How much stock should I start with when opening an online store?
I am currently opening an online store and I was wondering how much stock I should keep in my warehouse per item as a startup?
10 pcs per item...
20 pcs per item...
I would like to know the best quantity to start with.
If it's a new business and not sure what interest you'll see, do one of two things;
1. Do a Pilot program and announce that it is a pilot program. Offer goods at a discount due to pilot.. Let them know you have limited stock and your selling the first "X" amount under retail because its a test. Blow out your first X amount of units.
2. Find a company with same or similar product. Use them for product and distribution. Do that for a week or two. You'll make less but you'll get an idea of how your product sells.
Paul Greco, Luxlend
Actually, you don't need to hold stocks for starting an online store.
You can simply drop ship using B2B Drop shipping companies.
It's better that way because you don't end up losing the money if you don't have the ideal niche.
Once you have the good feedback from customers, you can start holding stocks.
Raviraj, EMERGE App
Thank you for you answer, i have already considered the drop shipping concept.
but unfortunately being based in Lebanon the drop shipping concept has a major problem which is the shipping time.
any item ordered will take at least 15 to 30 days to reach my warehouse which is proven not idle for the customer.
all competitors in the Lebanese market deliver your item purchased in 3 to 4 days because they invested in holding stocks.
When it comes to creating eCommerce, I have two best ways to go:
1. Shopify is a "pure" eCommerce website builder. It is definitely one of the best eCommerce platforms with great tools.
2. Wordpress is the simpliest eCommerce platform. On the Internet you can find out advantages of using WP themes for your online store. Consider the theme provided by TemplateMonster ( wordpress animals themes )
When launching an online store, your foremost worries should be about products - where to get products from, how much products are enough for your store, how to categorize them, and so on. So, I would suggest that you take care of the products & suppliers well before you launch your online store.
In case, you are launching you online store with Shopify then you would need to use a plugin called 'Overlo'. Overlo offers adding products for you to sale through your online store.
If you choose YoKart for ecommerce platform, you wouldn’t need any add-on to add products, nor there’s any limit to how much product you can add & suppliers you connect with. Besides that, the platform is also customizable.
Checkout YoKart demo to know about it in detail http://v8.demo.yo-kart.com/admin or contact to schedule/request demo at http://www.yo-kart.com/contact-us.html
I think you have answered your own question. Supply-chain management is critical in distribution and the stock you need is the difference between your suppliers lead time and your commitment on shipment to customer.
In simple terms, if you are promising delivery within 3-5 days but your suppliers take 15-30 days, then you need to have sufficient stock to cover the gap (BTW that is too wide and sounds like an estimate rather than commitment). So Supplier Delivery Time – Your Delivery Commitment = Stock levels you need.
You need to check each of your line items, forecast your sales per line item, then use the above concept to define your minimum stock levels. As time passes and you get history of your sales, you can then get much more accurate as you have real sales to use as your baseline.
I hope this helps.