Stock management, or inventory management, is a challenging part of successfully selling on bol.com. How do you find the perfect balance between investing safely and creating space to scale up by ranking higher in the bol.com search results? In this article, we'll take you through the do's and don'ts of inventory management on bol.com: selling on bol.com, how do you keep your inventory in check?
1. The benefits of sufficient inventory on bol.com
Although stock management feels like a side issue for many entrepreneurs and most 'just do something', having an overview and taking control of your inventory management is meanwhile a direct reason for:
- More revenue
- More profit
- Higher customer satisfaction
More revenue
Why? Because sufficient inventory allows you to scale up and take advantage of opportunities when they arise. Having enough inventory means you can play with product pricing (such as lowering your price for more sales and a higher ranking in the bol.com search results) and actually have the inventory to handle the increased sales.
More profit
More revenue often means more profit, but not always. Having an overview of your inventory can ensure you don't have to make expensive purchases at the last minute and can make smart pricing agreements with your supplier. However, there are storage costs that you don't want to be too high. Too much inventory increases inventory management costs and eats into your profit. Moreover, there's the risk that you won't be able to get rid of the inventory at all. That's a significant financial blow. Balance is key when it comes to stock management for your bol.com business!
Higher customer satisfaction
A sold-out product is an absolute no go on bol.com. It costs your customers. Is the product sold out at your store? Then bol.com is the perfect place for your customers to look for other sellers. And those other sellers are eager to serve your customers to their satisfaction. So, keep your inventory in check and your customers happy!
2. Too much or too little inventory: a killer for your business
We mentioned it briefly above, both too much and too little inventory don't fit into the strategy of a smart online entrepreneur.
Selling on bol.com & too much inventory
Too much inventory leads to increased financial risk and higher storage costs. But there's more. When you unnecessarily invest a lot of money in inventory that then sits in your storage for a long time, it slows down your cash flow.
In a healthy business, money is constantly in motion. Money comes in, is invested, and then goes back to work for you: it earns you more money. But when you put your money into an unnecessarily large inventory, it can't work for you. The result is that you have to let interesting opportunities pass you by because there's no cash available for a new investment. Add to that the risk that the market changes and the demand for your product disappears, and... your money is gone.
Selling on bol.com & too little inventory
Too little inventory has two direct consequences. First, your customer satisfaction plummets. Your product can be great, but if it's not in stock, customers will become dissatisfied and look for an alternative.
Secondly, out of stock = out of ranking. One of the strongest ways to run a successful bol.com business is to rank high in bol.com (and Google) search results. But if your stock is depleted? You'll be penalized quickly. Why would you get a high ranking if you can't deliver? It's a harsh reality.. but one you have control over!
3. Selling successfully on bol? How often you should restock
To maintain a good balance in your stock management as a bol.com seller, ensure a healthy cash flow, and keep track of your storage, it's wise to restock every one to two months. This way, you stay in control and can respond to seasonal influences and market changes. But how do you know how much stock to buy every one to two months? You'll find the answer below to the question: selling on bol.com, how to keep your stock levels up?
4. Three key factors for strong inventory management
To achieve a smooth flow in your inventory, these three insights make the difference:
- Ensure maximum visibility into your data
- Respond to peaks and troughs in your niche
- The duration of delivery
1. Maximum visibility into your data
One reason many entrepreneurs 'fail' in stock management is a lack of (insight into) data. For example, they can't track their average monthly, weekly, and daily sales, making it difficult to predict the future.
Do you want to purchase on time and buy the right amount? Then you want to regularly check your average sales, remaining stock, and how long you can last with your current stock in an Excel file, your Boloo dashboard, or another program.
2. Peaks and troughs in your niche
Use bol.com search trends and keep an eye on the search volume for your product. Also, consider past trends, possibly tied to seasons. This way, you won't be caught off guard and will be aware of potential peaks or troughs in demand for your product.
3. The duration of delivery
Finally, now that you know how much to buy to maintain a healthy stock level by monitoring your data and niche trends, there's one more important factor: the agreements you make with your supplier.
Are you always aware of the (changes) in delivery times that apply to your supplier? Do you also take into account busy months and potential delays? Ensure good communication with your supplier and stay up-to-date on their developments.
Stock management never ends! So you'd better get good at it ;-)!
