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Monday, March 25, 2013

You've Sourced Your Product Inventory, Now What!?

Well, I hope you just read my last several posts about where to source your product inventory, and I hope you have now decided on just how you will get the products that your customers will end up purchasing. If you have chosen to purchase them wholesale and send them to FBA, congratulations as you have already graduated to the big-show! But if you decided you wanted to play it safe and try out dropshipping first, don't despair, you are well on your way to great success as well!

No matter which avenue that you choose to go down on your path to success, if you are determined enough and business savvy, you will get there. Heck, even if you forget about the business savvy part, and just follow MY advice, I will get you there!

Okay, so now what do you do? You set up your business, got the products you want to sell by sourcing them through Doba, or through the suppliers from World Wide Brands. And now you have to prepare a "product inventory file," right? So what is an inventory file, what is its purpose, and why should you care? All three are good questions.

A product inventory file is the file that you will get from each supplier that you establish a new account with and it will provide you with all of the information that you will need in order to list your products for sale online. Obviously you are not just going to list them one by one, as that would take you forever! So, every vendor who offers dropshipping will have an electronic way of sending you their product information. Generally speaking, this is going to be an Excel file, or a comma or tab-delimited .txt file which you will open with Excel.

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So after you figure out just how you will be receiving this file every day from each of your suppliers (generally you download it from their website or have it emailed to you), you will take that file to update the inventory quantities for each product that you are selling. Some suppliers will keep a good static inventory (where it will be the same daily), while others may have 5 of something one day, and then none the next.

The way I deal with this, is I take whatever they provide to me and subtract it by a certain number (let's say 5 for example), so that I give myself some leeway in case they sell out before I update my files again (which you should do DAILY). But if you give yourself a buffer, you will rarely ever have any stock-outs, and thus have more satisfied customers (which is priority number one!).

I will post an entry tomorrow about just how you actually set up a product inventory file from scratch, which is not an easy task, but once you learn it, it is something that will make you a LOT of money! I will teach you some very good secrets that you can't find anywhere else -- believe me, I've looked!

So you have the products you want to sell, and now you have the product inventory file from the supplier, and all you have to do now is create that data file, or outsource your work to Inventory Source, right? If so, you are ALMOST THERE, and just one step away from listing your products for sale on Amazon and beyond! How exciting! Check back tomorrow to find out how to create that data file.

Thanks for reading,

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