Benefits of retail inventory software for multichannel businesses

Retail inventory software for business owners In this age of multichannel retailing, businesses need to stay ahead of the game for better customer satisfaction. One way to do this is to manage different channels using a real-time retail inventory software. For this reason, an efficient inventory management system is critical. Retailers must unify stock data from their warehouses and their online and traditional shops. A great system ensures that they don’t lose customers and potential clients in any of these channels. Using the right retail stock management software, retailers can monitor data about their inventory. The type, level, location, and value of their stock per batch are all useful information to improve operations. The software combines data from different channels for use in decision making. Management can choose to replenish or stop orders based on this data. An inventory system allows them to minimize errors. They can also determine losses, theft, and reconcile inventory records. They can arrange stock to sell on time and at the right price. Retail inventory software and systems streamline operations, reduce costs, and improve profitability. Differences of having and not having retail inventory systems There are considerable benefits to inventory software. To explain them better, here are comparisons between having this software and not. ⇑ Pros For a business with retail stock management software, here are the pros: Track and control inventory Monitor inventory across different channels. Record the type, batch date, quantity, cost, and location of stock correctly. Assign limits to maintain a healthy stock level. The system automatically notifies management to order more … Read More

Retail Inventory Software – Is your future in the Cloud?

Retail Inventory Software - Is Your Future in the Cloud

The superior benefits of on-demand-solutions coupled with the proliferation of ecommerce and the growing preference for multi-channel retailing are fueling renewed interest in cloud-based retail inventory software. In this article, you will learn why the growing preference for cloud-based retail inventory management software is moving many retailers across the globe to replace their conventional on-premise solutions with on-demand cloud-based solutions. Retail Inventory Software – the big picture Several studies have been published by well-known market research organizations on the global retail inventory management software market. These studies were aimed at breaking down the market into distinct segments to provide a more in-depth view of the market. In the report published by Credence Research, the market was analyzed in terms of the deployment model (on-premise or on-demand), end-user (traditional retailers or off-price retailers) and geography (North America, Europe, Asia Pacific and the rest of the World). The target audience for the report was Industry Investors, Inventory Management Software Solution Providers, Distributors, and End-users. The report provided the target audience with in-depth insights to enable them to make informed strategic decisions related to opportunities in this market space. Based on information from this report and others like it, the target audience now has a better understanding of where the market is going and what it will take to be competitive and successful. This renewed focus on the global retail inventory management software market by key players will ultimately benefit your business by delivering competitive products and services from which to choose. The current state of the market for retail inventory software Up until recently … Read More

10 Best stock control software tips for inventory management

10 Best stock control software tips for inventory management

10 Best stock control software tips for inventory management Wondering how the big businesses do it? Here are some of the best stock control software tips to help you manage inventory more efficiently. Various experts have defined inventory stock management as the process of coordinating and supervising the supply, storage, recording, and distribution of stock. The aim of which is to maintain adequate stock levels, enough to satisfy demand without any over-supply or loss. By decreasing the amount spent on inventory, the best stock control software helps companies maximize their profits. However, all businesses suffer from some degree of inventory stock management problems. The most common cause of this is “shrinkage,” which is caused by theft and administrative errors. Shrinkage accounts for losses that amount to at least 1.4 percent of all sales per annum. While the best stock control software focuses on cutting down human or administrative errors, it is still important to know how stock levels can affect your company. This is especially true for businesses that are trying to expand their operations. Inventory stock management can affect how much the company makes, as well as customer satisfaction in your products and services. The best stock control software tips Here are ten inventory management tips that can help your company improve its inventory stock management: 1. Check all your stock Every time a supplier delivers new stock, your first step should be confirming that it is exactly what you ordered. This rule applies to both the number and quality of the delivered inventory. This might seem like an … Read More

13 Reasons to use ecommerce inventory management software

13 reasons to use ecommerce inventory management software

Good ecommerce management is essential for accurately tracking inventory operations and efficiently managing multi-channel selling on marketplaces such as Amazon and eBay. If ecommerce inventory management is done poorly (which is often the case when executed manually) your business will suffer as a result. No ecommerce business should have to experience profit loss or a decrease in custom due to management errors, especially when these problems are easily avoided with ecommerce inventory management software. With ecommerce inventory software you can prevent problems such as stock outs and overselling. Not only is this the most efficient way to manage your ecommerce inventory, but this software is beneficial to many other areas of your business. 13 Ways ecommerce inventory management software benefits your ecommerce business: 1. Track all your inventory with one system With ecommerce inventory management software, it’s easy to keep track of your inventory all in one place.Each stock movement that occurs in your warehouse is easily tracked, as ecommerce inventory management software gives you a complete view of stock levels in real time. With such an accurate overview of your ecommerce inventory, you can prevent stock outs and avoid unfulfilled orders by distributing stock from existing inventory, enabling you to fulfill customer orders efficiently. 2. Avoid overselling With stock levels continuously changing, accurately updating ecommerce inventory levels manually is virtually impossible. Without accurate stock updates, you’re at risk of overselling which not only leads to loss of sales but unhappy customers.If your clients are sold a product that isn’t available, they will leave negative feedback and are unlikely to shop with … Read More

3 Reasons why an Inventory Management System is vital to business

3 Reasons why an Inventory Management System is vital to business

Any business that involves the manufacture, distribution, sale or use of products and commodities will likely be using an inventory management system to manage and control its inventory. Manufacturers and producers need to keep track of their raw materials and finished products. Distributors, vendors, and retailers want to know how much inventory they have in their warehouses, physical stores, and other sales channels at any given time. Even organizations that don’t necessarily engage in the sale of goods apply inventory management processes to monitor and regulate the use of company assets. No matter what type of business you run, inventory management systems are essential in helping manage and control inventory so you can increase workplace productivity, control costs, and realize more profit. So much time and money can be wasted when optimum inventory levels are not achieved, which is why business owners and inventory planners put a lot of effort into having an efficient inventory management system in place. Excess inventory means operating capital sitting idly when the money could have been put to better use. On the other hand, insufficient inventory can cause a business to lose customers due to out-of-stock situations. An inventory management system helps businesses make better projections by integrating all supply chain processes to prevent any of these undesirable scenarios. How an inventory management system helps grow your business 1. An inventory management system optimizes cash flow A healthy cash flow ensures seamless business operations. Especially for small businesses that do not have a significant operating capital to work on, having just the right amount … Read More

How to manage stock inventory: Top tricks to boost efficiency

How to manage stock inventory- top tricks to boost efficiency

Many factors go into running an efficient business, but one of the most important considerations is the way you choose how to manage stock inventory. To maintain a smoothly-run, efficient inventory system, it’s important to track how often the inventory turns, that is, how many times you sell through your entire inventory (or whatever is financially equal to that). Many companies track this differently – some calculate it monthly, others choose to do so weekly or quarterly. Whichever you choose, calculating how often your stock turns and managing your inventory will help you keep your budget in line, learn how often to reorder, and teach you which products work best for your company. Check out this list below for tips and trick on how to manage stock inventory: How to manage stock inventory: Know your market & know yourself: No one knows your products or needs better than you, but make sure you’re considering everything when determining your inventory. One of the best ways to manage inventory is by meticulously acknowledging the types of stock you have. Do you only have finished products? Do you need to have raw materials on hand to create your products? Make sure you always have the right amount of product on hand. Keep a sharp eye on the market. You know what works for your store and what doesn’t, but make sure you’re also tracking inventory trends happening around you. If you notice some items flying off the shelves while others are sitting dormant, adjust your inventory. Make sure you’re always staying true to … Read More

6 Reasons why inventory management will help your business grow

6 Reasons Why Inventory Management will Help your Business Grow

Find out why more ecommerce start-ups are turning to inventory management to grow their businesses into multi-million dollar enterprises. Starting your own ecommerce website in today’s market might seem like a very daunting task. Going up against the already established businesses is not easy. Furthermore, matching the low prices offered by these veteran online merchants is a difficult prospect for startups that might not have enough financing to ride the wave until they start breaking even. Ecommerce startups must find a viable way to exist and thrive in this competitive market. That is why it is imperative for ecommerce startups to integrate multichannel selling in their business models. Not only will this help counter the competition, but it will also help them reach potential customers faster. Where does Inventory Management come in? Using multiple platforms to sell your products has many advantages for ecommerce start-ups. It allows you to increase revenues while giving your business opportunity to grow. However, it is not exactly an easy process for small businesses. Different platforms offer different levels of competitiveness, and you might have to tailor your prices to reflect that. Related fees may also vary across the platforms. So, how do you know how much profit you are actually making? Keeping track of inventory will further compound the problem. Let us say you have 20 items in stock, and you put them up for sale. You sell 15 of these on your site but then receive seven orders of the same from your listings on eBay and Amazon, for example. However, you have not yet … Read More

4 Best practices for efficient inventory management

4 Best practices for efficient Inventory Management

Maintaining proper inventory levels is never something we think about when we start out in the business world. We’re too worried about the sales funnel, repeat customers, and where to spend our profits. But we quickly find that inventory management is very important. If your company’s inventory management system is constantly letting you down, there’s no time like the present to upgrade. You can turn this area of weakness into a strength. Inventory management can also help reduce costs which will contribute towards improving profitability. Here are four best practices to install in your business to improve your inventory management: #1 –  Invest in inventory management software immediately Digital technology is not a passing fad. It is a necessity for any business. This extends to your inventory management system. If you are still using paper bookkeeping methods and order forms, an upgrade is necessary. Too many businesses are moving too fast to keep up without digital intervention. You’ll thank yourself in the long run. You will cut down on manual processes and can then use those vital staff-hours for more profitable endeavors. When you choose inventory management software, you can: Eliminate paper record keeping Enable more corporate social responsibility through helping the environment Provide accurate inventory counts Follow a product along the supply chain. #2 – Make better forecasts with inventory management system data When you use digital technology, data becomes your ally. The trick is to determine what data is important. Big data is a term people often throw around in regards to inventory management. But just because it’s listed on … Read More

Can inventory management software really help distribution?

Can Inventory Management Software Really Help Distribution

Why is inventory management important? Inventory software makes managing and tracking stock simpler and more efficient. It can also reduce carrying costs. It is vital for distributors to track goods throughout the supply chain. However, accurate inventory management software can offer even greater value. The advantages of inventory management software: 1. Supply chain information: By using inventory management software, you can gain a lot more valuable information about your business. Inventory management software provides you with ‘supply chain visibility.’ In simple terms, it allows you to track inventory at each stage of the supply chain. For example, when it is fully optimized, the software can provide you with information regarding your inbound and outbound product flows. This information can enable you to plan, organize, or take action if necessary. It can also allow you to analyze all of the details, which helps in making strategic decisions, not to mention forecasting future demand. 2. Quality management: With both durable and nondurable goods, there can be problems. In both cases, there can be delays. For perishable goods, this can have a severe impact on their shelf life, giving you a limited amount of time to sell the products before they expire. On the other hand, even with durable goods, delays can cause problems especially if the products are seasonal. For example, if your shipment of Christmas ornaments arrives in January rather than December, you will have missed peak demand and most likely will be forced to sell at considerably reduced prices. Equally, perishable and durable goods can arrive broken, and this can be … Read More