You can also listen on:
Apple Podcasts / Spotify
In today’s episode, Nick and EJ Ekhato, from Inventory Planner, explored strategies for streamlining inventory management, enhancing purchasing decisions, and strengthening relationships with suppliers—all critical for any e-commerce business.
1. Data-Driven Inventory Management
Stop relying on guesswork and use data to inform purchasing decisions. Understanding metrics like sales velocity and inventory levels can minimise stockouts, optimise costs, and improve customer satisfaction.
2. Effective Supplier Communication
Many businesses underestimate the value of strong relationships with suppliers. Regular communication can help you negotiate better terms, such as lead times and bulk discounts, and ensure product availability during peak times—key to avoiding lost sales due to stock shortages.
3. Balancing Stock Across Locations
For businesses with multiple locations, stock balancing helps move inventory to where it’s needed most. If one store is running low, transferring stock from another location can keep inventory levels balanced and sales flowing.
4. Planning for Post-Peak Success
January often brings a sales lull after the holidays. Planning for Q1 inventory needs can help you avoid empty warehouses and cash flow issues. Back-order and pre-order options keep customers engaged, even if items are temporarily out of stock.
5. Managing Dead Stock
Dead stock—inventory that isn’t selling—can tie up capital. Clearing out unsold stock with discount strategies, bundling, or “free with purchase” offers helps free up space and improve cash flow.
6. Forecasting for Long-Term Success
Preparation for peak season isn’t just a seasonal task; it requires year-round planning. E-commerce businesses should forecast six months to a year in advance to anticipate trends, secure supplier commitments, and plan budgets.
These strategies will improve profitability, ensure smooth operations, and strengthen supplier partnerships. Tune in to hear our full discussion on maximising e-commerce success through smart inventory management and supplier strategies.
Check out the full podcast here.
This episode was brought to you by Nick Trueman, Director of PPC & SEO Agency, Spec Digital.