Managing online store is no much different. In this world of technology, unmanageable and inefficient manual processes continue to plague the retail and eComm industries, and specifically their stock management system.
Importing products from a single warehouse is time-consuming task. And if you maintain your own warehouse, you have to manage the fulfillment process as well as track inventory updates to be in sync with your online store. But in the end all these resources distract from the bottom line.
Below are the top 5 practices that are critical components of an all-in one eComm management system. These will help you simplify and streamline your inventory management.
With the ability to track your inventory levels and manage product threshold limits to make sure products are removed from your site when these limits are reached, provides an immense relief in mind knowing there will be no more out-of-stocks and cancelled orders scenarios. Therefore, indulge with an appropriate inventory management software that offers an ability to select primary warehouse for fulfillment if you have too many suppliers or warehouse with the same product line.
The process of getting products from your suppliers to your online store can be time-consuming and onerous. This also results to missing data, heading are mislabeled and other error prone scenarios. Indulging with an appropriate system that can connect to any of your suppliers, import and correct all product data allowing you to publish it to your store without having to do anything manually is a real time-saver, especially for online retailers managing multiple suppliers and stores.
Integrate with an inventory tracking system
The best way to overcome inventory challenges is to integrate with an inventory management system that allows you snapshots of your total inventory for every supplier that includes, the number of products, what's up on the site, what's not on the site, blocked inventory, available inventory- all in real-time can have tremendous value. This way you avoid the hassle of maintaining spreadsheets for review.
Order management system integration
It is always recommended to sync your inventory and order management system to make sure your orders are fulfilled and customer satisfaction exceeded. Therefore, it is suggested to invest in an all in one online order and inventory management software which will simplify your inventory and order management flow like never before!
Always remember having a system that can provide automation is through where all your efficiency and ROI gains come from. Hence, your system should have the ability to update inventory in real-time when an order is fulfilled as well as manage catalogues automatically. The more you get rid of manual process, the more you can reduce your management cost and reallocate resources to more strategic tasks.
The caliber to accurately manage your inventory is a key to providing inimitable service to customers, efficiently utilizing resources, and maximizing profits. With the increasing demand of online shopping, it is important to have an edge over your competitors. Using modern software to manage your inventory challenges will ensure you assign more time, capital and resources to growing your eComm store.
Useful Tip: For growing a successful eComm store, it is always recommended to utilize less and smart effort on management tasks, and more time towards expanding your business.