In vehicle parts and accessories, a small range of products might be easier to manage, but it limits you greatly if you're looking for growth and profit. The industry is so vast and diverse, and so too must your catalogue be to secure a regular stream of sales and customers. You don’t need to stock every type of item for every category, but ensuring you have a healthy mix will stand you in good stead.
Treasure your best suppliers
It’s notoriously hard to get meaningful supplier feeds with reliable part numbers and recognised model types in this industry. Often sellers have to build the data from scratch or at least do major amounts of re-work on what they have. Good, progressive suppliers with robust data and – ideally – automated feeds are worth their weight in gold. Take time to find them, and jealously protect them from others.
Control the K-types
K-type mapping is the key to any successful online parts and accessories seller. With a limited amount of space in the title, you need to ensure your items associate with all the models and makes supported. This helps you secure the right buyer and deflect the wrong buyer, thereby limiting your returns and refunds. It’s hard work to build these mappings from scratch, but worth it in the lifespan of the listing.
Shape up on shipping
With a huge variety in part sizes and weight, you’ll need some complex mapping rules and filters to ensure the best profitability from your shipping. You’ll also need a host of couriers to compare if you want to ensure the best prices and service across the range. You’re not legally allowed to ship some parts to some regions without specific paperwork or certifications, so make sure you don’t get caught out.
Use your intelligence
In order to make the right decisions in areas like SKU volume, supplier relationships, K-types and shipping, you need to be able to act on information intelligence from your systems. It’s very difficult to hit your business goals when you’re flying blind and can’t trust the data. The amount of time or money you spend getting your reports right so you can do proper analysis will pay you back many times over.
Nailing online parts and accessories
Automotive, motor, car, vehicle, parts and accessories; whatever name you go by, nailing online parts and accessories requires a supreme control of high volume data and great relationships with great suppliers. Volo works with over 100 parts and accessories merchants and brand retailers to help them grow their revenues, increase their operational efficiencies and improve their cash flow.