The eCommerce world is ultra-competitive. Prices are regularly undercut, new players join the marketplace every day, and rules for sellers seem to be changing on a weekly basis. So as a multichannel seller, you need all the extra help you can get when it comes to sales. Advanced stock modes can help. When used correctly, advanced stock mode can help you maintain a strong sales presence across multiple channels and help you regularly improve your revenue.
Here are 4 ways you can use this functionality to boost your sales:
1. Keep products live at all times
The main benefit of an advanced stock mode is that it gives you much more flexibility when it comes to showing stock levels on marketplaces and webstores. Your channels can show one stock level, but your inventory management software can keep track of a completely different level – the actual amount you have in stock.
It’s a great way to make sure that your products are kept live at all times on every channel – especially for those items which you know you’ll never run out of, or those which you can always re-order very quickly. By “fixing the stock level at”, you can set a stock level of 1 or 2 for all the relevant products that want to remain live at all times. These might be small products where you have thousands in stock, or they could be products that you personalise whenever you need to, like t-shirts, artwork or craft items. Add this rule to your inventory management system, and you’ll never have to worry about missed sales or lost revenue when a listing has run out of stock.
2. Create a sense of scarcity
One of the major tactics in online selling is scarcity. According to psychologists, our brain is far more likely to buy a product when it is rarer. We want it for ourselves, and we’re afraid of missing out. So in multichannel selling, the last thing you’ll want to do is show a product as ‘10+ available’, because your customers’ instinctive reactions will be “well there’s lots available, so it’s nothing special”.
Instead you need to find a balance between a number which indicates customers regular buy the product – and so builds social proof amongst customers – and one which makes the item seem scarce. There’s a simple way to do this with multichannel eCommerce software like ChannelGrabber. Simply use the “List up to a maximum of” advanced stock mode, and you can set your products to display just 3 or 4 available – even though you have more in stock. And when these are sold, your inventory updates but keeps your listings at the same level until all stock has been sold.
3. Create a sense of urgency
You can use the “List up to a maximum of” functionality on individual products, multiple variants of products, or for your entire stock range – the choice is up to you. And as well as creating a sense of scarcity, you might also want to use it to try and create a sense of urgency – another great sales tactic. List products as having just 1 or 2 left in stock, and buyers will immediately worry that they might not get what they need, and will purchase immediately to avoid losing out. This works especially well for any seasonal products which tie in with times of the year or big events. If you sell garden products for example, try this tactic when the forecast is dry and sunny, and watch how customers urgently want to buy your items.
4. Combat selling limits on certain marketplaces
Advanced stock mode is also a vital tool if you’re struggling with selling limits on marketplaces like eBay. Many eBay accounts have a stock value threshold – once your available stock hits a certain level, you won’t be able to add any additional listings – and you’ll miss out on sales.
But by using the “List up to a maximum of” functionality, you can tweak all your products to show a smaller amount of availability, despite having more stock in your warehouse. You’ll then be able to add new listings. This way, you can spread your stock quota over a wider range of products, and increase the potential for sales. And because ChannelGrabber automatically keeps track of all your sales, all levels will be kept up-to-date, and stock will simply be added back to your listing whenever a product is sold.