When it comes to running an online retail business, one of the greatest challenges is effectively managing inventory. The idea of manually managing your stock levels quickly becomes infeasible as you enter new markets and the volume of orders increases subsequently.
Inefficiency mainly arises from manually adjusting your inventory levels when you don’t have a clear picture of what is in stock. As a result, this makes planning and fulfillment challenging, leading to unnecessary expenses from overstock and overall customer dissatisfaction..
Fortunately, e-Commerce inventory management software has made it easier for online businesses to have a holistic view of their stock. These platforms offer business premium levels of stock control and management so that those with authorisation always have an accurate view of the inventory levels.
But that’s not all they do. Here are some of the benefits you can enjoy by integrating an inventory-based e-Commerce management system into your tech stack.
5 Benefits of e-Commerce Inventory Management Software in Online Business Operations
1. Reduced Costs
By preventing overstocking, e-Commerce inventory management software helps reduce company costs. When a company has an accurate view of its inventory, it can fulfill sales orders for customers and prevent backorders.
Because companies often store their stock in a leased or rented storage space, overstocking creates unexpected cost burdens. Storage space incurs even greater costs if it takes weeks or months to clear the excess inventory.
There are other costs associated with stocking inventory as well, including:
- Insurance: Leasing or renting a warehouse requires an insurance policy to protect the property and assets, adding to the company costs.
- Employee wages: Employees must manage and store excess inventory, increasing labour costs.
- Transportation: Storage of excess inventory also increases the costs associated with moving it to and from warehouses.
2. Greater Productivity
Businesses that use e-Commerce management systems for handling inventory can experience higher productivity rates. After all, with fewer inventory issues to address, companies can move their focus on the production of higher-quality products at faster rates.
In fact, businesses also have the opportunity to reallocate labour hours to make products more efficient and improve business processes.
For instance, if you have three inventory management personnel in your team, you could reduce that number and save on the incumbent labour costs using an e-Commerce inventory management software.
There’s also the possibility of moving that personnel to another department, thereby optimising your workforce and channeling productivity towards tasks that truly matter.
3. Better Organisation
With the ability to categorise products by shape, name, size, and any other useful parameter, e-Commerce inventory management software helps businesses create systematic processes for handling inventory.
At the end of the day, organised inventory can help the business fill orders more accurately and quickly and keep track of products effectively.
For instance, an e-Commerce management system can help an electronics manufacturer organise each piece of machinery by batch number and name. This makes it easy for material-handling personnel to find the correct items quickly and allows the company to track each component from the assembly line and delivery truck to the final product.
As every product and material is trackable in the system, this also reduces liability if there’s a recall.
4. Superior Automation
When it comes to inventory management, the adoption of a specialised e-Commerce management system can revolutionise how businesses track and manage their stock. By automating inventory tasks, companies can significantly reduce human errors and labour costs while enhancing the accuracy of their stock counts.
This automation cuts down on the time spent on manual checks and increases operational efficiency. It ensures a more consistent and reliable handling of inventory levels, leading to better decision-making based on real-time data insights.
Furthermore, automation minimises a company’s reliance on human labour, which can shift workforce focus to more strategic tasks, thereby boosting productivity and operational effectiveness over the long term. This transformation can lead to sustained improvements in workflow, cost efficiency, and, ultimately, profitability.
5.More Satisfied Customers
When you have complete trackability, transparency, and traceability in your inventory levels, you can fulfill customers’ orders quickly and accurately, which inevitably increases your CSAT.
Not only that, but consistently providing reliable customer service also builds loyalty and trust, thereby solidifying your relationship with your customer.
Ultimately, this helps create a more positive brand image and can lead to increased profits as more customers use your products.
Over to You
Manufacturing plants, retail centers, and warehouses – all depend on accurate inventory management to fulfill customer orders, monitor available inventory, and maintain production.
While manually overseeing inventory is still a popular option, e-Commerce inventory management software offers many benefits, like the ones mentioned above.
If you think your online business could benefit from such an e-Commerce management system, then Ordazzle is what you’re looking for.
Our system ensures real-time control, monitoring, and optimisation across all nodes. Seamlessly integrate with web stores and marketplaces, minimising revenue losses with a unified view of inventory.
With smart order routing, real-time data synchronisation, and a unified view of inventory across channels, allocate, split, and bundle inventory efficiently with Ordazzle’s best-in-class inventory management systems.
Do inventory the right way with Ordazzle. Contact us today – https://ordazzle.com/contact-us.
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