This is particularly important if you use overseas suppliers since shipping delays can take weeks to resolve. To keep your supply chain running smoothly, stay on top of your suppliers’ manufacturing and delivery schedules and have contingencies in place for worst-case scenarios. By understanding your supply chain and lead times, you can identify the who, what, where, and when involved in sourcing, receiving and storing your Amazon inventory. Lead time is the time it takes for stock to arrive once ordered. Your supply chain refers to inventory movement from initial sourcing to arrival in your warehouse. Amazon’s built-in inventory forecasting tool, the Amazon Selling Coach, tracks sales against your available stock and recommends quantities needed to fill orders over a specified timeframe, all from your Seller Central dashboard. A better way to predict your inventory turnover rate and reorder needs is to use a forecasting tool that tracks your products daily sales trends. It also helps you avoid over-buying or under-buying when you reorder stock.Īs a general rule, Amazon sellers who import goods target a 3-month inventory turnover rate, meaning you expect to sell through an order of stock in 3 months. With this information, you can estimate how much stock you need to order to maintain stock levels between inventory shipments. To figure out your inventory turnover rate, you need to know, on average, how fast your products sell on Amazon. How fast you sell through your Amazon inventory is commonly called your inventory turnover rate. This comprehensive look at your sales and inventory trends is key to making sound purchasing decisions. You can then plot out trends to determine required inventory levels for products over different periods of time. By tracking your sales and inventory trends, Amazon inventory management tools show you how much of each item you sell on Amazon on a daily, weekly, and monthly basis. Within the dashboard, the Amazon Selling Coach reports key inventory data to help sellers track inventory levels and purchasing needs. Retailers often see a nearly 40 per cent increase in their inventory efficiency with the use of inventory management software.Īmazon’s Seller Central dashboard, shown below, has a suite of built-in tools that you can access for free. Inventory management software is the best way to automate your inventory management tasks and make sure that you carry enough, but not too much, inventory throughout the year. Manually tracking your inventory on documents or spreadsheets is time-consuming and prone to error. 7 Tips to Improve Amazon Inventory Management 1. Nearly half of small business don’t have a good inventory management system in place, but it’s easy to get tighter control over your Amazon inventory.
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