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How To Prevent Overstocking With Ecommerce Inventory Management
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Keeping tabs on what you have and don’t have in stock is one of the most important tasks to do when running an e-commerce website – because what do you do when a customer orders a product and you find out it’s not in stock? With overstocking you waste space and needlessly invest money in items that sell with difficulty, so knowing what stock to have will help sales. It’s even more complicated to keep track of inventory and orders if you take orders through multiple channels – online, by telephone and by email.
Predicting demand so you know what quantities to keep in the store room or the warehouse is tricky and demand tends to fluctuate, but there are 2 very practical tools available online that will help perform demand prediction, create a good inventory management strategy, improve order management and prevent overstocking.
Inventory management software
First and foremost, inventory management should be done à la carte and without leaving anything up to fate. Too much or too little in stock will impact your business negatively and the best way to go to keep just the right amount in the warehouse is to make accurate supply and demand forecasts – the right inventory management software will provide a valuable aid in keeping the exact inventory your business requires as it tracks inventory levels, orders made, deliveries and total sales.
This type of software takes complete charge over the inventory - it makes regular analysis of sales and inventory records, it provides complete details about inventory needs and it keeps track of the amounts in stock, ordered and sold. Having accurate information at hand will make it easier to reduce inventory and you can implement it on all the computers and once someone makes a change, it’s automatically updated throughout the network. No need for manually updating spreadsheets on multiple machines and risk losing valuable data.
Order management software
Order management is something that done wrong, it can cost you your business. Any e-commerce website needs to keep excellent track of the orders made, their shipping status and when the items reach the customer. Effective order management software does just that – it monitors all orders from when they’re placed to when they’re shipped, it removes the need for repetitive tasks and physical paper handling, it automates the workflows through order management processes and it reduces administrative workloads using multi-facet databases. This type of software also provides detailed accounts of orders and makes it easy to see what sells best so you can make predictions and promotions.
Order management software is crucial to any online business, so be sure to find the most suitable software for you.
These 2 pieces of software will save you time and streamline your business by keeping excellent track of inventory status and orders and by helping predict demand, prevent overstocking and making it easy to know what sells best and what doesn’t. They’re invaluable tools that will keep your organized and pave the way to success.
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