on 05 October 18
Inventory or order management is a tightrope act, which every product-based business be required to learn to balance. In this, you need to ensure that you have all the products readily available to meet with customersâ demand so that they can be dispatched quickly when a customer orders them, but be cautious not to overstretch yourself either by purchasing too many products as that can result in cash flow issues which might put your business at risk.
Getting the balance right is mainly vital for the small companies, because at vital period in businesses lifecycle, this can mean the differences between success and their failure. Ecommerce order management software can help you to uphold this balance easily by getting your orders and inventory under control.
Ecommerce order management software enables you to have full visibility of all your products without having to count or find them manually. As products come in or go out of your warehouses, they are updated in this software, which calculates the inventory levels and also stores locations. You can get a precise assessment always of how many items do youâve readily available and where theyâre located in a few clicks of your mouse.
This software can evaluate the productâs prices too; after they have been entered you can get complete value of the order, or particular product lines, without needing to do any calculation yourself. This system will do it for you automatically.
Getting an access to the real time reporting of your orders mean that you can see what products lines are popular and profitable instantly and which one is less so. While re-ordering you obtain much better ideas of which products you should purchase more, which to purchase less and which should you cut out. By responding to demands as it happens youâll become more cost-effective. Intelligently spending money in this manner means thereâs lesser chances of getting stuck along with unwanted products you canât move, or have to heavily discount to get them outside the warehouse.
When you enter a product into this ecommerce marketplace management software you get audit trail of products journey from buy to sale instantly. Especially useful when clients make enquiries about products they have purchased, as you can rapidly assess the rank of a product. Customers can get fast and precise response to any question they have which can make your company appear professional, competent, and reliable.
Good order management software also enables you to allocate a product although it hasnât left your warehouse. If any item is sold you allot it a status mentioning itâs âon orderâ. This removes the possibility of selling items accidentally that have been sold already. So your clients will get what they have ordered always in the specified timeframe.
As your business develops so will the quantity of products youâre selling. Having a order management system implemented on time sets up processes which will scale with the company as thereâs higher demand. Balancing act between the cashflow and inventory levels will become more complex as many more products are moving out every month.
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