be avoided.

Another inventory management technique is to set maximum stock levels. This is done not to have more than what is needed. Hence, it ensures optimal use of cash flow and storage space which are both important resources for any business. 

BigCommerce also enables users to configure automated notifications for minimum stock levels. They can do the same for maximum stock levels as well so that there will be a reminder about their inventory needs at all times. You can also hire virtual assistant to take care of stock levels.

6. Leverage BigCommerce Integrations for a Streamlined Workflow

BigCommerce’s app marketplace presents an extensive range of integrations that can simplify the way you handle your inventory as well as ecommerce store management. You can integrate with accounting software so that your financial records are automatically updated upon every sale made.

When it comes to supplier management software integrations, they can automate purchase orders and monitor the progress of deliveries. This ensures time is saved significantly at your end while reducing errors.

7. Don’t Forget About Product Data Entry

One of the essential components of any inventory management process is accurate product data. Make sure to include a clear description, high-quality images, and dimensions to assist customers in visualizing the product and ensure the product meets their needs. This will help you properly categorize your inventory and further streamline your operations with clients who need different types of products.

BigCommerce offers robust product data entry features for inventory management for small businesses. Make sure all fields are used so that there is enough information available about each product, making it easier for you to track and manage what you have in stock.

8. Automate Wherever Possible

Automation is your ally for inventory management. Make full use of BigCommerce’s built-in automation features that help in easing repetitive tasks. Remember to determine the automatic reorder points so that the most important stocks are never depleted.

Check possibilities for triggering automatic email notifications to your suppliers when the stock levels hit pre-defined thresholds. No need to manually keep an eye on this, which can hinder good traffic flow of products.

9. Consider Dropshipping or Third-Party Logistics (3PL) Services

Should you find it too burdensome to manage your own inventory, two alternative options come to mind: dropshipping and 3PL service. With dropshipping, you can still provide your customers with the products without having to physically store them in stock. The responsibility falls on the supplier to store, package, and deliver the products directly to your customers’ doorsteps.

Warehousing, fulfillment, and shipping are what 3PL services provide. In other words, you store your stock at their location, and they take care of all aspects regarding BigCommerce order management, fulfillment, and logistics. 

Both dropshipping and 3PL can free up your time and resources to focus on other aspects of your business. However, it’s important to weigh the potential drawbacks like lower profit margins and less control over the fulfillment process.

10. Seek Help from BigCommerce Experts or Virtual Assistants

Managing an online store particularly inventory for a growing business can be quite a demanding task. Hire virtual assistant without any hesitation! BigCommerce provides lots of resources that include a detailed BigCommerce wiki with comprehensive guides and tutorials on managing your inventory.

Consider hiring BigCommerce store management service providers who specialize in optimizing your BigCommerce store’s operations, including inventory management. At eComVa, we provide a wide range of services for BigCommerce store management such as product data entry, BigCommerce order management, and others. Let us take care of the inventory nitty-gritty while you concentrate on what truly matters for your business— its core activities.

Parting Words!

Your BigCommerce inventory control nightmare can turn into a smoothly running system by following the above ten strategies. Always bear in mind that effective inventory management is not only tracking your stock, it’s also about keeping the cash flow positive, ensuring maximum profits and ultimately giving a wonderful shopping experience to your customers.

eComVA is here to help!

If BigCommerce inventory management is causing you stress, there’s no need to worry! eComVa is here to help. We provide an array of virtual assistant services that are custom-made for simplifying the various operations of your BigCommerce store management.

We can help you with:

  • Implementing and maintaining a robust inventory management system
  • Setting up automated processes so you save time and effort every day
  • Ensuring accurate product data entry for efficient inventory tracking
  • Managing customer orders and ensuring timely fulfillment

Reach out to eComVa today and we can work with you on optimizing your BigCommerce store with professional inventory control solutions, leaving you freed up to direct all your efforts towards business growth and customer satisfaction!

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