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.
Simple, yet powerful