How do I manage stock when doing e-commerce in the UK?
We are here with a detailed information article about stock management in e-export. If you are thinking of e-exporting to the UK but wondering how to manage your stock, you can take a look at the rest of our article.
It is important to catch the new era in e-commerce
Demand for e-commerce is at an all-time high with no signs of slowing down. In recent years, brick-and-mortar store closures, travel bans and curfews around the world have forced many consumers to turn online, and many businesses have followed them.
With new Brexit measures now in place, it can be increasingly difficult for businesses to deliver a world-class customer experience when dealing with international customers. However, longer shipping times and potentially higher costs following Brexit could provide a new opportunity for businesses looking to scale their brands domestically.
Make sure your supply chain is functioning well
With so many new changes affecting businesses trading both domestically and internationally, it is crucial to prepare your operations to handle the new processes. In such cases, performing a health check on your supply chain can help you successfully manage and track its components. Assessing end-to-end processes will enable your business to streamline operations where necessary, reduce risk and minimize potential disruptions; All of these will be beneficial in creating customer satisfaction and healthy operation of operations as order demand increases.
We recommend that you engage with existing couriers and suppliers to identify any potential changes that may affect shipping costs. To solve this situation quickly, you can include structures that offer e-fulfillment solutions, such as Amazon FBA, into the operation. Businesses shipping outside the UK need to be familiar with customs declarations and product commodity codes, as well as setting up EORI numbers for importing and exporting goods. It will also affect many businesses that trade domestically, which are sources of stock, as imports and exports are likely to take longer and cost more.
Creating alternative solutions to accommodate any potential delays is advantageous when preparing your supply chain as it will reduce the risk of late or unfulfilled customer orders. Researching local service providers to address local and international solutions can help reduce disruptions that large providers may face. Staggering deliveries using smaller, frequent shipments is also ideal for reducing risk during shipping as less stock can potentially be delayed.
Update your policies
The consequences of the Brexit transition period may have affected your company policies in some way. It is vital to communicate clearly and in a timely manner with customers about any changes to standard operating procedures to ensure customer understanding, whether it is charges reflected in product prices or customs charges, increased delivery times or additional fees charged to customers.
Keep customers informed through email communications throughout the entire purchase and post-purchase process by linking to or following up on relevant information. This is important for managing the customer’s experience, especially when adapting to new changes.
Outsourcing functions
Businesses looking to scale using digital channels using cost-effective, efficient solutions should not overlook outsourcing their business processes to a third party. Choosing the right provider can provide comprehensive benefits such as:
- Increased efficiency – by choosing a company that specializes in a particular service, business owners can benefit from greater knowledge, skills and expertise to optimize their supply chains at a much lower cost.
- More time to focus on core business – third-party providers can free up the time of key people within the business to focus on more important tasks and future strategies
- Enhanced access – outsourcing tasks can give your business access to capabilities or facilities that would otherwise be inaccessible or unaffordable.
Although often overlooked, outsourcing can help you deliver cost-effective improvements to day-to-day processes, as well as ensuring your business is more flexible, agile and able to adapt to ever-changing markets.
Consider your resources
Determining the right strategy to manage resources will be an important strategy for businesses that want to scale in the e-commerce world, first of all, to force them to use existing resources efficiently, and also to improve in the future. Whether a 2022 goal involves launching your products in a new market or expanding into new regions, businesses will consider whether this includes staffing levels, machinery, technologies, etc. should consider how it will affect it.
A resource management strategy can also help identify areas where automation can be used to assist staff in managing daily processes such as customer service, returns and exchanges, pick and pack, and more.
Summary
With e-commerce adoption increasing in recent months, there is a growing opportunity for companies looking to scale in UK markets this year. Import and export delays mean international suppliers may have more difficulty getting their goods to consumers here; It means sellers who enter the market early can gain an advantage by offering lower prices, faster order fulfillment and better support along the way. Therefore, the sooner you enter the UK market, the further ahead you will be over your competitors. As Envoyo, we are always with you in e-export. You can contact us for detailed information or fill out the form.
