Getting Started with Inventory Management
Having the right inventory management strategy and systems in place is critical for both large and small online businesses. Whether you're managing your own inventory or working with a dropshipper, inventory represents a major financial investment — both in its initial cost, and the cost accrued by having to store it.
Your inventory management strategy should encompass:
- managing inventory levels
- accurately reporting on stock levels
- tracking orders and understanding order trends over time
- setting and adjusting pricing
- liquidating inventory as needed
- identifying sale trends and seasonal impact
- proactively forecasting supply and demand
- managing all inventory costs
- finding a balance between ordering inventory, keeping costs low, and profits high
- managing relationships with suppliers
The following guide will focus on managing your own inventory. We’ll help you sidestep common obstacles by explaning BigCommerce functionality, highlighting resources available to help you scale, and providing tips from industry professionals. You’re also welcome to skip the contents of this guide and start tracking and managing your inventory now.