Do you know which ecommerce entrepreneurs sleep soundly at night? Those who have mastered their inventory management game. Why? Constantly doubting your inventory levels is hardly the ideal way to run your business. An error here, a missed order there – it all threatens to disappoint customers and compromise your P&L sheets. Worse, you may even find yourself banned from selling on certain marketplaces. Needless to say, this can all prove disastrous.
Why is inventory management so important?
Accurate inventory tracking empowers brands with the capacity to fulfil orders on time – EVERY time. A recent ebook by Dotcom Distribution suggested “your product is one of the largest revenue generators and a key pillar of your overall customer experience”. They go on to say “you cannot afford to mishandle a component of your business that is so important to your company’s bottom line and continued growth.” So, the million dollar questions:
How can a multichannel retailer stay on top of and effectively control their inventory levels?
How can they show customers accurate stock levels to avoid selling items they don’t actually have in stock?
The best inventory management software makes both of these tasks easier than ever – easy enough to revolutionize your entire ordering system. Boundless hit this on the head when they said reliable inventory management can lead to “increased revenue, lower handling and holding costs, and improved cash flows”. “Companies with effective inventory management do not have to spend large capital balances for purchasing enormous amounts of inventory at once. This also saves handling and holding costs.” This is a massive testament to the power of having an inventory management system in place – but what if you’re still not convinced? Here are eight top reasons why you should be…
1) Syncing inventory across multiple sales channels
Let’s say you sell t-shirts through your own Magento-powered store and on eBay. You have 10 grey t-shirts left in your warehouse. Unless you have eyes on both channels at all times, how will you stop more customers ordering & paying for said grey t-shirts than you stock? Sure, you can always refund any customers you can’t send t-shirts to – but this takes time and leaves buyers wondering how professional you are (never underestimate how quickly word of a poor experience spreads online!). With inventory management software, your stock levels will be synced across multiple channels – so every customer on every store will see how many you have left. Which leads us nicely on to…
2) No more risk of overselling
Overselling items is a massive risk: you could face fines from some marketplaces, or even get banned altogether. With a system in place, customers will NEVER pay for goods you can’t supply.
3) Increasing efficiency
With inventory synced and monitored by software, you and your team are free to focus on other tasks. Not only does this boost productivity, it also benefits every department (packing, delivery, finances etc.) – no mistakes means no wasted time for anyone.
4) Improved planning
How can your buyers plan how much inventory to order without 100% confidence in your reporting? They can’t. Inventory management software take the guess-work out of planning, budgeting and forecasting. It’s that simple.
5) Keeping customers happy
Guess what 100% accurate stock levels translate to? Satisfied customers likely to return. Happy customers leads to more sales, and a higher lifetime value. It’s a win-win.
6) Listing to multiple channels
The best inventory management software systems don’t just manage stock levels across sales channels – they let you list on entirely new marketplaces too. At Veeqo, we’ll automatically list any products from your Shopify, Magento, WooCommerce or BigCommerce powered store up to Amazon and eBay in just a few clicks!
7) Aligning stock levels across multiple warehouses
The biggest retailers will likely house their inventory across multiple facilities – which makes keeping everything synced and accurate more daunting. Until you try a system like Veeqo, that is – it makes stock-alignment a walk in the park.
8) Create Kits and Bundles
Getting creative with your inventory is an awesome way to secure a few extra sales and boost your average order value. At Veeqo, our system lets you bundle together two different SKUs into a “kit”, which you’re free to add to your website or marketplace. And, of course, when you sell items in a kit, all your inventory levels update everywhere – in real-time.
Sounds Good! How Can I Get Started?
At Veeqo, our inventory management tools help to keep everything 100% accurate – no matter how many sales channels or warehouses you have. Want to know more? Check out our Inventory page now.