Top 10 Tips for Inventory Management to Grow Your Business


Top 10 Tips for Inventory Management to Grow Your Business

Here are the top 10 tips for Amazon inventory management:

1. Use Amazon’s inventory management tools: Amazon provides a range of tools that can help you manage your inventory, including the Inventory Dashboard, which provides an overview of your inventory levels and sales, and the Fulfillment by Amazon (FBA) Inventory Performance Index, which helps you optimize your inventory levels.

2. Create an accurate and up-to-date inventory plan: Develop an inventory plan that accurately reflects your current inventory levels and sales, and update it regularly to account for changes in demand and supply.

Person monitoring inventory on Ipad in warehouse

3. Monitor your inventory levels closely: Monitor your inventory levels regularly to ensure that you have enough stock to meet customer demand, but not so much that you incur unnecessary storage costs.

4. Monitor your sales and forecast future demand: Use data on your past sales and trends in your industry to forecast future demand for your products and adjust your inventory levels accordingly.

5. Use safety stock to protect against stockouts: Safety stock is a buffer of extra inventory you keep on hand to protect against stockouts (i.e., when you run out of a product). This can help to prevent lost sales and maintain customer satisfaction.

6. Use automated inventory management systems: Automated inventory management systems can help to streamline your inventory management processes and reduce the risk of errors. These systems can track inventory levels in real time and automatically reorder stock when needed.

7. Use automated repricing tools: Automated repricing tools can help you to maintain competitive prices for your products and maximize your profitability. These tools monitor prices on Amazon and adjust your prices in response to changes in the market.

8. Use the Amazon Restock program: The Amazon Restock program allows you to automatically restock your inventory based on sales data and other factors. This can help to ensure that you have the right amount of inventory on hand to meet customer demand.

9. Use the Amazon FBA program: The Amazon FBA program allows you to store your inventory in Amazon’s fulfillment centers and have Amazon handle fulfillment, customer service, and returns. This can save time and resources and improve your customer service.

Person hitting green API button on keyboard

10. Use Amazon Marketplace Web Service (MWS): Amazon Marketplace Web Service (MWS) is a set of APIs that allows you to manage your inventory and orders on Amazon. Using MWS can help to automate your inventory management processes and improve the accuracy and efficiency of your operations.

Special Offer

GETIDA (GET Intelligent Data Analytics) is a powerful software tool that examines the previous 18 months of inventory management transactions to flag errors eligible for FBA reimbursement. It is free to run the report.

It’s also free for a GETIDA team composed of former experienced Amazon employees to file and follow up on reimbursement claims on your behalf. The only charge is a percentage of claims that are approved. And the first $400 of FBA reimbursement is free without charge.

Given the time and effort, GETIDA saves you so you can focus on running your business, it’s a small price to pay to recover potentially substantial reimbursement of FBA errors likely to occur while handling your inventory management.