Managing inventory is not an exciting part of becoming an eComm retailer, but it can make or break your store.
Without an effective management, web-stores can land up blocking capital in excess inventory, loss on sales in stock-out scenarios, create fulfilment problems in warehouse, and in the end let down their customers.
But, let me tell you, integrating your store and others channels together with a correct inventory management system can help you build a loyal clientele, optimize cash flow, and improve their bottom line.
What to look in an inventory management software?
An inventory management system optimizes complex distribution networks by enabling a central management of inventory, labor and process across multiple warehouse facilities.
Your inventory management system should enable you to:
1. Manage and allocate inventory across all your warehouse locations.
2. Co-ordinate multi-channel order management process.
3. Manage inbound receiving process.
4. Respond quickly to customer-specific, value-added services requests.
In order to have a smooth inventory flow in your store and across all your sales channels it is very important for you to select an inventory management system that allows multi-warehousing features.
How multi-warehousing feature can facilitate inventory control?
Efficiently manage multiple location/warehouses
This feature will allow you efficiently manage inventory across multiple locations. It allows you to create multiple locations, transfer stock between them and specify what warehouse stock is going into and out from.
Transfer stock between warehouses
When your store receives an order, this feature will help you transfer stock between warehouses and ship the order from the nearest warehouse to expedite the order fulfillment process.
Dispatch stock from a specific warehouse
With a multi-warehouse inventory management software in place you can specify the warehouse you wish to send good from. So, when you receive an order, the stock from that warehouse will decrease when the order is fulfilled.
Receive stock at a specific location
For any purchase order you can specify the warehouse you wish to receive the stock . So, when the purchase order is received it will push that stock in that specific warehouse.
Warehouse management software will give you a proper insight of all your inventories and warehouses in real-time. This way you have a complete insight of your inventory levels in store and across your warehouses.
With real-time analytics you can measure each location’s sales to see which warehouse are more profitable than others and which have a higher demand for certain products. Then you can adjust your inventories to meet demand and avoid shortages or production delays.
Benefits of warehouse management software
1. Increased inventory accuracy.
2. Improved order fulfillment accuracy.
3. Reduce order pick up times.
4. Improved order fulfillment speed.
5. Reduce order fulfillment cost.
6. Ability to meet customer specific needs.
7. Ability to sell more.
Of course, the need of multiple warehouses depends on the size and scale of your operation, as well as the cost to expand. That's why it is always recommended to indulge with a fulfillment service provider who already has warehouses in multiple locations. This way you can extend a wider footprint without added time, money, and expertise needed to build or purchase and staff warehouse space.
Sales and marketing are two sides of the same coin but have been always considered in separate departments since the start of a business. With the boom of current technologies, including sales force and marketing automation, the gap between sales and marketing is eliminating day by day.
When these two functions come together, communication barriers are broken and if done correctly, increases lead conversions.
Even-though sales and marketing is considered to be different functions in a company, one cannot survive without the other. Equally important, both bring different values to a company as a whole. The combination between the these two functions lies in the fact that they are sharing a similar goal; increase lead conversions. Marketers generate lead and sales team close the deal. Because they share a mutual objective, it is beneficial to keep your sales and marketing team close to increase lead conversions.
So how does sales and marketing alignment increase lead conversion?
Sales depends on marketing for lead conversions, and marketing depends on sales to close those leads. If you are in a position of running a customer relationship management, either in operation, or part of sales or marketing team, there are certain CRM and data techniques that you should indulge with to encourage your sales and marketing teams to play nice, be close and actually love working with one another.
By integrating sales and marketing data, both teams can benefit from deeper customer insights - helping everyone become more productive and increase lead conversions.
Using Marketing CRM techniques sounds as though it oversteps the traditional boundary between sales and marketing. However, sales and marketing alignment brings benefits to the business as a whole which cannot be ignored.
Here are some benefits of the alignment:
Strong marketing support for sales - With sales and marketing alignment, business can enhance marketing support for sales and their interactions with the business will help marketing become proactive.
Enhance lead conversions and shorter sales cycle - With a real-time view of prospects, marketing will be able to judge which prospects are truly sales-ready and which ones need to be nurtured. As a result, through the alignment, only the best leads would be passed on to sales team, while marketing will continue to generate others till they are better qualified. From sales point of view, improved lead quality leads to shorter sales cycle.
Best lead management - Sales and marketing alignment offers better lead management by filling the gap between the teams involved in lead creation and follow ups. So, if 25% of the leads provided by marketing don’t turn into sales, the company has access to relevant data to evaluate where in the ensuing sales process a lead failed.
Sales and marketing alignment is key to any successful business. By developing a common agenda and establishing respect and trust between sales and marketing team benefits the business as a whole. The most effective way to build this relationship is by developing a common vocabulary. For example marketers need to ensure that sales executive is following up to the leads that is brought in, where as sales executive wants to make sure that leads coming in are sales ready.
Marketing and sales has a big gap that must be addressed. Marketing must take the initiative to give the two teams an opportunity to work together and fix the problem. There is no one to solve the problem amongst them. And the gap between marketing and sales damages marketing prestige and credibility, not sales.
Must Read : Why your retail business needs a CRM?
Operating an online business is all-together different ball game. Online retailers have to adopt a powerful selling approach to generate loads of sale for their website.
Nothing can serve you better than that of an online marketplace, as they offer a platform where online retailers can serve the shoppers and help them get whatever they want. Selling on marketplace helps online retailers to not only purchase products but also sell products.
Choosing the right marketplace:
Every marketplace has its own norms offered to online retailers on their website. With so many marketplaces available for retailers, it is essential to pick up the right marketplace. Hence, this selection can be made dependent on what you are selling and to whom, as every marketplace has its own forte of prices, products and even customer. Orderhive, the first order fulfillment provider in India integrates with established marketplaces that include Amazon, eBay and many more that already have the infrastructure in place to attract millions of visitors and can give your products maximum exposure.
Orderhive extends your eCommerce reach by positioning your products in front of millions of shoppers on Amazon, eBay, Magento and more. Our order fulfillment software will integrate your existing retail systems, leveraging the eCommerce platform and processes you already have in place and providing an easy interface between your product catalog, inventory management system, and order management system with each online marketplace.
Get listed- every product, every time:
Getting your inventory properly listed is complex. Orderhive offers customizable inventory management software that solves the hassle of listing, ensure that your products are correctly classified and accurately matched according to the requirements of each marketplace. Thus, if your catalog collection fluctuates through each session, our inventory management software ensures that new and back-in-stock products are listed quickly and positioned for purchase.
Listing errors are inevitable; hence, Orderhive provides a complete visibility. When there is an error, they can be resolved instantly using bulk updates or even individual product edits incase of your most important products.
Synchronize your inventory:
Orderhive’s marketplace software ensures that all products, pricing, and inventory data is in accord between your eCommerce catalog and the marketplace. Changes are updated in real-time, you can optimize listing or even configure inventory limits to organize your assortment and prevent overselling. It also tracks order receipt and ensures that shipping and returns are communicated back to each channel so customers have up-to-the-minute order status.
Watch your performance:
Orderhive offers a clear visibility into your key performance. Orderhive’s dashboard and customizable reports provides top-level visibility of your performance by category and brand on each channel, as well as offering an overview of how each SKU contributes to your overall return on inventory investment for that marketplace.
From product classification to order processing, Orderhive automates your marketplace presence and provides a seamless experience needed to grow your revenue quickly and efficiently.
Every business has some kind of inventory and has to appoint a dedicated employee to keep a track on. Whether its retail, service manufacturing, or just an office, there are always products that have to be ordered and stashed up inside the company’s premises or at a dedicated warehouse. Not a big deal, but if not tracked or an error could be devastating to the business. Make your life easy with the latest advances technology of order and inventory management system that will help you streamline all your processes accurately and minimize labor-handling costs largely.
Streamline your order and inventory processes with Orderhive. Small business management system for growing suppliers is bliss! They help you get a clear view of your inventory from your entire sales channel at a glance on a screen.
With non-technical user in mind, small business management system is designed to ensure that the software is easy to use as well as combine all needs of your business. Therefore, with SBMS it is easier for you to fulfill customer's orders. You will be able to know how many products are in stock to avoid over purchase.
How Inventory Management is helpful for business?
· Manages and maintain your inventory across all your marketplaces.
· View all your listed products from different channels on a single page.
· Streamline the operations of warehouse.
· When a product is sold from your listing, it automatically removes the products from other marketplaces, which reduces overselling and refunds.
· View customers and suppliers details at an ease on a single page.
How Order Management is helpful for business?
· Reduce manual operations and save a lot of time.
· Manage orders from multiple channels.
· Inventory levels automatically updated across all marketplaces.
· Allow you to ship product faster.
· Export orders to a spreadsheet for further processing.
Balance of Inventory and order management software to boost your business:
With Orderhive Inventory and order management software, you can exactly get a view of how much inventory is required and arrange for the shipment faster like never before. It will avoid stocks outs and overselling. In a click, you can instantly make reports on company's inventory. It reflects information you need and has control over the inventory and order process. Retailers will be able to know what is going on in their company. It gives complete visibility to entire storage.
Some retailers do not carry any inventory at all and dropship 100% of the items listed on their website. SBMS allows you with the facility of dropshipping, from inventory to logistics management and allow you focus on driving traffic and increases sales conversions. SBMS helps you stay on top of all your dropship requests and ensures that you never miss a shipment.
Simple, yet powerful