5 Functions of Your eCommerce Inventory Management Software
Omni channel inventory management software continues to gain more popularity in both small and big businesses. Statistics show that the implementation of an inventory management systems help businesses experience;
- 95.4 percent efficiency in orders delivered on time to clients
- 94.6 percent of orders from your suppliers received without delay and
- a 7.5 percent decrease in the frequency of out-of-stock inventory.
Inventory management ensures you have the right quantity of products in your stock to meet the demand without spending a lot of time and energy in number-crunching. In this post, I will be taking a look at the top 5 benefits ecommerce businesses gain from inventory management.
1.Real time inventory updates on your website
Real time inventory updates are a must have. Your inventory needs to be decimated immediately after you make a sale. If this is not done, you are more likely to oversell and this can be costly. An Inventory management software will be able to seamlessly handle your inventory in real time and across locations and as orders flow through from all channels.
Another great thing about the inventory management is that it centralizes your inventory. If your business sells through multiple channels such as marketplaces, websites, as well as offline stores, centralizing your inventory management will be very essential. This set up may need integration with your POS or ERP to help with real time inventory updates.
3.Bundled products or hampers
There are times when you sell multiple items as one. An example of this may be a combination of single item such as shampoo, soaps, loofah and lotion simply sold as a shower kit. In this case, you have to reduce the inventory for every item that you sell in the kit or bundle. This is often an added feature in any inventory management software. You can get this feature as a part of a robust system or look for third party solutions as an add-on in your system.
Low stock alert notifications enable you to manage your stock properly without overstocking or ever running out. The system will help you provide accurate inventory availability in an online order entry as well as help you maintain suitable inventory levels.
An inventory management software will help identify the high- and low-demand items. This is crucial when you want to understand your optimal inventory levels. A more advanced feature could also be predictive stocks recommendations, wherein, the system could predict the stocking needs and identify demand for you based on the past data. Example – few months before Christmas the system will automatically alert you to stock your “santa hats” as they are the “best sellers” during that period.
Ecommerce inventory management is all about managing information efficiently. Your system needs to be setup such, that it provides both internal departments and customers with easy access to the accurate data when the information is needed.