Online stores listing on bol.com should not underestimate the importance of inventory management. Regardless of the size of your product catalogue, keeping updated inventory records has many benefits. It provides an operational advantage, reduces back-orders, increases your visibility on bol.com, and it cuts costs. Effective inventory management can be the key to your success on the bol.com marketplace. It’s an essential administrative tool.
In this post, we’ll discuss why it’s critical to keep track of your inventory levels. We also have tips on how to keep track of inventory across multiple platforms.
Inventory tracking is an important asset to assist you in planning and budgeting for your business. Online store managers should consider having updated inventory records. Accurate stock information can indicate whether or not you can fulfill customer orders. Further, it will inform your future orders to suppliers in terms of order size and frequency. It takes the guesswork out of reordering.
The ability to find an optimal inventory point requires better planning, forecasting, and inventory management. Stock data will give you useful insights into future orders. It allows you to spot trends over time and make some basic forecasts about when products will run out. It gives you a better understanding of when you’ll need a new product and in what quantity. In general, an updated inventory will help you develop a suitable business strategy for your market niche.
Maintaining up to date information about your inventory will help you reduce backorders. Backorders can have damaging consequences for your business. It’s important to monitor your sock levels to make sure you can complete customer orders. The last thing you want to do is accept an order without having the product in stock. It may end up costing you additional shipping fees to expedite the package so it can be delivered on time to your customer. Worst case scenario, you’re not able to fulfill the order at all. In which case, it may be bad for your brand and cost you potential customers.
Consider inventory management as a way to accurately measure your online store’s performance. Lack of accurate inventory data can lead to suboptimal performance reporting. Outdated inventory figures hinder your ability to track sales and measure your online store’s success. Tracking inventory trends in your store is key to accurately reporting sales, setting goals, and growing your business.
Rank higher on bol.com
Bol.com has a rating system for sellers to measure their performance on the platform. The score directly influences a seller’s chance to rank higher on the search results or make it on the buying block. There are 8 service standards that influence a seller’s performance score:
||at least 93% of all orders must be delivered on time|
||percentage of cancellations must not exceed 2%|
||required for all packages|
||must answer 90% of all call attempts during office hours|
||remain within the expected percentage of customer questions (sales based)|
||maintain an average rating of 8 or higher|
||seller must address at least 90% of customer inquiries within 8 working hours|
||remain within the expected percentage of returns (sales based)|
The marketplace favors sellers with fast delivery times, low pricing, and low out-of-stock notices. Maintaining up-to-date inventory information will allow you to replenish your stock before it’s marked as sold out. In turn, you can avoid getting an out-of-stock notice which can hurt your rankings on the marketplace.
Consider a scenario where a customer orders one of your products through bol.com. Unfortunately, you failed to sync your inventory with orders from your online store and didn’t realize the product is actually sold out. Now you have to cancel the order on bol.com… Cancellations lower your score as a seller on the platform. Coupled with a poor rating/review from the unhappy customer means you could fail to meet the service standards – costing you a strike from bol.com. It takes 7 strikes within a span of 24 weeks to be removed as a seller from the marketplace.
How to manage your bol.com listings?
When running an online store, it can feel overwhelming trying to keep track of orders across multiple platforms. However, managing listings and inventory is of strategic importance for your business. Bol.com allows you to expand your online footprint, attract potential customers, increase conversions, and generate sales. Woosa makes managing your listings easier by creating one unified system on WooCommerce for all your orders. The Woosa Bol.com Plugin allows you to sync all your bol.com orders with your WooCommerce online store and manage everything from WooCommerce.