Tips & Tricks
In our last edition of Monsoon Insight, we introduced a scenario outlining the dramatic improvements that a seller made after working closely with Monsoon Account Management. To refresh your memory of the dramatic results our customer was able achieve, please review the table below:
As you may recall, we also mentioned that not only did this seller increase her sales significantly, but she was also able to do it without increasing current staffing levels. Curious how?
Here’s what we did:
Smart Receiving: After a Monsoon Account Manager analyzed the seller’s inventory based on sales rank, it was clear that she was spending too much time and energy receiving books that had poor sales ranks, and therefore a very small likelihood of selling. The first (and easiest) step in remedying the issue was to implement “Smart” Receiving Thresholds in Monsoon based on sales rank and price. The seller immediately went about setting up the receiving thresholds recommended by Monsoon.
Warehouse/logistical Improvements: We worked with our seller to set up a more efficient warehouse space – creating efficient pick patterns, rearranging staff duties, and a few other simple (but very effective!) strategies.
Housekeeping: Because the seller was operating in a limited space (approximately 4,000 square feet) and had already accumulated a large number of books that were unlikely to sell (based on sales rank), she went about a thorough culling process, freeing up valuable shelf-space.
By creating space in a small facility, receiving only items with a high likelihood of sale (or high market prices), and employing efficiencies wherever possible, this seller has done incredibly well – the numbers speak for themselves! If you are a Monsoon Edge, Pro, or Pro:WH customer, contact Account Management and we’ll be happy to work with you to help you grow your business!
Account Management Quick-Tip
Visit the “Reports” section of your Home tab in Monsoon. Here, you’ll find the following valuable information:
- Number of orders received in the last 30 days.
- Number and percentage of SKUs Priced at Floor (that is, SKUs that are stuck at a price floor as a result of your Cost of Goods). There is a good chance that these items are not being priced competitively and your Cost of Goods may need to be altered.
- Number and percentage of SKUs in inventory that are over 60 days old.
To drill down further into the results displayed on your Home tab, just click on “View Reports,” then select the desired report from the drop-down at the upper-left portion of the screen.
When you’ve selected the desired report, you can then drill down even further to view the desired items within your “My Inventory” screen. For example, select the report “SKUs Priced at Floor,” then click the “Show SKUs at Price Floor” button, and the items in your inventory that are stuck at your Price Floor will appear in your My Inventory Tab. From the My Inventory Tab, you can edit (or even bulk edit) your Cost of Goods to make the items more competitively priced.
