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Decreasing Inventory Errors With Revenue Intelligence
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It is no surprise that the Buy Box is prime, sought-after real estate for Amazon sellers. Given that those who maintain adequate inventory, consistent sales, and a strong stock history tend to be granted a larger share of the Buy Box, avoiding inventory issues is a must for any seller that wants to retain successful rankings and Buy Box share on Amazon.
We have outlined common inventory issues that sellers encounter and how implementing an automated revenue intelligence system can help you avoid them:
1. Human error
As the number one cause of inventory issues, human error such as manual input mistakes can be costly for sellers to remedy, especially in a time crunch. With a revenue intelligence platform, automated algorithms make objective decisions based on big data which allows for precise and impartial answers.
2. Increased order volume, which is good news for the seller but makes manual processes inconvenient and time-consuming
Once you move forward with revenue intelligence, you are opening the door to more profits with less effort. Many Amazon sellers don’t monitor sales velocity because it takes too long, and are then frazzled and unprepared with adequate stock when there is an uptick in sales. Utilizing a revenue intelligence solution will not only help you swiftly adapt to unprompted sales spikes, but will optimize the success of every single product in your inventory.
3. Quicker depletion of inventory
Stock-outs are routine for sellers who haven’t automated their inventory management. With Feedvisor’s replenishment report, you will be able to easily identify which products to replenish, when, and at what volume. With analytics that are constantly updated, sellers will be alerted when items are no longer profitable and when to liquidate slow moving inventory.
4. Poor performance will result in account suspension on Amazon
Amazon sellers need to be customer-centric, at all times. Customers expect instant gratification and sellers need to know how to tiptoe around that in an efficient way: through 100% product availability and through fast delivery. If they don’t stick to that, customers aren’t waiting around and are instead moving on to the next seller. With the performance overview function of Feedvisor’s revenue intelligence solution, you will be able to monitor your standings based on real-time metrics to make sure that you are meeting seller performance targets such as order defect rate, pre-fulfillment cancellation rate, and late shipment rate.
Gaining visibility and control of your inventory levels with a revenue intelligence platform will help improve your overall business and brand strategy in the Amazon marketplace, as well as drive more profit to your bottom line by guiding you to make specific, actionable decisions.