Inventory Shrinkage and Tactics to Protect your Stocks!

Inventory Shrinkage and Tactics to Protect your Stocks Effectively!

In the enormous eCommerce industry, if you want to run your business successfully, you have to escape the situation of inventory shrinkage and apply some of the spectacular strategies or tactics to protect your stocks. As a seller, you must have experienced that you can not fulfill your customers’ demands if there is insufficient inventory. Inventory shrinkage affects your eCommerce business drastically. It will always be a hindrance to your business growth.

So there is no other way apart from handling it efficiently. If you cannot handle your inventory, you won’t be able to secure your stocks either. If you are new in this industry and do not have any idea about inventory shrinkage, this blog is for you. Here you will know exactly what inventory shrinkage is and what strategies you can implement to protect your stocks. However, to escape this situation, you can take the help of some inventory management software such as eVanik OWS. It can help you avoid the situation of Oos (Out-of-stock) by providing a centralized inventory feature.

Definition of Inventory Shrinkage

Before going any further, knowing what inventory shrinkage means is essential, as many of you may not be aware of this term. Well, inventory shrinkage refers to the situation where your actual inventory count is less than your accounting has recorded. It clearly means that something has gone wrong, either a human error or theft. Usually, it happens because of human error, shipping damage, or theft. You can get into this situation because of vendor fraud, mistakes in matching the inventory with your accounts, and several human errors in receiving or sending the stock deliveries. It doesn’t matter how it happens; as a seller, you need to know the root cause of inventory shrinkage to prevent it from happening again in the future.

What Could be the Effect of Inventory Shrinkage on Your Business
Inventory shrinkage can hurt your online business in many ways. Not paying attention to inventory can cause heavy damage in terms of generating revenue and making a solid customer base. Here we will mention some of the crucial effects of inventory shrinkage.

Can Hamper Your Overall Revenue

Suppose you buy thousands of apparel to sell on various marketplaces from a manufacturer, and hundreds of them get damaged or disappear every month. What will happen next? Well, you are right it can hamper your overall monthly revenue. The motive of every business is to generate significant revenue, but if you fail in attaining that somewhere your motive of doing this business will also get hampered automatically.

Effects Customer Satisfaction

Customer satisfaction should be the ultimate goal of any business. It can not be done without fulfilling their orders on time. But how will you fulfill their requirements if the product is not available in your stock? At this time, customers have to face the out-of-stock situation, and they can buy the identical product from your competitors and may not return to you in the future. In the situation of inventory shrinkage, you won’t be able to track how many products are left in your stock. In another way, we can say that you are selling products blindly without knowing the exact number of your inventory.

It can Deteriorate Your Reputation

Here you need to think from a customer’s perspective; suppose if you are looking for a specific product and buying it from an authenticated seller, but it shows that the product is not available in stock, what will you do? You will find other sellers and purchase identical products from them. Similarly, if your customers face similar situations frequently, it can ruin your reputation in the marketplaces. Out of the stock, the situation can somehow get controlled and is understandable for customers to some extent. But suppose, if damaged or broken products get delivered to your customers due to the inventory shrinkage. In that case, it can drastically affect your business and can be the reason for your downfall. Good work always takes time to gain recognition, but one lousy work can spread like fire.

Tremendous Ways to Protect Stocks from Inventory Shrinkage

Every Product Variant must Have an SKU

SKU refers to the stock-keeping unit for every product, consisting of several letters and numbers. It helps provide unique identification to every product and helps keep an accurate stock record. If each of your products has an SKU, it allows all the human hands, from warehouse staff to you, to track inventories more effectively. In this way, it can become easier for you to keep track of each of your products and avoid the situation of inventory shrinkage.

Always Buy Items from a Reliable Source

Being an online seller, it is quite important for you to buy products from a reliable source only. If your vendors or manufacturers are not able to provide you with the stocks on time, then it can again put you in the situation of inventory shortage. If your products are already listed on various eCommerce platforms and are about to get out of stock, you will obviously rely on your suppliers. But if they won’t be able to fulfill your demands on time, then it will cause a considerable loss to you. So it is best to choose reputed and reliable manufacturers or suppliers. Apart from this, you also need to organize your purchase in terms of their real-time position. Suppose it is in transit, late, or gets delivered to you. In case of late or delayed orders, you need to take the follow-up from suppliers.

Take Help of an Inventory Management Software

It can be the best way to prevent the situation of inventory shrinkage. Today there are various inventory management software available in the market. They can help you in managing Inventory in an accurate manner. It can get integrated with your system and help you in managing your inventory across various eCommerce platforms. In this regard, you can take the help of eVanik OWS. It provides you inventory report as well to have clarity on your inventory.

Conclusion

Thus, in this way, you will be able to have control over inventory shrinkage.
No one can deny that the eCommerce industry is evolving every day. To survive in this industry for a more extended period of time, you have to minimize the risk of inventory shrinkage. It is not only harmful to your conversions but your customer relationship as well. An exceptional inventory management software leads to a well-organized warehouse, which also diminishes the chance of theft. The accuracy of data and insights can provide you with a clearer picture of the availability and unavailability of the product. All these facts ultimately lead you to generate revenue from your online eCommerce business.

Latest eCommerce Trends of 2022 That Sellers Must Know!

Latest eCommerce Trends of 2022 That Sellers Must Know!

It is 2022, the era of new technologies, ideology, and efficiency. Along with all these, the eCommerce industry is also evolving, and you must consider the latest trends to help your business grow more quickly. If you are already an established player in the eCommerce industry, you must be aware that there are various disruptions in online business. That is why every seller should adapt to the latest market trends. There are a few new trends that you can see this year. It can prove to be a breakthrough year for eCommerce businesses.

Today technology is considered the backbone of the eCommerce industry. The latest software, AI-based technologies, and Speedy delivery are three major requirements of upcoming eCommerce trends. These are essential to provide a hassle-free shopping experience to the customers. In this blog, you will get to know some of the brand new trends in the eCommerce market in 2022. As a seller, you must look out for these trends and make selling your products on various eCommerce platforms easier. Let’s see what these trends that you should follow this year are.

Watch Out for These Latest eCommerce Business Trends of 2022

Origin of New Marketplaces

The eCommerce industry is currently dominated by several giant marketplaces such as Amazon, Flipkart, eBay, Myntra, etc. We are also experiencing the emergence of social commerce platforms such as Blinkit, Instamart, Big basket, Zepto, etc. Additionally, the number of D2C(Direct-to-consumer) marketplaces can also increase by the end of this year. It is predicted that the major B2B businesses are expected to grow by more than 65% in the coming years. Thus as a seller, you have immense opportunities to make most of these platforms to set up your own online business and generate decent revenue. If you are new to this industry, you might experience difficulties fulfilling your valuable customers’ demands. In this regard, you can take the advantage of any online order management software such as eVanik OWS.

Speedy Order Fulfillment

In the current scenario, customers want their order within the minimum time. As predicted this competitive market will grow more than ever in 2022 as more and more sellers can get aboard. It can develop a quick delivery format among them to please their customers as soon as possible. Specifically, customers who buy their products from prominent eCommerce platforms such as Amazon, Myntra, and Flipkart expected a shorter delivery time. The requirement for hyperlocal fulfillment is also increasing these days. To establish your online business in such a trend, you will require the help of any eCommerce order management software such as eVanik OWS. It can accelerate the entire order fulfillment process by providing automation. Thus, it can become easier for you to deliver the order in the shortest time at the customer’s doorstep.

Requirement for Inventory Management Software

With the expanding growth of the eCommerce industry, customer demands have also been increasing with each passing day. To fulfill their demands on time, as a seller, you need to keep a check on your inventory. Your stock should always be up to date, never to give your valuable customers the experience of Oos(out of stock). In this regard, inventory management software such as eVanik OWS is the essential requirement for this hour. It provides real-time updates of your inventory across channels and protects you from the horrible situation of Out of stock. Accurate inventory information can diminish all the difficulties of the order fulfillment process. You must know how much inventory is available and how much you need to refill. A poor inventory management system can lead you to a failed business.

Multi-Channel Selling System

As you already know, many eCommerce website platforms will emerge this year. Customers are already making their purchases from various eCommerce platforms. So as a seller, it has become the priority to sell your products on multiple channels to reach your targeted customers from various regions of India. If you pick only one eCommerce platform, such as Amazon, to sell your products, you will miss out on those customers who prefer to shop from Flipkart or Myntra. Thus it is better to spread your wings and take advantage of multiple eCommerce platforms. However, it can become challenging for you to manage the orders from multiple channels. But do not worry because you can take the help of multichannel order management software to ease this issue. It can provide you with all the essential information regarding your orders under one single panel and make it a smooth process to fulfill your orders quickly and seamlessly.

Expansion of the D2C Business Model

This year, the world can see an increment towards the D2C(direct to consumer) business model on a larger scale. It is predicted that sellers and brands can switch their businesses to a D2C model and start handling manufacturing and distribution independently. However, in India, various D2C business models already exist and earn a lot. Sugar, Mamaearth, Boat, Beardo, etc., are some of the prominent D2C business companies in India that are quite popular among customers. This model provides straightforward access to serve your customers accurately. It also provides you the liberty to make your brand and mark your presence in this competitive market. It also allows you to connect with more customers.

Conclusion

Hence, the points mentioned above are the latest upcoming eCommerce trends for 2022. Keeping all these factors in mind can help you make more of this industry. Always keep in mind that this particular industry is based on the requirement of customers, and if you want to attain rapid success in your online business, you need to evolve with time. To meet the demands and latest trends, you must be up to date and always keep an eye on the above factors. The eCommerce industry can help boost sales and revenue in 2022 if you follow the above trends. If you find it challenging to follow, you can take the help of order management software to automate the order fulfillment process. It can help you with speedy delivery and provide the ultimate customer experience. You also have to adapt completely to profit from these latest eCommerce trends. So, being an online seller, you should go with the flow to make your eCommerce business a successful affair.

Dropshipping Concept of eCommerce, and How Does it Work!

Dropshipping Concept of eCommerce, and How Does it Work!

In the eCommerce industry, there are various aspects of establishing your business robustly. Order fulfillment is one of the most essential aspects of establishing a rewarding eCommerce business. Hence, you need to emphasize more on this factor. In this particular blog, we will talk about dropshipping. It’s a unique way to run an online business that can help you get started with less investment and implement hassle-free order fulfillment.

If we talk about it more precisely, dropshipping can let you skip the heavy inventory requirements of running an online store, and instead, it lets you outsource inventory management and order fulfillment to third-party suppliers or manufacturers.

To fulfill the orders of your valuable customers, you can use drop shipping if you are an individual seller. It is one of the most popular concepts for initiating the shipping process in eCommerce. If you have started your business initially, you can apply this concept in terms of fulfilling the orders of your customers. The following points can help you understand dropshipping and how it works. 

Definition of Dropshipping for Online Sellers!

For the eCommerce industry dropshipping is one of the most trending and popular shipping concepts sellers use to fulfill their customers’ orders. You can say that it is the procedure of the order fulfillment method where eCommerce sellers can outsource procuring, storing, and delivering products that their customers ordered.

Once a customer places an order you need to simply forward that order to the manufacturing unit as an eCommerce seller. Once you place the order, it becomes the responsibility of third parties to manage the product and prepare it for delivery. You can take advantage of drop shipping if you do not want to invest much in your online business. 

While implementing dropshipping into your business, you need to buy products from any third-party vendors and they will directly ship them to the customers’ addresses. Dropshipping doesn’t require inventory management because you do not need to buy products in bulk.

It may be a new concept in India, but foreign countries such as Canada, Australia, and California have been using this for a long time. You can go for this if you are new to this business and do not want to take any risk of failure.

Apart from this, if you want to make it a successful affair, you can take the help of an order management system for eCommerce, such as eVanik OWS. It can help you in many ways to establish your online business effectively by automating your back-office operations.

How Does Dropshipping Concept Work for eCommerce Businesses?

There are three significant aspects of dropshipping concept: order placement, order confirmation, and delivery. Let’s find out the details of this spectacular eCommerce business model.

Order Placement

This process begins when a customer orders through any eCommerce platform. For example, suppose a customer orders a handbag from any eCommerce marketplace such as Amazon, Myntra, Flipkart, etc. First of all, you have to ensure the availability of the product listed on the platform. Once the order gets placed, you need to forward the order request to the manufacturer or supplier who has stored the products.

 

Order Confirmation

In this process, once the order gets finalized and purchased by the customer, you need to send a confirmation email to the customer’s email id. This should include the shipping and tracking details of the order. On the other hand, you also have to inform the manufacturer about the ordered product. However, it seems like a regular order process. Still, the only difference is that sellers work as a bridge between the customer and the manufacturer in the dropshipping concept. 

Order Delivery

The delivery process in dropshipping is relatively easy as well. The entire process of delivery is just like standard shipping. The order gets packed from the warehouse of the manufacturers after the order confirmation is received from the seller’s end and delivered to the customer.

One thing as a seller you need to take care of in this whole process is ensuring the order is delivered to your customers on time. Delay delivery can ruin your image at the marketplaces and disappoint your customers as well. 

Best Ways to Select Products for Dropshipping

If you are going to implicate dropshipping in the online business, you need to make sure that you have chosen a beneficial product to sell. However, with the constant study of market trends and customers’ demand, you can make a strategy or plan to finalize a product category you want to sell on marketplaces.

Here we have mentioned some of the magnificent steps to help you select dropshipping products to sell on multiple eComm platforms. 

  • Make a list of Best Selling Product 

First of all, you need to understand that if you are an individual seller and handle your business individually through the dropshipping concept, you need to select a product to sell that can provide you with a good outcome. For that, you need to analyze several marketplaces, observe the latest trend, and make a list of their top-selling products. It will help you to identify what products you should sell or not. 

  • Get the Product Selling Ideas From Social Media

To get on board and select what product you should sell that can help you generate decent revenue, you can take the help of social media websites as well. You can check out the shopping pages on Facebook and Instagram and analyze their top-selling products. Social media can also help you understand customer behavior toward specific products. Based on that, you can choose a top-selling product and sell it on various eCommerce platforms. 

  • Examine the Local Market

The beauty of the Indian eCommerce market is that you already have immense opportunities to sell various products from diversified traditions and heritage. You can see Indian culture in several products sold in the markets. Local markets of each city and district offer a range of handmade products. These products even get supplied to foreign countries; you can study those products and decide to sell those on marketplaces. 

Pros and Cons of Dropshipping

Pros

  • The most tenacious pros of dropshipping are it doesn’t require a massive investment. This business model is budget-friendly, and anyone can get aboard initially at multiple eCommerce channels. 
  • It is an effortless eCommerce business model that helps in establishing your online store in the first place. It minimizes the risk of failure by providing you with real-time order fulfillment updates.
  • Dropshipping eradicates the requirement of managing inventories. Eventually, it diminishes the chance of money loss and can add more value to your business. 
  • This eCommerce model is location friendly; you don’t require to be present at any specific location. You can simply run your business from anywhere just by keeping in touch with manufacturers and customers. 

Cons

  • Though the dropshipping concept doesn’t require a hefty investment, the return on investment rate is comparatively less. The process of revenue generation can be slower for dropshippers. 
  • You can not be able to customize the products as per the requirement of your customers. It can dissatisfy your customers, and you may lose your grip on your customer base. 
  • In the dropshipping model, you won’t be able to keep a check on inventories that change every day. It can keep you in denial, and sometimes your customers may face a stock-out situation. 
  • You may face the shipping complexities of working with multiple manufacturers and distributors. In this situation, you can get blamed for their faults if the order doesn’t get delivered to your customers on the promised time. 

Conclusion 

Thus, now you get to understand what dropshipping is and how it works. You can become a successful online seller by adopting the drop shipping concept. Once you finalize what product you want to sell, you have to look out for the manufacturers or distributors who can dropship the products on your behalf. It will help if you reach out to the manufacturers to look at those products.

A short supply chain is always a better option to make most of the eCommerce business. It also has its advantages and disadvantages, but the point is who doesn’t have it. Risks are always there, but you must identify them and eliminate them wisely. However, to ease your hustle, you can take advantage of the software of online sellers such as eVanik OWS.

Top Seller Management Practices to Shine in eComm Business

Best Practices of Seller Management to Outshine in eCommerce Business!

The acknowledgment of eCommerce marketplaces such as Amazon, Flipkart, Myntra, eBay, Ajio, Meesho, Shopify, etc. has continued to flourish with every passing year. The popularity of online marketplaces has accelerated after the COVID-19 pandemic. Customers prefer online shopping instead of stepping out of their house to a physical store. It is safe as well as convenient for customers from many aspects. While marketplaces provide the infrastructure for sellers to start their online business, sellers still require robust management and refinement to upgrade pricing, inventories, products, and fulfillment process.

Moreover, most successful sellers operate on multiple eCommerce platforms, selling products across states, which adds layers of complexities around taxes. Nowadays, customers want an effortless shopping experience. However, there is software for online sellers, such as eVanik OWS, that helps deliver a positive shopping experience to your customers by streamlining the back-office operations. In this blog, we have mentioned best practices for eCommerce marketplaces that sellers need to attain and implement successfully. Let’s find out why those practices are essential for an online seller. Apart from that, you will learn why seller management should be considered an essential factor in the eCommerce business.

Major Issues Faced by Sellers

Before jumping into the solutions or practices that can help sellers manage their online business accurately and efficiently, it is essential to know about the frequent issues faced by sellers.

Meager Product Catalogue Management

Numerous eCommerce sellers used to be physical store owners or wholesalers. Those who fall in this category don’t have prior experience in selling their products online. It is the fear of losing their business to eCommerce platforms that are driving them towards online selling. Since they don’t have any experience operating online businesses, they lack in creating and managing product catalogs. It can put them into a difficult position. They usually fail to list their products accurately on multiple platforms. The missing attribute of catalog management affects their rankings and increases the return rates, as customers fail to attain essential information about their products.

Frequent Interference of Brands

In the competition of selling more and more products daily, some desperate sellers are misleading eCommerce platforms to upsurge their rankings by listing fake details on products or using other attributes. In such a scenario, it has become challenging for genuine sellers to survive, as brands also question their loyalty. All these severe problems are affecting sellers extensively, and eCommerce marketplaces need to be vigilant and offer compelling solutions to sellers. However, some channels are already providing such solutions to them. If you are facing such issues, you need to move your business to platforms that help sellers resolve such problems.

Complicated Onboarding Process

Several eCommerce platforms have a complicated onboarding process, which can be the one major reason sellers have a tough time attaining success on an eCommerce platform. This issue can be resolved only when marketplaces take the initiative by making the onboarding process hassle-free. By improving the seller onboarding process, eCommerce ventures can make their sellers more comfortable.

Why Seller Management is Essential for eCommerce Sellers

To sell products on various eCommerce platforms, sellers must manage their business adequately. To provide an outstanding shopping experience to your customers, you need to manage inventories, payments, shipping, and returns in a compelling way. Without managing these aspects of your online business, you won’t be able to run your eCommerce business successfully. Poor seller management can disappoint your customers on various levels and ultimately push you towards a failed business. In this regard, you can take the advantage of any best eCommerce management software such as eVanik OWS. It can also help you manage inventory, payments, shipping, and returns by providing you with essential real-time data.

Best Seller Management Practices to Follow in 2022

Execute Onboarding Process Accurately

As a seller, if you genuinely want to grow your business and provide an efficient customer shopping experience, you must attain enough knowledge about onboarding on a specific eComm channel. To make it a hassle-free process, you need to gather all the essential information from the marketplaces and execute it accordingly. Before onboarding on any eComm platform, you must understand their selling process and sellers’ margins. Apart from that, you also need to know their guidelines for sellers. Onboarding on as many channels can upsurge your chances of making a solid customer base and helps you in generating revenue. Educate yourself enough to know all the tactics of eCommerce platforms.

Educate Yourself to Manage the Returns

Education never goes in vain, and it is essential for every aspect of life. It can become more critical when you are out there to earn your bread and butter. If you are an eCommerce seller, then you need to know each and everything about this business or get experts in your team to handle this. Order returns are one major pain area for eCommerce sellers and platforms. According to research, more than 60% of eCommerce returns are due to the mistakes of sellers and retailers. As soon as you get educated regarding the returns, the chances of returns will diminish automatically. In such a manner, you can also come along with some return reconciliation software like eVanik OWS. It can help you in managing your returns effectively.

Try Hard to Win the Buy Box Button

While operating an online business, your focus should be on winning the buy box button on various marketplaces. However, reaching the buy box button is not that easy when there is vast competition. To win the buy box, you have to follow several guidelines of marketplaces where you are selling your products. These guidelines include accurate listing, adequate shipping, frequent customer communication, and a tremendous shopping experience. All these essential factors can help you to win the buy box section. You can also take the help of the best eCommerce management software such as eVanik being used by many sellers already to automate the back-office operations. It can help you immensely in reaching the buy box button.

Conclusion

Thus these are some of the best practices you can make to sell your products hassle-free on various eCommerce platforms. Apart from these practices, as mentioned earlier, you should also include inventory management in this list. Managing inventories can also enhance your seller management. It can help you to serve your customers better and never disappoint them or let them face the situation of Oos (Out-of-stock). For outstanding inventory management, you can take the help of several inventory management software such as eVanik OWS.

Vital Tips to Increase Your Online Sales Amid Fathers’ Day!

Vital Tips to Increase Your Online Sales Amid Fathers' Day!

Fathers' day is celebrated in many countries of the world on the third Sunday of June every year. This year, it falls on June 19th, and amid this day, eCommerce websites have started a buzz around to make the most of this day. Like any other Indian festival, this day is equivalently essential; after all, it is the day to show your affection towards your Father. The significance of this day is relatively high in Indian paternal society. So why not take advantage of this day to upsurge your online sales. Although, this is such a date that many eCommerce sellers must have prepared for, which has intensified competition. All have their unique strategy to attract more customers and increase their sales.

That's why it is crucial to have considerable competitive ideas to take advantage of this day efficiently. In this regard, you need to update your inventory, accelerate your shipping and delivery system, and be prepared for the returns as well. To get the requisite benefits of this particular day, you can take the help of several eCommerce order management software such as eVanik OWS. It can help you in processing your orders smoothly along with other operational activities in a seamless manner during this occasion. In this blog, we have mentioned some of the vital tips that can help you increase your sales during the Fathers' Day celebration.

Significant Tips to Enhance Sales Amid Fathers' Day Celebrations

We all behold the heroic image of our Fathers, which automatically raises Fathers Day's importance. Fathers are the ones who devote their everything to the betterment of their children. So this day is considered a payback day for Fathers. As an online seller, you can convince the customers to make the best purchase for their birth giver. It is that time of the year when you can sell Father-centric products and increase your sales abruptly.

Create a Buzz of Urgency

It is easy to create a buzz of urgency amid Father's day celebrations. You need to remind your customers that the day is fast approaching. You can start with the promotions early to encourage customers to get into the mindset and prepare their orders as early as possible. You can promote several products on your social media pages under the label best gifts for fathers. Promote your products in such a way that they will be out of stock soon as many customers have their eyes on them. You must have seen these tactics on Myntra during the sales season. They have a unique feature that shows an accurate number of customers viewing the specific product at a time. Use such tactics to create the urgency of placing an order as soon as possible. It can work magically on customers, and they may place their orders. You can also run special offers throughout the weeks leading up to Fathers' Day. This gives customers enough time to make a purchase. It is a unique way to attract customers and increase your sales.

Always Keep a Check on Your Inventory

If you want to make most of this day to upsurge your sales, you must stock up your inventory. As an eCommerce seller, it is essential to be aware of your inventory to accelerate order processing and satisfy your customers. You must understand that you are not the only one who is trying to capitalize on this event. Various other sellers are there in the queue. That is why you need to always keep a check on your inventory to ensure whether you can fulfill the demand of your customers or not. Poor inventory management can minimize the chance of generating ample revenue. It can lead you to the situation of Oos (out-of-stock). Suppose if a customer experiences this situation while placing an order, it can break their trust in you. They can even run to your competitors to buy the same product. However, it is not an easy task to keep an eye on your inventories across channels. To automate this process, you can take the help of some inventory management software such as eVanik. It provides you the automation to view your inventories in a single dashboard and manage them effortlessly. It notifies you every single time a product gets out of stock. Hence, there is no chance you can miss out on this aspect.

Showcase Your Products as the Best Gifts

Be it Father or any other relationship, deciding on a gift for loved ones is always a task. It automatically allows you to offer your products as the best gift. To attract the customer's attention, you can choose several products such as a wallet, personalized pen, coffee mugs, perfumes, personalized diary, personalized bar set, etc., to sell. Now add an attractive description and title mentioning the best gift for Fathers' Day. In the fast-paced world, customers are running out of time, and in the lack of time, there is a probability that they can buy your products in the first place. Offering them customized or personalized gift items are keys to making most of the Fathers' Day celebrations 2022.

Offer Faster Delivery Than Ever

The enormous eCommerce business has become more competitive for sellers, especially during special days. It demands faster and more efficient delivery. That is why being an online seller, you need to find compelling ways to execute the faster delivery. The promise of a speedy delivery can convince your customers to buy your products without a doubt. Now the real challenge for you is to fulfill the orders by the promised time. To minimize this hustle, you can take the help of order management software. It can select the warehouse or some other destination right after placing an order. It also has the feature of extracting the order details and previous history to mandate the process of order fulfillment. You can keep an eye on every movement of orders after shipment and update your customers at their locations. In such a way, you can deliver the orders at the promised time and add more happy customers to your list.

Conclusion

Thus, these tips can help you increase your sales during the Father's day celebrations. To apply these tips accurately, you can take the help of order management software such as eVanik. It automates the entire process and diminishes the chance of failure. Apart from this, you must select some unique products to sell on Fathers' Day. Customers always are in favor of buying something different, and offering them as per their demand can undoubtedly help you increase your sales. This particular day is about to fall, so gear up and make a compelling strategy.

20 Reasons to use Order and inventory management systems

20 Reasons to use Order and inventory management systems

Order and inventory management

What is inventory management in E-commerce?

Inventory management in E-commerce is defined as the method of measuring the amount, pricing, location, and variety of products available for your business in the Market. It is a set of all the processes which are used to control and organize the goods or materials in your industry.

It is very necessary for retailers and e-commerce sellers to focus on inventory management to run Their business effectively and having a check on finance and accounts. It will help you to know which products are overstock, understock, and out of stock. Inventory management helps to keep a check on the financial activities of the organizations.

Logistics and Analytics plays a vital role in the inventory management system. This will helps you in understanding the purchasing trends of the customers.

Order and inventory management2

What is the Order Management system?

An order management system (OMS) is an electronic system used to execute securities orders in an effective and cost-effective manner. E-commerce sellers use order management systems when filling orders for various types of securities and can track the progress of each order throughout the system The order management system(OMS) is also known as a trade order management system.

It is software system that facilitates and manages the execution of trade orders. In the financial markets, an order must be placed in a trading system to execute a buy or sell order for a security purpose.

order management systems offer real-time trading solutions, which allows the customers to know market prices and execute orders in multiple exchanges across all markets, by real-time prices. Some of the benefits that organizations can achieve from an order management system include managing orders and asset allocation of portfolios.

Order and inventory management3

This article will walk you through the importance of inventory management and why E-commerce sellers need an inventory management system for their business.

1)  Speed up pick and pack process

The Order Management system is very necessary for the Effective management of the product. There are many advanced product management tools are available which, helps in exactly locating the item in the warehouse. Nowadays, all this process is controlled by real-time order management software. Once the product is getting out of the inventory, the packaging department receives the data about the product and packs it in the appropriate trunks.

2)Helps to keep an eye on the inventory

It is very necessary to maintain the products in the warehouses. Traditionally there was only one warehouse for one product, but nowadays, businesses are growing day by day with large exponential growth ,which needs effective inventory management. An e-commerce inventory management system tells about the details of the different product availability whether they are under stock, overstock, or out of stock. It keeps deep visibility into multiple warehouses.

Order and inventory management4

3)For effective business practices

Inventory and order management systems help in Efficient business management. Traditionally the workers have to train about the working process of warehouse and products. But today due to digitalization it is very easy to manage. Proper inventory management saves our precious time and gets more value from the team members.3)For effective business practices

4)To delight customer experience

It is very necessary that e-commerce sellers should focus on improving the user experience of their purchasing. Some times e-commerce websites show products in stock, but when customers try to purchase, it shows out of stock. This will reduce the quality of the user experience. To tackle this problem, there should be proper inventory management.

5)To eliminate Deadstock

Having an organization. Planning and forecasting will help to improve the user experience. Having a bulk stock also can create a problem if you are not able to sell the products effectively. e-commerce sellers must eliminate deadstock, and reduce the wastage of inventory. This will reduce the extra storage costs.

6)For more directed Investment

The order and inventory management systems will help you to understand the historical trends regarding the demand for a particular product. This will helps you to know where you have to invest more money to stock the products in the warehouse. This will helps to calculate the quantities of products required in stock.

7)To improve the ability to meet market demands

It is very necessary to predict the future movement of the product demands and the purchase trends to effectively managed inventory. It helps you to give the data about the products and how it is moving. This helps to identify what products are more liked and purchased by the customers.

8)For improving marketing results

It is very important to track the inventory in the online e-commerce website for effective inventory management. Seller’s ratings and search rankings will be enhanced for these e-commerce sellers. It is very necessary to make sure that you are not stockpiling products that will not sell.

9)Helps to lower your stress

As the business grows and expands, it requires effective order and inventory management It is difficult to do manual inventory management. Advanced tools helps you to effectively maintain the orders and inventory management system with maximum efficiency.This will helps to reduce the stress of inventory management.

10)reduce the time required for inventory control.

Effective inventory management will help you to save your time required for managing the inventory. Good inventory management not only helps to reduce the time taken to track the products but also manage the orders.

11)For proper planning and Forecasting

For running a successful business it requires solid Planning. Advanced software will help you to improve demand forecasting by adequate analysis of data trends and movements of the products. This will reduce the handling costs and increases the revenue of the organization. Planning and forecasting will help to improve the user experience.

12)To improve the delivery

It is very necessary to deliver the required product on time. For tracking the movement of the products it is very important to know when the product will arrive and when it will be delivered to its required location. The late delivery creates disappointment in the customers and affects the growth of the business. That’s why it is necessary to have order and inventory management.

13)To ship packed products with integrated partners

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Order Management system should be integrated with the logistics companies. This will helps you to choose high rated partners and to send products to the customers effectively.

14)To ensure the efficient changes to the Market

The order management system has several benefits. It will provide greater efficiency in managing orders across the enterprise. The Advanced software for order management system helps in faster response to the customer’s demands and helps to identify the market changes.

15) To Unleash your best fulfillment strategy

An order management system has the capability to integrate with order management software to make it easy for e-commerce sellers to provide options such as pay online and pick from stores, express delivery, or same-day delivery. This will only be possible if you are able to track your complete inventory across all channels and provide your users with all possible fulfillment solutions.

16) Update pricing strategy based on competition analysis

There are Repricing tools available to update the real-time prices of the products as per the market changes. We can update prices in real-time on different marketplaces. This will help you to maintain the consistency of your product’s price along with the consistency of the brand.

17) To Automate your most straightforward tasks

Order Management system allows you to do various tasks like sending notifications to your customers, printing labels, and invoices,etc. It will also help in saving your employees time. The complex tasks are easily managed and completed as far as possible.

18) Increased customer satisfaction

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A good inventory management system ensures faster and correct delivery to customers which ultimately results in increased loyalty, sales, and a better brand reputation for the e-commerce sellers. Customer satisfaction is one of the most important things in any business. Customer satisfaction will help in the exponential growth of the organization.

19) Pick a Customized System

Business operations are very complex and difficult to manage. It becomes very important to select an excellent software program that supports all elements involved in the running of the business. When your business grows and your e-commerce needs to change, this will allow you to move to a new shopping cart solution which will minimize the impact on your business activities.

20) For Warehouse Integration

 It is very necessary to manage inventory across different warehouse locations. The inventory management software will provide integration for all the locations. With the help of order inventory management, it is easy to track the status of all the inventory through your computer screen.

 Conclusion

Traditionally inventory management was very simple and the retailer sells products in front of their shop. Modern brands now have numerous channels to sell through e-commerce and social media. Inventory management software is paired with accurate channel management.

Inventory management touches many parts of your business. If there is a lack of management you cannot efficiently get items to customers when they need them. This can lead to different types of problems in the business. Inventory management helps in faster shipping, within the warehouse. you can easily know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.

Hence for E-commerce sellers, order and inventory management should be on their first priority.

eVanik offers robust Order and Inventory Management Solution for E-commerce sellers.