Tips for Mitigating and Preventing StockoutsJanuary 18, 2017
The more retailers that you sell your products through, the more challenging it is to manage that inventory – and the costs of sub-optimal B2B inventory management can be steep. In 2015, CNBC reported that stockouts accounted for $634.1 billion in lost retail sales for the year. Those losses can easily pass on to you. If retailers are not confident in your product availability, they will find other suppliers.
Preventing stockouts with well-done B2B inventory tracking goes beyond keeping an accurate SKU count. Ideally, your inventory management software and staff should have the following capabilities.
Detailed tracking information
Your inventory feeds should provide your retailers with as much information as possible, such as:
- Available inventory by location – not only can this free your retailers from being bound to a single inventory source, it can also be useful for shipping calculations
- Restock dates – for low or out-of-stock units, provide both the amount and date by which the inventory will be replenished.
- Real-time data
Comprehensive inventory management
Go beyond the management of in-stock inventory with more proactive services, like:
- Stock alerts – actively communicate when products become out-of-stock, low stock, or back-in-stock
- Allocated stock – allocating inventory for individual retailers helps to manage their expectations is very useful for preventing stockout issues
- Internal backorder management – if it doesn’t take long for you to resupply stock, you may have the bandwidth to handle backorders on behalf of your retailers (or adjust their allocated stock accordingly)
- Shipment notifications – automated shipment notifications with delivery timeframe estimates saves retailers the trouble of calling you, and gives them the information they need to reassure their customers.
If these upgrades to your inventory tracking sound too complex, Fulfillment Works can help! Our Client Access Center technology is customizable and lets you manage all aspects of your inventory from any internet connection (including mobile devices).