In this article, we’ll discuss why out-of-stock products can be a viable solution for Shopify store owners and provide tips on how to make the most of them.
What Are Out-Of-Stock Products?
Out-of-stock products (aka OOS) are items that have been sold out completely, either due to poor inventory management or an unexpected and sudden rush of orders for a particular item.
When a product is out of stock, it cannot be sold even if customers attempt to buy it, and as a result, businesses risk losing sales. Thus, it is essential that store owners track inventory accurately and maintain an accurate record of stock levels at all times.
The use of out-of-stock products can help manage inventory in Shopify stores by providing an efficient way of tracking stock levels and controlling inventory in a more organized and effective manner.
Benefits of Using Out-Of-Stock Products for Inventory Management
1. Reduced Stockouts
Using out-of-stock products can help store owners greatly reduce the chances of running out of inventory. When customers attempt to purchase a product that is out-of-stock, the system can check for stock levels in their local store, and if there is stock available, the product can be delivered within a reasonable time. This avoids any unnecessary stockouts and prevents customers from being disappointed.
2. Improved Replenishment Options
Using stockouts can also help merchants better manage replenishment. This type of inventory management system can easily identify when stock levels are running low and notify store owners in advance, so they can replenish their inventory before it runs out. This allows store owners to remain one step ahead of managing their stock levels, reducing the chances of stockouts and empty shelves.
3. Increased Product Availability
Shopify merchants can perform inventory management more effectively by using OOS, resulting in increased product availability. It ensures that inventory is better tracked and controlled, reducing the chances of running out of a product and ensuring customers have access to the items they need.
4. Improved Customer Loyalty
Using out-of-stock products helps stores create customer loyalty. Customers who are regularly able to purchase the items they need from a particular store are more likely to become loyal buyers, thus increasing sales.
Strategies for Managing Inventory in Shopify
1. Analyze Sales and Order Patterns
Analyzing the sales and order patterns of a store is a great way to determine the most popular products and identify when stock levels are running low. This will enable store owners to accurately plan restocking and replenishment so that customers can always purchase the products they want.
2. Keep Communication Lines Open
Keeping communication lines open with customers is a great way to build relationships and encourage repeat purchases. This also makes it easier for store owners to inform customers when a product is out-of-stock and give them an estimated replenishment date.
3. Track Inventory Accurately
Keeping accurate records of inventory levels is essential for effective inventory management. Running out of stock can quickly lead to lost sales, so it’s important to check stock frequently and ensure inventory levels are being managed correctly.
4. Promote Out-Of-Stock Products
Many stores benefit from other marketing strategies to promote their out-of-stock products. For instance, they may post an announcement about the product on social media or set up a discount on the product when it is back in stock.
Top 5 Tools to Help You With Better Inventory Management
1. Notify Me! Back in Stock Alert
By subscribing to the “Notify Me” button, customers will be notified via notifications (Email/SMS/Push) when a product is back in stock. This will allow you to sell your products more efficiently and avoid missing sales.
Moreover, there is an insightful report on the most requested products to help you make inventory decisions.
Pricing: Notify Me offers a 7-day free trial. Paid plans start from $19.9/mo up to $250.9/mo with unlimited notifications. It also offers 24/7 customer support for both free and paid plan users.
2. Unleashed Inventory Management
Pricing: Free 14-day, Paid plan starts from $349/month.
3. Low Stock Alert & Forecasting
Pricing: 14-day free trial, Paid plans begin from $4.99/month
4. Inventory planning Pro Assisty
Pricing: Stock Sync offers a 14-day free trial and several other paid plans, a pro plan at $29/month, an advanced plan at $59/month, and a Shopify plus plan at $99/month.
5. Stock Sync
Pricing: Free 14-day trial; paid plans start from $5/month.
Using out-of-stock products for better inventory management in Shopify stores can be extremely beneficial. By leveraging out-of-stock products, stores can reduce stockouts, improve replenishment options, increase product availability, and build customer loyalty – all of which ultimately help stores increase sales and make shoppers happy. It’s important to track inventory accurately, make use of available tools, and implement strategies for promoting out-of-stock products. With an effective Shopify inventory management strategy in place, your store will be well on its way to success!