Managing the inventory of your online store can be hard, especially if you are new to it. There is a steep learning curve, and you need to be equipped with the right tools for the job.
Managing your inventory comes in layers, with multiple aspects being considered. This includes tracking the products the customers are interested in, analyzing buyer behavior, consumer demand prediction, and deducing the stock options.
You can't manage the "Out of Stock" products on your WooCommerce store without having a good inventory system integrated into it. This is one of the situations where running your eCommerce business on the WooCommerce platform gives you the edge.
WooCommerce is equipped with features and plugins that cater to all your inventory needs. However, you do have to optimize your WooCommerce store to handle advanced requirements such as automating the stock schedule.
Challenges Involved in WooCommerce Inventory Management
According to the latest data available, almost half of SMBs either do not keep track of their inventory or employ a manual process for it.
Many businesses make this mistake thinking that they should focus their attention on more eminent tasks like increasing sales and conversions. However, they fail to see that sidelining inventory management can have an erroneous impact on their business and result in losses.
Consequences of Inventory Mismanagement
- The inability or inaccuracy in calculating the product demand may result in low product turnover.
- An excess inventory can lead to storage issues and further lead to capital loss.
- The inability to keep track of low or out of stock products can result in missed sales.
Steps to Manage the "Out of Stock" Products on Your WooCommerce Store
It is relatively easy to manage your "Out of Stock" on your WooCommerce store as it comes equipped with all necessary features built into it.
- Go to WooCommerce → Settings
- Select the "Product" tab on the screen
- Select the "Inventory" tab on the screen
Once you have navigated to the product tab, you will be able to access and control multiple aspects of your product, including the general settings, inventory, shipping, and more.
You can manage your inventory and change the inventory status from this page. Furthermore, you can also find the option to hide your "Out of Stock" from the inventory menu as well.
Managing Your Inventory and Adding New Features
As you can see, it is clear that you can't ignore or even afford to slack off when it comes to inventory management. Inventory mismanagement can have direct effects on your sales and revenue. One of the biggest reasons why businesses don't concentrate on their inventory is the time and effort it takes to manage inventory.
Hide "Out of Stock" Products
Thanks to WooCommerce, which has numerous extensions that can help you manage your inventory with the click of a button. Furthermore, it also enables you to set up features unique to your business requirements. You can choose not to show the "out of stock" items to the customers as seeing too many products out of stock can frustrate the user and diminish your site's reliability in their mind.
"Notify Me" Button
Another feature that is popular is the "notify me" button on out of stock products. This reassures the customer that the product will be available on a later date. Although this feature may seem small, it can have a massive effect on how the customer perceives your brand.
Set Timer for Overstocked Items
For products that do not get sold very quickly, you can create a sense of urgency on the customers using a scheduling tactic. By setting a time and date when a product is available in your store, you can create the impression that it is a product that is in high demand rather than having the customer think it is in excess stock. This makes an impression on the customer about the product and also creates the urgency of missing out on it if the time runs out.
Methods to Manage Out of Stock Products on Your WooCommerce Store
Managing out of stock products on your WooCommerce store is not merely maintaining an accurate account of the inventory. It is also about managing it in an optimized manner to provide the best user experience to your customers. There are several ways to ensure that the low or out of stock products on your WooCommerce store is managed right, and we discuss some of the best methods below.
1. Scheduled Availability
With a WooCommerce extension, you can set a time and date at which the limited stock product will be available on your WooCommerce store. You can even implement a "notify me" button, so your customers know when the product will be available. This will allow you to serve your customers without putting your service on hold indefinitely.
2. Automate Stock Availability
One of the best things about WooCommerce is that you can automate your entire inventory management process. This means you don't have to go through the trouble of entering the data manually or adjusting the stock, leaving you more time to focus on your business's other aspects, like boosting sales and conversions.
3. Hide "Out of Stock" Products and Notify
One of the best ways you can go about handling your "Out of Stock" products is to not show them at all to the customers when the item is no longer in stock. By doing this, you can prevent your customers from getting frustrated, especially if restocking could take time. Furthermore, you can add a "Notify Me" feature so that the customer can know exactly when he/she can make the purchase.
