"Our oversell rate has been reduced from about 5% to less than 1%."
Inaccurate quantities, misplaced product
iBuyz started off in 2009 as a liquidation business. When its founder, Dan Riley, became interested in eCommerce, iBuyz began sourcing lightweight commodity items, such as collectibles and sports licensed apparel, to experiment with selling on eBay and Amazon. iBuyz was quickly accepted into eBay's Daily Deals Program, which increased their sales velocity by up to 20 times the normal selling rate for any given item featured. Since then, iBuyz has been dealing almost exclusively with sports apparel items, and has since started another eCommerce business, TradeShowJoe.com. The one problem that really plagued iBuyz was knowing exactly how much inventory they had, and where it all was. Constantly moving product - both physically in the warehouse, and selling it online - is really the nature of the beast of daily deals. Part of how iBuyz rose to the challenge was by implementing SkuVault.
A system that works with customers - not against them
The biggest factors that made us go with SkuVault were that... we had a need for this type of system, their system was very user-friendly, and we saw a great deal of value compared to similar products. We're a small company and the pricing structure of SkuVault is very scalable to fit any company size, since it's based on the number of users. There are products out there with comparable pricing, but they do not have all the features we need or the level of personalized customer service SkuVault offers, iBuyz' Internet Marketing Strategist Todd Millett explained,
Additionally, we like that SkuVault is always evolving... SkuVault views any feedback or inquiry as an opportunity to enhance their product. Even though they are already ahead of the game, things constantly change in our industry. New selling platforms and new technologies are always emerging and altering the way we do things little by little. The team at SkuVault is incredibly knowledgeable in the field and they are highly devoted to keeping their product relevant to current times.
When asked to choose a favorite SkuVault feature, Todd said,
Overall, I really like the user-friendliness of SkuVault, but if I had to choose just one favorite feature it would be the ability to easily relocate items. When we first got everything set up, everything was where it needed to be and all we had to do was check products in and out. However, as shelf stock thins out and new products arrive, there are always those times when some reorganization is in order. SkuVault includes features to simplify this process and saves a great deal of time. Rather than moving items piece by piece, checking them out and then back in somewhere else, SkuVault has a "move" option in their inventory audit tool. We can scan a back stock location with an entire pallet to pull up a list of everything on it. Then, we can take all of our Broncos flat bill hats for example, select them on the SkuVault location audit, press "move," scan the new location, and place them on the shelf. We're able to quickly work through a whole pallet this way without worrying about losing track of where we put an item or how many we have.
Lowered oversells and shipping times
We used to not have any way know [of] knowing exactly how much inventory we had or where everything was. Now we can run reports to retrieve this information in just a few minutes. Our time spent shipping is now about half what it used to be... and our oversell rate has been reduced from about 5% to less than 1% of our overall sales volumes, Todd told us. iBuyz has also seen a drastic reduction of inventory errors during their busy holiday season - Dan informed us that:
Over the holidays, out of tens of thousands of sales, we've had maybe a handful of oversells. SkuVault and the SkuVault team helped iBuyz to keep a tight operation. We're more organized now than anything we've been able to manage in the past. When asked about the keys to their success, Todd explained,
Choosing the right items to sell, increasing our inventory, listing more products, learning everything we can about the industry, and utilizing effective inventory management tools - [those] are the keys to our success today... SkuVault has made a huge impact in our organization.