If you are an eCommerce retailer, you know how difficult stock management can be.
Many businesses out there fail to integrate their inventory management into their processes. And we believe when you are reading this, you are also looking for a solution to solve the same problem. It’s the right thing to do because poor stock management can drop off your sales, ruin customer’s experience and torture your brand name. This has serious negative repercussions for long-term growth. That’s why we came up with this article to help you improve your stock control in the most strategic ways.
Adopting an Inventory Management Software
If you want to focus on improving and expanding your eCommerce business, it’s essential to make sure you are efficiently utilizing your resources to maximize profits. And one of the fastest and safest ways to achieve the goal is handling your stock by adopting an inventory management software.
In case you’re unsure of whether or not paying for an software will be worth it, so think about how much it’s currently costing you to manage inventory (employees, equipment, time, etc.) and weigh it against the costs of the softwares you’re considering.
Among so many options available, you’d better pick the platform that provides the most suitable solutions for your business. The more your systems work in sync with each other, the better your overall control and ability to forecast. Look for software that offers integration with accounting, eCommerce and point-of-sale systems.
Inventory Management for Magento 2 is an example that meets all the requirements. With this powerful yet intuitive extension, you are able to do a lot of things such as managing your warehouse and stock, transferring and adjusting stock, physical stock-taking, configuring and receiving low stock alert and even forecasting the supply need. All are in your hands!
Besides, Zoha Inventory Management is also a trusted alternative as well. Besides the powerful features, this platform has amazing backend management layouts
Doing Real-time analytics
If you don’t feel like you need a software to organize and manage your stock, so probably doing some analytics about real-time inventory might going to help. Access to real-time inventory data and analytics helps put you on course to have accurate product and sales forecasting at your fingertips. The ability to see the big picture of your inventory, as well as make adjustments to the finer details, is now an essential characteristic of industry leaders. The benefits of this can be seen in the efficiency and overall profitability of your business. Businesses now realize the more access to data they have, the more success they can achieve.
Individual supply and demand plans
One area that can yield great benefits is supply and demand plans for your products and stock. Regardless of how complex your supply chain network is, there are some basic techniques that provide great overall solutions. Two areas to research and consider are how to manage your safety stock levels, and your individual supply and demand plans. Businesses with complex and varied inventories are starting to develop individual supply and demand plans for each product, instead of using broad groupings. This gives far more control over each item, and provides great opportunities for accurate sales forecasting and lean inventory practices.
Utilize slotting and warehouse management
There’s a wealth of information available on how to best set up and manage your warehouses. One area that is commonly emphasized is layout and product slotting. Placing your most popular products or items closer to hand will save you time and minimize the chance of stock-outs. Some businesses make sure items that are often used, sold or shipped together are next to each other when stored. If you’re a new business, take the time to set up your warehouse space in a way that makes sense for what your business does. The time spent at the start will make all the difference later. Ease and efficiency of operations yields huge rewards for all businesses large or small.