- by eSellerHub
The emergence of multichannel online sales completely revolutionized the world of trade and commerce. While most businesses are now moving into the digital space, they must keep up with the dynamicity of the sector and stay ahead of their cut-throat competition.
The key to doing this is equipping yourself with the tools that empower you to manage orders from multiple sale points and ensure that your inventory is well-stocked, and all your deliveries happen on time.
For this, the tool you need to invest in is a multichannel order management software (OMS) that makes management easy and efficient for you. If digital marketing tactics seem complicated to you, help is at hand.
Companies such as Esellerhub can help you harness the power of multichannel OMS to help your business grow.
What is Multichannel Order Management?
Multichannel order management is a process that allows you to manage your inventory and monitor all your sales orders from multiple channels through one single channel. While earlier store owners would do this manually, today’s retailers do this digitally with the help of different software tools.
Specifically, OMS takes into account the activities in your store involving different online channels and physical locations. With this system, you can collect inventory from a range of physical locations and sync it to different online channels.
This allows you to gather orders across channels in one place and then direct orders to different locations, based on your inventory availability.
Challenges of Multichannel Order Management
Before we delve into the benefits of multichannel order management, you must first understand the challenges that most e-retailers face in their business without an OMS by their side. This will help you understand how an OMS can help you deal with these challenges better.
When you have orders coming in from multiple channels, the challenge of inventory monitoring and optimizing comes into play. This is one of the most common challenges that online sellers face.
When you are trading on multiple platforms, you must ensure that your inventory is monitored in real-time to track stock levels, ensure that it is always stocked to cater to the demand and that all your inventory is displayed online. When you fail to do this, you will face the issues of either dead stock or overstocking.
Besides, you also need to ensure that your inventory is well-stocked across your online and offline stores. A great example of this is the global inventory management that eSellerhub offers.
From tracking inventory everywhere, including in-transit inventory, to intelligent sourcing and allocation, the order management software that eSellerhub offers are a blessing for those who would like to get a grip on their online business.
Complex Order Fulfillment Processes
Another major issue that e-retailers face is that of keeping a track of SKUs. This issue rises from the complex order fulfillment process that is a result of selling on multiple platforms.
There are times when a seller has to transit inventory between warehouses to fulfill the order. This leads to losing track of the products if you do not have the right order fulfillment solution by your side.
eSellerhub can help you if you are still struggling with tracking your orders and delivery services. It offers efficient distributed order management that can help with order state and event management, order orchestration and routing, partial shipment, and order splitting.
Furthermore, eSellerhub also ensures a satisfactory delivery by taking up order details and status lookup, appeasements, refunds and credit edits, order escalation workflow, etc.
Keeping Track of Performance Across Channels
We live in a data-driven world today. Marketers now look at data insights of their business to track growth, performance inhibitors, etc.
to strategize their business decisions. In such a scenario, you must have access to relevant data that can generate beneficial insights.
However, when you are trading on more than two platforms or selling on some of the biggest e-commerce platforms available today, without an OMS you do not get this data.
Essential Features of Multichannel Order Management Software
Multichannel order management software is the solution you are looking for. However, you must understand the requirements and challenge areas of your business before you get this software.
Here is a list of must-haves for multichannel order management software to help you take an informed decision.
Multi-Location Inventory Management
A multi-location inventory management solution must be able to keep a tab of your inventory across locations. This calls for the need for seamless integration of the OMS with all your online and offline stores.
With a perfectly integrated OMS, you can pick a nearby location for order fulfillment by checking if the product is available in any of your other warehouses and proceed. This can go a long way in helping you avoid dead stock and inventory carrying.
For example, the OMS offered by eSellerhub gives you a Central Dashboard that helps you manage multiple marketplaces, and single window orders and provide you and your customer’s real-time updates.
Native E-Commerce Integrations
The next must-have in an OMS is the feature of online integration which gathers all inventory data across your online and offline stores. This makes your fulfillment process glitch and delay-free and paves the way for an easier order fulfillment process.
A good inventory management system will efficiently integrate your business across all major e-commerce platforms including Walmart, Amazon, eBay, etc.
Flexible Order Fulfilment
By getting an OMS, you are automating the fulfillment process. An efficient OMS will pick the warehouse and fulfillment method automatically based on the order – thus allowing faster and hassle-free delivery.
Look for an OMS that offers POS integration. With POS integration, you can offer your customers a seamless shopping experience, regardless of whether they are shopping in-store or online. Also, you will be able to monitor your inventory and check your total orders in one place.
Data-Driven Inventory Planning
An OMS will help you take informed decisions for your business by offering you data insights. These insights will help you revisit your stock and stock up on fast-moving products and strategize your approach for slow-moving stock.
One of the most critical components of order management is the analysis of post-sale metrics. For this, all data pertinent to inventory, orders, and sales is mandatory. With the right OMS by your side, you can keep monitoring this data easily.
Benefits of Multichannel Order Management Software
The description above on the features that a good OMS should have would have given you a fair idea of what the benefits are.
However, here is a quick descriptor of the benefits that deploying an OMS can bring:
1. Expanding Your Sales Platform
The biggest and most obvious benefit of having efficient order management software is that it strengthens the possibilities for you to expand your sales tremendously.
When you are in a position where you have the tools to monitor and track your business, your confidence to further expand your business, trading on multiple platforms and reaping greater profits gets a strong boost.
2. Maintaining Precise Stock Levels
The benefits that an OMS offers in terms of keeping a ready tab on your inventory, orders, and sales cannot be stressed enough.
You can access data pertaining to your inventory, and products that are moving fast and slow, understand stock levels, and, thereby, optimize your offerings to avoid losses and give your customers a satisfying shopping experience.
3. Accurate Order Fulfillment
Managing orders across multiple channels can lead to snags in your order fulfillment process. With an OMS, you can manage your inventory and sales through a single platform. This results in accurate fulfillment and happy customers.
4. Selling Based on Demographics
Beyond order management and integration across platforms, an OMS will give you insights that will help you grow your business further.
You can look at the data to understand the demand across channels, products that are moving quickly, and regions where you are experiencing larger order volumes.
Get a Bespoke Order Management Software From eSellerHub
eSellerhub’s order management software supports the entire purchase-to-pay workflow. The system operates through the integration of automation to essential processes, such as customer and supplier invoices, credit check, purchase order generation, data transmission, etc.
This, eventually, progresses the overall customer experience and sales effectively. To understand how we can provide you with a tailor-made OMS for your business,