If you are in the business of selling physical products, your inventory must be a priority at all times. Otherwise, marketing and other parts of the venture will be rendered redundant.
As a startup, capital and time are limited. So, you need to make the right decisions to impress customers and generate more sales. Frankly, the future of the business depends on it.
Use the following tips to ensure your inventory works harder in those early days. Success will follow.
Make Products Last
When building the brand, sales are often slow. You must account for this unpredictability throughout the infancy of your company. Learning to give products a longer shelf life removes the pressure to gain quick sales. It is particularly important when using bulk purchases or supplies to acquire the most affordable pricing model.
Data analytics will quickly highlight the trends to identify your most popular products. In turn, you’ll gain clarity over which items deserve the most attention going forward. So, it is the start of building a long-term strategy.
Use Private Label
Private label goods and turnkey solutions have become very popular during the digital age. They leave your business with branded products without encountering the R&D or manufacturing costs of doing it from scratch. Choosing experts like TCI is hugely beneficial for startups in particular. However, even experienced SMEs use them.
A private label manufacturer that offers low order quantities is especially useful when the capital for inventory is low. Or when the storage space is limited. It also means products hit the market with shorter turnaround times.
Use Dropshipping
Dropshipping is another immensely popular model for startups and SMEs. The benefits include testing the water with new product ideas, avoiding inventory storage, and ordering stock one item at a time. When you have a limited in-house inventory, it is the ultimate solution for growing and building a bigger catalog of products to show off.
The rewards are seen by brick-and-mortar stores but are even more noticeable for eCommerce sites. It helps the company attract more clients. It simultaneously encourages them to place larger orders.
Add Print-On-Demand
Another service that prevents the need for holding large volumes of stock is print-on-demand services. It is a model that shares attributes with both private label and dropshipping services. Crucially, it avoids the need for major financial outlays and goods are purchased after the sale. Alternatively, small orders are placed to hold as in-store stock.
The best-known print-on-demand company is Printify. Popular items available include mugs, t-shirts, die-cut stickers, pillows, phone cases, and desk calendars. It delivers an unlimited number of designs for creative startups, thus building a larger inventory.
The Final Word
Perceived inventory shortages are a major stumbling block for startups. However, the modern landscape is far more accommodating for entrepreneurs. Especially for those who have limited capital for stock than ever before.
When the right strategies are in place, even microbusinesses have no excuse to fail. Integrate all of the ideas above and your catalog of products will look huge.
