Read about the new Waitlist management tab and how to manage your re-order process all inside CommentSold!
In order to make the waitlist tab more useful for you, we have made some changes! The optimizations on the waitlist tab are so you can use this page to help you quickly determine the demand for restocks and increase your product revenue! Let's take a closer look at all of the new features!
To begin, you can access your waitlists, by going here.
You will see that this page is ordered by numbers of Waitlists by default.
We have also added a new column to show you the number of pre-authorizations you have for each product, and you can also sort by this column to quickly see which products have the most guaranteed sales if reordered.
We have also simplified the Filters you use on the Waitlist tab. You can easily search by date last posted (to Facebook, Instagram, or your mobile app) to view your waitlists in segments.
We have added a new column called Restock Status, which will help you keep up with where you are in the process with each item. It will also help you not to recheck items over and over; you will be able to see the status listed and know that you have already taken some action. This means you can keep moving without wasting time backtracking!
Let's take a closer look at each of these statuses.
Checking: When you have determined that you want to restock an item, you will need to contact your vendor, visit their website, etc. to see if the product is available to restock. When you are in this stage, you can change the status to Checking.
Check Again Later: Maybe after reaching out to the vendor, you find out that you will not be able to restock until 6 weeks from now. You can choose the status Check Again Later and make a note for the reason.
The notes you leave in this box will also show in the notes section of the product.
Reordered: You will change to this status once your restock has been ordered and is in process.
Restock Processed: You will use this status once your items have arrived and have been put into the system. To eliminate any extra work for this step, we have made it easy for you to change to this status when you are adding the inventory on the product page.
You will just need to click the checkbox next to Update product status to "Restock Processed" on Waitlist Tab!
Now let's talk a little about the Email Waitlist function.
Because CommentSold automatically emails your customer once you restock the items and they are added to your shoppers' waitlists, we recommend using this feature earlier in the process!
Our template for the email is perfect to be sent as you are reordering with your vendor! It encourages the customer to pre-authorize in anticipation of the restock, which is just more guaranteed sales for you! You can also edit the message to say whatever you want! As long as you are driving that FOMO, you are on the right track!
Now let's talk about items that you are not going to restock. There could be a number of reasons for this: the number of people on the waitlist is too low so the risk for profit is too high, the vendor will never restock the item, etc. In cases such as these, we have an easy way for you to hide these waitlists! Why hide instead of just clearing out/deleting these waitlists? Simple! When you delete any information about a product, you lose important data about that product! Do you use the Added vs Waitlist information on the reports tab to help you determine how to order your products (hint: you should!)? Deleting the waitlists on products will give you an incorrect number here, and we want to make sure you have the most accurate data possible to help you make business decisions.
How do you hide waitlists? Easy!
You just put a check in the checkbox next to each item you want to hide, and either use the top checkbox on the left to select hide or press the Hide Selected button on the right side of your screen.
What if you want to take a look at these hidden items? Simple! Just click on filters and put a checkmark beside Hidden!
If you want to view which specific customers have a product waitlisted, you can view this by going to the inventory page, clicking the three dots next to the item, and clicking on Associated Waitlist.
Now that you know how the waitlist tab works, let's talk a little about how to determine what to restock and how much to order when you do! Let's start by thinking in terms of high-risk and low-risk restocks. Our low-risk restocks would be those products that have a lot of pre-authorizations. These customers have already committed to the purchase, so restocking enough to cover the number of authorizations you have is an easy call.
Conversely, high-risk restocks would be those that do not have pre-authorizations or products where not many people have waitlisted at all. For example, if you have a product that has 2 people on the waitlist and the reorder minimum is 6, this would be a high-risk restock. You will likely have quantity leftover after the restock, which is not ideal. What about a product that has 200 pre-authorized and 500 not pre-authorized? Ordering enough to cover the pre-authorization is a given, but what about those other 500? That's a lot of potential revenue!!! We recommend with non-authorized waitlists to reorder about half of the number that are on the waitlist. As we all know, many people will change their mind when a waitlist item comes back into stock, and you want to avoid having excess restock items in your inventory.
We hope that you are as excited about our new waitlist tab as we are! If you have any questions, please come see us in chat support in the lower right corner of your CommentSold dashboard!