(Syncing your Inventory with the Use of SellBrite)
Business individuals make a lot of mistakes while developing an online eCommerce business. In this article, we will talk about synchronizing inventory across multiple platforms using SellBrite to make the most of your inventory exposure and mitigate overselling risks.
Handling Multi-platform Sales
To understand the idea of multi-platform inventory management, it is best done with an example.
Suppose you have ten laptops and want to market them on three different platforms, Amazon, eBay, and your Personal Web store. Without automated stock sync, you can allocate two laptops to Amazon, three laptops on eBay, and the remaining five on your web store.
If, as a seller, you had auto-sync, you would be able to display all ten devices on all the platforms. After-sales, all the sales channels are synchronized automatically to display the current stock available for further sales. This process will allow you to make the maximum number of conversions without the risks of overselling.
Multi-channel sync used to be a problem and could only be owned and managed by large enterprises. Today\’s retail business is all about hybrid and multi-channel with tough competition and have customers spread in all directions from social media to all marketplaces. Every business, irrespective of its scale, is trying to keep up with the trend.
With the expansion of seller reach from Amazon and eBay to other marketplaces like Etsy, Shopify, Walmart, BigCommerce, and many more, sellers have been able to find potential customers in all corners.
Handling a single channel is already a challenge for small scale sellers, so managing multi-platforms can be a nightmare.
Consider the following things before Multi-channel automation
- 29% of sellers lack the visibility of multi-platform automation, failing to provide the fulfillment of demands. This implies that sellers cannot manage several platforms without a proper real-time stock record across all the marketplaces. This leads to customers ordering items that are no longer in stock.
- Annually approximately $1 trillion is lost in revenue as a result of overselling and out-of-stock scenarios.
- $222.7 billion is lost every year because of the inability to synchronize inventory data.
- 43% of all retailers still prefer the manual practice of stock management and inventory tracking through spreadsheets or pen and paper.
Key to Profitability
With the several complexities of the retail market of the era, the better the inventory management, the more profitable a business can be.
- Stock synchronizing will enable you to display your entire inventory on multiple platforms providing the opportunity to increase the rate of conversions.
- Effectively managing inventory can help you reduce product pricing and improve delivery rates.
- Timely deliveries lead to an increase in customer satisfaction, which helps in customer retention and referrals.
- Improper inventory tracking could lead to an imbalance in demand and supply, increasing the overall price or buying from a costlier supplier to meet the demand range.
The Solution is SellBrite
With the synchronization of automated multi-platform inventory management through SellBrite, you will be able to keep track of your stock 24 hours in real-time. Additionally, having real-time data will help you in managing:
- Your current stock,
- Dispatched Items,
- Stock refills.
Additionally, the software system will showcase your entire inventory and will automatically sync your stock with the guarantee to take care of your business. Using real-time multi-platform sales management will assist you in:
- Automated ordering and process fulfillment
- Improve operational efficiency by reducing redundancies
- Increase sales by inventory synchronization
- Low inventory level alerts to maintain stocks.
Although no sellers would want to overstock, it is also not preferable to run out of stock during a high sale demand.
It can be challenging to predict the demand for every product in the market, and stocking up on expensive items can be an equally tricky issue. For these reasons, sellers keep less stock in-hand compared to their product listing. Using SellBrite for your multi-platform stock management solution will provide you with timely notifications on low stocks and collect sales data from past sales.
Synchronization process and functioning
Generally, inventory syncing platforms update stock quantities across all channels every few minutes and sometimes in real-time. Here how SellBrite processes function:
- The process begins with the input of available stock of everything you are selling and link everything through multi-platform syncs.
- Customers can place an order on any platform you are selling on. The data is imported to your sync platform, which allows automatic adjustment of the inventory in real-time. In the case of offline sales, you need to alter the stock quantity manually.
- As soon as the platform recalculates the inventory stock, the information is updated automatically on all linked listings after factoring in all the sales.
SellBrite offers a multi-platform inventory sync across several renowned eCommerce sectors including Amazon, eBay, Walmart, Shopify, Deliverr, and many more. Our simple and reliable inventory management software helps you grow your brand. Additionally, SellBrite offers FBA Inventory Management for automatic inventory management between SellBrite and Amazon exclusively, and a multi-warehouse automation system to provide you with extensive business flexibilities.