Peak ordering times can mean having customers that are buying out online inventory at a fast pace. Increased sales are what we aim for and what we need, however an order management system that doesn’t keep accurate inventory count can be a disaster. A proper inventory management system in place will not only improve customer satisfaction and retention, but it will also be a crucial step for your warehouse management and operations.
Integrated, real-time inventory management is essential to every eCommerce retail site and this is why:
Accuracy In Orders
It is very important that your customers only see products that are actually in stock. You have to make certain that your warehouse is providing immediate, accurate inventory counts every minute of the day. If a customer places an order that becomes unsuccessful, there is enough competition in the market that this customer is not likely to return to your site anymore. This can be avoided by simply updating inventory numbers in real-time. Low-stock alerts should also be sent automatically to the buyers so an additional PO can be placed, or so they can contact your team for a re-order.
In order to have uninterrupted distribution, suppliers need to have thorough knowledge of what products they have available, where the items are physically located, and whether or not they should expect a seasonal or promotional spike in popularity. With integrated inventory management, you can keep track of inventory levels while managing incoming orders from multiple channels. It also allows suppliers to keep track of changing popularity of a product, know when the product is finished or under-stock, and also enable adjusting re-orders as necessary.
Additionally, you will have a stronger insight into your supply chain. This means you will be able to keep track and know where your products are coming from and where they are going. Environmentally conscious customers may want to know the manufacturing process – where the products are manufactured and what materials they are made from. Inventory management will enable you to provide this kind of information quickly and efficiently. You will also be able to track shipment and be in the loop concerning where your products are at any given time.
If you are aware of exactly how many products you have sold and exactly how many you have left in stock, you will have a far more accurate view of your business’ fiscal position. Although these will not be your final numbers, you will have access to updated, accurate accounting information that may help you plan your business strategy in the coming months.
Integrated inventory management is also good for consumers. It makes their ordering process easier and more accurate. It also means tighter control and understanding over the internal systems of your warehouse and supply chain.
Any eCommerce retail store site should be fully equipped with real-time inventory management to avoid any chain of unfortunate business situations.
For optimal and automated inventory management, Contact Dovetail Now!
Source: Order Management Software