Never stop looking for those opportunities to sell new or different products and creating, fulfilling and satisfying demand in different markets or regions. Try using a resource like Terapeak to help you identify new categories, categories where there is less competition, specific product opportunities or to improve your listings and search rankings.
Set your thresholds
Set stock thresholds to automatically re-order product when stocks go below a certain level. Calculate how fast you're selling the items and how long it takes for the new product to arrive, so that you’re not carrying too much stock or else running out of stock for your best selling items. Use system rules to build manual gates into your processes for more control.
Automate your compliance
Keep electronic purchasing records to improve on supplier communications and general business practice, rather than placing orders manually by post, fax or telephone. Maintain digital records of all your purchasing so that you can show transparency in your purchasing activities and comply with any relevant buying policies or rules & regulations.
Convert products to cash
Ensure you’re re-ordering products at the right time. Determine how fast your products are selling and how many days’ stock you have left at those selling speeds. Factor in lead times for getting new product in and at the right quantities. Use reporting intelligence to get the balance right and use automation to re-order or set alerts to do it yourself.
Lose the laggards
Expedite the items you bought in with the best of intentions but which are just not moving fast enough, or at all, occupying space in your warehouse and tying up your money. Invest in good reporting to see poorly performing products and dead stock, as well as products or regions with a poor credits & refunds record, and address this with your suppliers.
Getting great at purchasing
When you’re great at purchasing, you have great supplier choice, get great prices and you accurately manage your returns and costs. Volo helps companies improve purchasing efficiencies through intelligent workflows and joined-up systems. Parts and accessories merchant The Green Spark Plug Company uses Volo for managing its purchasing and has increased sales ten-fold in three years.