Why is it important to have a multichannel inventory?
With customers drilling down all the possible websites to find a product of their choice at a reasonable price, it's time for the sellers to have a maximum trail in online platforms. An efficient seller must have his presence wherever his customers are. But expanding your business in multiple channels comes with its own caveats.
Let’s take an instance wherein you are showcasing your products on Amazon, Flipkart & your online store where you have listed the same product as “in-stock” of 3 in all the above channels. But imagine a case where all the three products get sold on Amazon, but at the same time, a customer from Flipkart also places an order!
This could be a nightmare for the seller!
You do not have the product in your inventory; hence you will lose the customer, the frustrated customer now spreads a negative image of your brand, which could even destroy your business. This situation arises when you have manually not updated the stock status into all the channels which you manage.
Well, every problem has a solution so does this one, a multichannel inventory software can save you from the anomalies occurring due to mismanagement of the inventory. This software automatically updates the stock inventory to all the channels and eliminates human errors. Having said that let us try to figure out the importance of multichannel inventory management.
1. Get insight into inventory & sales
It is every seller's desire to see that the inventory stock dissipates at a rapid pace. But in reality, only a few of the products sell fast. It is necessary to understand the customer's purchase pattern. With this software, it gets easy to track the products with the highest sales which gives clarity to the sellers on the inventory to be maintained.
Storing a lot of products in a warehouse can be expensive. Each product that you store in the warehouse has a cost, and this is estimated on the space it occupies and other factors, hence strategically keeping a handful of slow-moving goods and a good amount of fast moving goods saves plenty of money. Since the software takes care of updating the stock inventory, there will be no confusion in the online platform.
2. Automation always saves time
With automation software in hand, the need to check stocks manually is eliminated; you can get the stock data in few seconds of time. It enables you to directly upload products to different business channels. It also helps in order management i.e. you can download orders and track orders.
3. Greater output:
Since entire work is done by the software, human errors are completely eliminated. By automating entire sales process i.e. listing the product, order management, inventory management and shipping, the entire business efficiency is increased to a greater extent.
4. Reordering is a matter of seconds:
You never know what's running in the customer's mind; sometimes few products in stock get sold out so quickly, within a blink of the eye. It is necessary to reorder the out of stock product as soon as possible as it could be frustrating for the customers to see their favorite product out of stock.
With inventory management software you can instantly reorder the stocks with few of the settings done in advance. This will ensure that your inventory is never drained out you are always in the race.
5. Monitor inventory stock anytime, anywhere
The biggest advantage of having multi-channel software is that you can access it any time of the day and on any place of the world. Being at any corner of the world, you can get to know if your customer has placed an order and the inventory status can be checked and if there is an issue, you can solve it without having your presence in the actual business place.
Managing an online business in multi-channel sales platforms is a vigorous job, in addition to that if you are not using any multi-channel inventory software to manage your inventory then it could rip your business into pieces. Hence make sure you are adopting software which could save you from the inventory loss and act as a supplement to your business.