Managing Inventory and Playing Smart

Are you terrified of just the idea of selling your products on different marketplaces because of the tedious job of manual inventory management?

Well said by Richard Branson “Don’t be afraid to fail, do something which inspires you and success will follow you.” Like every problem has a solution, so does this problem.

Most of the companies selling on different marketplaces find the need for an inventory management system only after something very bad has happened like overselling or underselling, stock-out issue, or stock theft issue.

So, it would be definitely better if you are not one of those companies; that realize the problem only after experiencing it. Before facing any kind of inventory-related problem, you better move on to an automatic inventory management system to get ahead of your competitors and also save your time which can be utilized in more productive and important tasks profitable for your business.

Before expanding your business and selling your products on different marketplaces, take a smart decision and find an inventory management system that is just perfect for your business.

What to Look for in an Inventory Management System?

Before selecting an inventory management system, consider those things you are struggling with in your online business like

• You have faced a few stock-out incidents and due to that your reputation as a company is at risk.
• Your customer base has increased and you are having a really hard time handling the stocks manually.
• You want to sell on different marketplaces, but the only thing which is stopping you is inventory management which takes a lot of time right now as it is being done manually.

Select an inventory management system only after in-depth introspection of your business by asking yourself the below-mentioned questions

• What features do you require from your inventory management system?
• Do you want to grow by adding more sales channels without getting stressed?
• Do you want to automate the inventory management tasks?
• Do you need accuracy in data?
• Do you want to control overselling, underselling, or stock thefts? If the answer to all the above questions is yes, then you need an inventory management system that can solve these issues specifically.

Features of a Traditional Inventory Management System

The business owners who have taken the smart decision of implementing an inventory management system have experienced at least 50% of growth in their online business as they are now able to concentrate on critical issues of online business like product quality, on-time delivery etc.

Below mentioned are the features available in a traditional inventory system, which can be customized according to your business needs.

Centralizing the Stock Data

If you are selling on different marketplaces, the inventory management system centralizes the stock data and so there is no chance of overselling or underselling.

As soon as a product quantity gets sold from a marketplace, that specific quantity gets deducted from the stock of all marketplaces. So, now no more spending time checking the stocks all the time on different marketplaces all the time.

You can now research other new products in the market and introduce them to your buyers resulting in your business expansion.

Multiple Warehouses

You can now track your stock present at multiple warehouses with the help of an inventory management system.

The quantity and price of the specific product can be viewed in different warehouses. Thus, this makes the task of managing stock very easy.

Quantity Control

You can assign a specific quantity to different marketplaces like Amazon, eBay, etc., and keep some inventory as a spare for emergency conditions when you really want to boost your sales.

Multiple Suppliers

You can keep a record of the products purchased from different suppliers which will be updated automatically to the list of marketplaces and thus the system can calculate your profits easily.

Reporting

You can get various reports through which you can track the order numbers, number of quantity date wise, sales report, profit report, etc., helping you to decide future marketing strategies.

Storage Locations

The inventory management system also allows you to define different storage locations of the products which enable your tasks of pick, packing, and shipping very easy and quick.

Product Information Uploading in Bulk

You can upload product information like Product Name, Quantity, Product Specifications, etc. in bulk by just uploading a single excel sheet.

Grouping and Bundling

In many e-commerce stores, you might have viewed that the products are grouped together while on sale.

For example, a color printer cartridge and a b/w printer cartridge are grouped together and presented for a sale at a specific discounted price.

This gives convenience to the buyer and also is profitable for the online business. An inventory management system, groups, and bundles products together and gives you the advantage of an increase in sales.

in this era of fast-changing technology, it has become vital to “work smart” with “hard work” to achieve success.