This post was written by Nick Maglosky, CEO of ecomdash. Ecomdash is a smart, multichannel inventory, order, listing and shipping software for online retailers. Nick is passionate about small to mid-sized businesses and all things ecommerce, and enjoys researching innovative ways retailers can compete online in an increasingly diverse market.
Inventory management is crucial for all ecommerce retailers. Unfortunately, many retailers aren’t doing it right. In fact, retailers lose over $1.75 trillion dollars a year due to poor inventory management, including overselling.
Inventory Management Strategies to Avoid Overselling
The best way to effectively manage inventory will be unique to your business. What works for you may not work for other ecommerce companies. But, there are some strategies that are beneficial for all retailers – those that help improve your inventory management and increase cash flow.
Here are five ways to prevent overselling in your ecommerce business and to keep yourself out of those staggering statistics.