4 Key Steps to Set-up E-Commerce Warehouse #ecommerce #warehouse #inventory #shorts #shortvideo

Product Classification Sheet: http://bit.ly/3UfHpzc
Inventory KPI Calculator: https://bit.ly/3iiNiy0
Warehouse Healthometer - https://mindamend.net/tools/warehouse-healthometer/

Did you know:
23% of e-commerce players lack accurate visibility across the supply chain, which results in out-of-stock and over-stocking situations
Are you over-stocking with the fear of running out of stock?
Or are you running out of stock due to the fear of dead stock?
How to hit that dart at the right inventory levels?

“05 tips to manage your e-commerce inventory like a PRO”

5: Product Classification
63% of supply chain experts believe, optimization of inventory is important to streamline your supply chain
And the 1st step towards optimization is analytics. You need accurate data to manage your inventory efficiently.
If your product classification is done right, then you shall get accurate data to analyze your inventory
On my right is the funnel which shows the most optimum way to classify your inventory
The top funnel starts with the department, then the category of your product, followed by sub-categories, & various other attributes which will give a unique identity to each SKU.

4: Item Master Creation
Once you have classified your products, the next step is to create the item master in the software. This software can be an: ERP or WMS or IMS
Depending on the scale and vision of your business, you can decide the software you would like to use to manage your inventory. A few recommended software for e-commerce businesses is Odoo, Zoho, SAP, Oracle, & Quickbooks.

3: Barcoding
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 at a supermarket in Ohio. Today, UPC barcodes are pre-printed on most items you find in supermarkets. If you are dealing with such pre-barcoded products, then you don't need to print your own barcodes
On the other hand, if you're manufacturing or contracting to manufacture your products, then barcoding becomes a necessity
When you create an item code in the software, it shall have the capability to create a unique barcode label for each item
When you buy products, you must ensure you barcode them immediately as soon as you receive them at your stock points. You shall need barcode labels & barcode printers to enable printing your own barcodes

2: Listing
Listing your products on e-commerce channels like your website or marketplaces involves product cataloging
Product cataloging is where you mention details about your product i.e. Name, description, photos, product size, color, variant, etc
Poor cataloging results in poor sales, because in e-commerce, the products need to speak for themselves, as you are not there personally to convince your customer to buy them
Each channel will have its criteria to be followed for cataloging
After you product catalog, you shall be able to list the products on various e-commerce channels. In situations where you don't accurately categorize the products, as per the cataloging guidelines, you shall not be able to replenish in time, as you wouldn't be able to extract accurate reports.

1: Integrating Inventory Management System with your channels.
Let's understand the main reasons to do this integration & not manage inventory on excel sheets is:
1 Avoiding Out-Of-Stock Situations/Stockout
2 Avoiding Over-Stocking/ Excess stock

Recent data from Adobe shows that the stockout situation increased by 250% in 2021
As per the survey, 42% of consumers who experience a stockout will shop from another website. 10% of disappointed customers post negative reviews online.
Electronics currently has the highest out-of-stock levels, followed by jewelry, apparel, home, garden, & pet products
Thus, OOS: will lead to business loss & reputation loss!
While, on the other hand, Over-stocking/ Excess stock shall lead to business financial loss. Facing any of these situations has bull-whip effect on your business

Let's narrow down to the solution:
Your inventory data or the Item Master is within your ERP or WMS or any IMS
Now you can link this item master to various channels, it can be your website, your marketplaces like Amazon, etc, & even your brick & mortar shop
Whenever you buy stock, inventory levels shall go up and this shall be communicated to all your channels
The moment your last piece is sold from any of the channels: it shall be notified to all your other channels and this shall prevent customers to order out-of-stock items

If you have more than 100 items to be sold, then it's impossible to track without an Inventory Management Solution

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