For online retailers, inventory plays a very important role in the profitability of the business. Now, inventory is not something which is important for factories or manufacturing units. Any business which is stocking up goods for sale should have an efficient inventory management system. When it comes to online retail business, too much of stock in warehouses can cause wastage and stocking up less items can result to loss in business due to low stock issues whenever huge orders are placed.
With a proper and automatic online inventory management software, online retail businesses can solve below mentioned problems at a great extend:-
No More Inefficient Manual Processes
Having online retail business and that too selling on multiple marketplaces is itself a challenging job. If managing inventory manually, you cannot centralize the inventory across multiple marketplaces and also not be able to compile records instantly for decision making. For example, if an item gets sold from Amazon, updating inventory over other marketplaces and your own store would be a tedious job especially if you are receiving thousands of orders in a day. So, online inventory management software not only helps in Amazon manage inventory but also on other marketplaces too.
Real-time Information about Stock
An inventory management system can centralize the stock level information across multiple marketplaces and warehouses. Thus, you get the facility of accessing real-time reports on the performance of sales, which marketplace is yielding maximum profit and which products are maximum sold. Based on such reports, you can design your future marketing strategies.
The best thing about an inventory management system is that it indicates when any of your item goes below a particular threshold and sends the purchase order to the respective supplier automatically. Thus, you don’t face low stock issue and run your sales processes smoothly.
There are many tasks relating to order fulfillment like picking, packing & shipping the items. If these tasks are done manually can consume lot of your time. An inventory management system tracks the products stored in the warehouses, so it becomes easy to pick the item for which you have received the order. Also the system prints the shipping labels in bulk quantity which saves your time in manually printing the label for each and every item sold. It also sends the tracking information to the customer as soon as the order is dispatched.
Handling inventory manually is easier said than done. It is a time consuming and tedious job. So, instead of manually handing inventory, use an inventory management solution like eSellerHub which can manage all your inventory with accuracy.