Tips for Streamlining Inventory Management

By | Blog


This is a guest blog post written by inventory management provider eComdash

One of the toughest parts of running an ecommerce business is inventory management. It’s also one of the most important elements. When inventory is not managed effectively, business owners can’t forecast sales accurately, potentially leading to shipment delays and dissatisfied customers.

Forecasting is not the only area affected by inventory mismanagement, cash flow is impacted as well. Carrying too much stock ties up money needed elsewhere, and not having enough inventory leads to overselling. Both scenarios affect your bottom line.

Implementing a robust and effective inventory management process helps accurately track stock levels, forecast future sales, and optimize purchase order processes. It reduces the likelihood of overstocking, under-stocking, and overselling – factors that influence how your business thrives.

To help get your inventory management operation on track, we’ve put a few tips together to streamline the process.

Think of Inventory as Money You Can’t Spend

inventoryTo understand your cash flow, you must properly manage inventory; it’s likely your largest business asset. You have to think of your inventory as money you aren’t able to spend. Focus on how to best forecast the stock that will sell and make decisions based on accurate data. Invest in a software solution that updates in real-time and integrates with all your systems and sales channels. By tracking sales on all channels, you can analyze the data to see what products are in demand. You also need to track your purchase order process and how long it takes to receive more inventory. A proper forecasting report will take the demand of your stock along with the estimated reordering timeline to give the best estimates.

Use a SKU system

Each item you have for sale should have a SKU assigned to it. There may be situations where you don’t think it’s necessary, but it is. SKUs help you keep track of products internally, but will also be necessary if you use a 3PL (third-party logistics) that handles products for you. Having a SKU system facilitates new channel expansions because the system can track your stock across multiple channels, properly gathering and analyzing data so you understand what product is profitable as your company and product offering grows.

Maximize Product Movement with Bundling

Using product bundling to cross-sell and up-sell is a great way to move stale products off the shelves. Not every product you have is going to be a top-seller, which means that some products could be dust-collectors. Don’t let these products cost you storage fees. Bundle those slower-moving items with your best-selling items. Your customers will feel like they are getting a great deal, while you make room on your shelves for better products.

Set Minimum and Maximum Product Alerts

If you choose to use an inventory management software, make sure they offer alerts for inventory levels. When specific products reach maximum or minimum levels, make sure you set alerts so you or an employee can take action. With alerts, you will always know when it’s time to order new merchandise and when you have too much. Planning ahead and taking quick action can be the difference between a million-dollar year and a multi-million-dollar year.

Audit Inventory Frequently

audit-inventory-002Performing inventory audits isn’t something that anyone likes to do, so telling you to audit often may be the last thing you want to hear. But, if you audit at close intervals, you can catch any discrepancies before they become a big problem. The audits won’t take as long since you’ve processed fewer transactions between audits. By keeping a closer eye on your stock and knowing that the quantities in your system are accurate, you won’t waste valuable time looking through months of transactions for a simple mistake that has thrown your numbers off.

Final Thoughts about Inventory Management

Inventory management is crucial to the success and growth of your business. As your business grows, it’s important that you always maintain a firm handle on inventory.  With accurate data, you can quickly adjust your management strategies to meet your business’s expanding needs. Technology can make it much easier, but in the end, it comes down to organization and strategic decisions based on accurate data. Follow the above tips to take your business to the next level by controlling inventory, cash flow, and sales growth.

Cross Border

How marketplaces are the future of cross-border e-commerce

By | Blog

Cross-border sales are growing rapidly, which country is right for your business?

Here’s the deal, modern consumers are savvier these days. The speed in which they are able to search, review, and buy products are made seamless because of where retail is happening–online. eMarketer estimates that ecommerce will account for 14.6% of total worldwide retail sales, topping $4 trillion by 2020. But we already know that. So what’s the real story? According to Forrester, cross-border transactions will outpace domestic transactions at a compound rate of 17% between 2017 and 2022.


Read More

Google PLAs - What It Is & How to Use It

Product Listing Ads: What Is It & How to Use It?

By | Blog

So What Are Google Product Listing Ads?

Using Google Product Listing Ads, promote your online and local inventory through cost per click (CPC) ads to reach the right customers. Google updated their ad layout on Search Engine Results Pages (SERPs), showcasing Product Listing Ads more prominently by reserving the right-side rail only for PLAs. In addition, when users type “best” or “top” and then the product they’re looking for, they’ll see PLAs at top of the SERP with an associated number rank. Read More

With rising fulfillment costs in 2017, find out what it means for your business and how Shipped By Newegg can help.

How Will Increasing Fulfillment Fees Impact Your Business in 2017?

By | Blog

As more businesses focus on providing easy and seamless shopping experiences for millions of their customers, storing and fulfilling orders in 2017 looks to be increasingly more expensive for sellers. These new fulfillment fee changes are designed to help optimize the available space at the fulfillment centers like Amazon while delivery companies like USPS and UPS have also put in place higher rates for 2017. So what increases can you expect this year for your fulfillment costs?

Read More

Newegg Eggie Awards

The Eggies 2017 – 13th Annual Award Winners

By | Blog

The Eggie Awards – Newegg kicks off 2017 by recognizing and thanking the partners who made 2016 a successful year.

Silicon Valley’s Thomas Middleditch hosted Newegg’s 13th annual Eggie Awards, held at the Omnia Nightclub at Caesar’s Palace in Las Vegas on January 5th. The Eggie Awards are accolades presented by Newegg, recognizing vendors, partners, sellers, and customers for their excellence and contributions to Newegg. The event brought together notable companies such as Intel, Samsung, Indiegogo, and Adorama to name a few. Throughout the evening, Middleditch entertained attendees by cracking jokes about his personal enthusiasm for PC’s and gaming during his youth, while industry leaders enjoyed themselves to cocktails and music.

A total of 40 Eggies were handed out. And the winners are…

Most Innovative Customer Service Initiative INTHECHAT
Marketplace Best Platform Partner Indiegogo
Marketplace Best Global Seller Veho
Marketplace Best Campaign Launch Partner Dept. for Int’l Trade, UK
Marketplace Seller of the Year Adorama
Marketplace Best Brand Partner Panasonic
Marketplace Special Contribution Award Antonline
Best SBN Partner Cryostore
Best Marketing Platform Monetate
Geek of the Year Serious Gaming
Top Affiliate of the Year Skimlinks
Payment Partner of the Year American Express
NeweggBusiness Partner of the Year Dell
Best International Logistics Partner Purolator
Best Logistics Partner FedEx
Best Supply Chain Partner FP International
Best Last Mile Transportation Partner InPost
Partner of the Year G.Skill
Partner of the Year ASUS
Partner of the Year MSI
Partner of the Year Intel
Supporting Vendor of the Year LG Electronics
Supporting Vendor of the Year WD
Supporting Vendor of the Year Lenovo
Supporting Vendor of the Year AMD
Supporting Vendor of the Year Acer
Best eSports Partner of the Year Thermaltake
Best Gaming Hardware Partner of the Year Corsair
Best Gaming Technology Partner of the Year Nvidia
Best Overall Growth GIGABYTE
Best Overall Growth EVGA
Best Distributor of the Year Ingram Micro Inc
Exclusive Mobile Launch Partner of the Year ZTE USA
Exclusive Launch Partner of the Year G-Style
Social Media Marketing Partner of the Year Seagate
Marketing Partner of the Year Intel
Best New Vendor Huawei
Best Consumer Technology Innovator Samsung
Best Supporting Manufacturer Hewlett Packard Inc. (Canada)

New Year, New Campaigns, Larger Opportunities

By | Blog

Growing categories usher in the New Year.

2017 looks to be another promising year for many online merchants. According to eMarketer, e-commerce sales will reach nearly $441 billion in 2017 with consumer electronics and computer hardware taking the lion’s share. A number of product categories are predicted to experience sales growth as well.

Specifically, the Toys and Hobbies category continues surging due to greater demand for drones from recreational and commercial users. The theme of “Everything Connected” with regards to Home Automation and Home Improvement is gaining wider adoption as companies simplify their products, making them more intuitive for the average consumer. Following suit to them are the health, fitness, and small home appliance categories.

What does all of this mean for online merchants like yourself? New revenue streams for 2017. Newegg is launching a series of campaigns tapping those industries. Our customers are looking for new hobbies, healthier lifestyles, and cool projects to get started on. If you carry these products, let’s get them to the right customers and jump start your business for greater success in 2017. Participate now by reaching out to us.


5 Best Practices to Boost Sales during the Holiday Season

By | Blog
You have every intention to increase your sales during the holiday season (naturally), but just can’t seem to nail down an effective strategy. Days and weeks pass, and still no actionable plan. Soon enough, the holiday season is in full swing. Once that happens, you’re scrambling- hoping to capture some sales, and realizing it’s too late. The agony. Another missed opportunity. Does it always have to be this way?

It doesn’t.

We’ve compiled 5 best practices you should keep in mind when crafting your Q4 sales strategy.

Read More

SEO post

5 Tips for On-page SEO Greatness

By | Blog
Search engine optimization (SEO) is the marketing buzzword of the decade (only rivaled by the explosive growth of content marketing). The reason for the popularity is simple- our reliance on search engines for information has created a demand for pages to rank on search engine results pages (SERPs). Due to the flood of content available on the internet today, there is an excess of information and a shortage of customer attention. As a result, you not only need to rank on the SERPs; you need to rank high.

Read More

Emerging Tech Markets_VR

Emerging Tech: 3 Markets Shaping the Future of E-Commerce

By | Blog | No Comments

Automated thermostats, technology embedded in your clothing and virtual reality: Are these fictions from an alternate universe or the future of consumer electronics?

As a tech marketplace, Newegg has a vested interest in the latest technological innovations. We are finely in tune with what trends are becoming prime market opportunities for our customers and sellers alike.

In this post, we look at the emerging tech that may alter the course of e-commerce — and history — as we know it.

Read More