When you run a business that sells products, you enter the ballgame of inventory management. With products constantly streaming into your business and being sold, inventory management is THE way to keep track of them so you know what you have, don’t have, and what products are being sold the quickest.

Back in the day, inventory management was done by paper and pen. In today’s electronic world, there is no need for that. You can track your inventory live. Online sales have become a must for almost all businesses and it’s easy to do. However, the speed of sales and inventory management has changed to real-time. You can’t make a sale if you don’t have the product, and this is a very common and big mistake made by companies. You can’t do the same. Your inventory management and sales needs to be in sync and up-to-date.

Here are more problems to watch out for.

Overselling Products

Dwelling deeper into what’s already mentioned, you need to be able to fill all the orders that your customers place. Going out of stock and giving that excuse after the orders have been place is not acceptable. Moreover, you result in postponing the orders and this results in giving your business a bad rep.

Have a strong system to track your online sales and update your stock number. Often the problem is that you are present on various online marketplaces and it becomes difficult to keep track of all the sale orders and tally it with the stock available. The best option is to have a system that is integrated with the different online portals and has an updated list of your inventory numbers. No matter whether you are listed on Amazon or eBay, you can keep track of the sales and stock available.

Over ordering Products

You do not want to over order products when you already have them in stock. This is even more of a problem when you order products that are not popular. The simple solution is to have a system where you accurately account for the products you have stored, and your sales metrics to keep you informed of the products which are best sellers and which ones are not.

Poor Supply Chain Management

Take your supply chain management into account. How does your supplier get the products? Is he a third party who will take time to procure it? Are you directly purchasing from the manufacturer who is half around the world? If it is the manufacturer, you not only have to account for the transportation time, but also the manufacturing time.

All this means that you shouldn’t wait till your stocks are over, a little bit of foresight goes a long way.

Poor Employee Training

Human error- that’s what you got to watch out for in your inventory management. When it comes to counting, tracking, and ensuring that the stocks are updated in your inventory list, your employees must get it right.

For that, you have to train them. Set up a fool-proof process that prevents miscalculations, preferably through double checks. Additionally, an effective software is necessary to help ensure your employees are able to grapple with a large number of products.

And even if you, alone, are handling the inventory, ensure you train and practice on your own to get it right.

And there you have! Managing your inventory and your online sales is not a piece of cake. But with a little bit of due diligence and effort, you can do it right.