Your Ultimate Guide to BigCommerce Inventory Management

The fact that consumers can purchase online from even the most remote locations emphasizes the importance of businesses creating an online store. Imagine someone ordering something from your BigCommerce store from that far away, and they get the ‘out of stock’ message! (Oops!)

This circumstance is a major pain point for small and medium-sized companies (SMBs). Your ability to handle inventories in BigCommerce is crucial for keeping consumers satisfied and growing your business.

This blog will explain every detail you require for effective BigCommerce inventory management. We will also discuss the specifics of BigCommerce’s built-in capabilities and give you the know-how to avoid stockouts and overstocking, the two extremes of inventory management. 

Why Does BigCommerce Inventory Management Matters?

Boosts customer satisfaction

Imagine a customer receiving the dreaded “out of stock” notice who is ready to purchase your product. When disappointment sets in, they can visit your competitor immediately. You reach the inventory sweet spot when you have the right inventory quantity. 

Waiting for a restock is never enjoyable. Keeping the proper inventory quantity on hand lets you quickly fulfill orders, satisfy consumers, and encourage repeat business.

Reduces costs

Overstocking is like drowning in quicksand for your cash flow. Unused products tie up expensive cash and take up unnecessary storage space that could be used better. On the other hand, understocking results in lost sales opportunities and disappointed customers who might not return. 

Finding the ideal balance, reducing these needless expenses, and maintaining the stability of your finances are all made possible by effective BigCommerce order management.

Improves profitability

You can maximize your pricing strategy by carefully controlling your stock levels. For instance, you can lower pricing in response to seasonal demand increases or offer discounts on items near expiration. You can also respond quickly to shifting market trends. 

If a certain product experiences an unexpected spike in demand, you will be able to restock your inventory promptly. You can also use the situation to optimize your earnings with BigCommerce management services.

Enhances decision-making

Your inventory data is a gold mine of insightful information. Through analysis, this data can provide you with a clear understanding of your business. You can discover slow-moving products that may need to be removed or discounted, identify popular products that require regular restocking, and even predict future demand to ensure you have the appropriate stock. 

This data-driven strategy can eventually grow your business by allowing you to make well-informed decisions about future stock levels, marketing initiatives, and product purchases.

What tools does BigCommerce offer for inventory management?

BigCommerce offers robust features to streamline your BigCommerce inventory management process. Let’s delve into the essentials:

• Inventory tracking: Enable inventory tracking for individual products in your BigCommerce dashboard. This allows you to monitor your stock levels in real-time.
• Stock level management: Establish minimum and maximum stock levels for every product as part of stock level management. When your inventory falls below a certain level, this triggers notifications that remind you to place a new order.
• Variants and bundles: BigCommerce allows you to manage inventory for any unique combination of products you provide, regardless of size, color, or other variations. It is essential for keeping precise inventory records.
• Inventory information: BigCommerce provides thorough information on stockouts, sales patterns, and movement. Examine this data for trends and use it to inform your data-driven e-commerce inventory management.
• Low stock thresholds: Get automatic alerts when your inventory falls below a preset level. Doing this can prevent stockouts and stay ahead of the curve. 

How can I become an inventory management pro?

Now that you have grasped the basics, let’s explore some advanced strategies to take your BigCommerce inventory management to the next level:

Forecasting

Examine industry trends and previous sales data to predict future demand. This helps you determine the ideal stock levels so you do not overstock or understock during busy times of the year.

ABC analysis

Sort your products according to their profitability and number of sales. Focus more of your inventory management efforts on “A” products (high profit, high sales) and use leaner tactics for “B” and “C” items.

Safety stock

Reliable e-commerce store management services will always keep a buffer of extra inventory on hand for popular products to help with supply chain interruptions or unexpected demand surges.

Lead time optimization

Knowing each product’s lead time or the amount of time it takes to receive new inventory can help you strategically prepare for restocking. By counting lead times, you can ensure you have adequate inventory on hand to satisfy demand without needlessly stockpiling.

Minimum Order Quantity (MOQ) Management

The smallest amount you purchase from certain vendors is the Minimum Order Quantity (MOQ). This might be challenging for new items or ones with fluctuating demand. Being an expert in inventory entails devising inventive ways to meet MOQ requirements, such as negotiating with suppliers, grouping products together, or working with other companies.

Inventory control techniques

Several methods for inventory management might help you optimize your workflow. To reduce storage costs and guarantee product freshness, think about using strategies like the Just-in-Time (JIT) approach—which receives inventory only when needed—or the First-In, First-Out (FIFO) method—which sells the oldest stock first.

Can technology help me manage inventory better?

Managing inventory can take a lot of effort and time, particularly for companies with a wide range of products. Now, technology plays a role:

• Inventory management apps: Look through the BigCommerce app store to find apps that work well with your store. Barcode scanning, inventory forecasting, and order fulfillment are just a few jobs these applications can automate.
• Warehouse Management Systems (WMS): If your company runs a complex warehouse, consider a WMS. These systems offer advanced features, including inventory allocation, automated pick-and-pack, and real-time stock visibility across several sites. 

When might I need help with inventory management?

While BigCommerce has excellent tools and technology to speed up processes, successful inventory management often calls for human intervention. This is where EcomVA comes into play.

Here’s how we can help you:

Set up and maintain inventory tracking

We can carefully set up and manage inventory tracking for your BigCommerce store. This includes maintaining variants and bundles, accurately creating product listings, and ensuring that all stock levels are up to date.

Implement inventory management strategies

We help you leverage your inventory effectively. Our specialists can assist you with ABC analysis, demand predictions, and setting the ideal stock levels.

Data analysis and reporting

Inventory data is useful, but only if you can properly understand it. When you hire a virtual assistant from EcomVA, you can examine inventory records and spot patterns and, based on data, decide on product sourcing and restocking.

Automate reordering

Our automated reordering rules can be configured to follow your minimum stock levels. This guarantees that you have sufficient inventory on hand to complete requests without the need for manual assistance.

Streamline order fulfillment

Order fulfillment and inventory management are interdependent processes. We can help with the order fulfillment process and ensure that the order is correctly and effectively picked, packaged, and sent.

Why choose EcomVA for inventory management?

You can get the services of a committed team of virtual assistants at EcomVA who are enthusiastic about seeing your BigCommerce business succeed. You should choose us for:

• Skilled experts: Our team is made of experts with a thorough grasp of e-commerce best practices and BigCommerce inventory management.
• Scalable solutions: Whether you need regular assistance with inventory management or just a helping hand at busy times, we customize our services to meet your unique requirements.
• Economical: Hiring a virtual assistant from EcomVA can provide professional inventory management help at a reasonable price, freeing you to concentrate on other business areas.
• Enhanced productivity: You can concentrate on expanding your company by saving time and money with us. 
• Boost profitability: Better sales and profitability are closely correlated with our efficient inventory management.

Ready for efficient BigCommerce inventory management?

Running a profitable online business requires a solid understanding of BigCommerce inventory management. By utilizing the built-in features, advanced strategies, and EcomVA’s assistance, you can attain ideal stock levels, save expenses, and maintain satisfied customers.