Inventory management is how a company keeps track of their inventory. It allows them to plan and determine how much inventory stock they should have on hand at any given time. With integrative platforms and shifts in technology, online inventory management has become more commonplace.
Using Online Inventory Management
With online inventory management tools, businesses are able to keep track of their stock levels in real-time and swiftly analyse sales data. In addition, online inventory management can help companies forecast future demand and determine production amounts. When inventory levels run low, this automated inventory system can re-order levels and alert team members if there are unexpected changes to stock levels.
Overall, online inventory management has helped optimise the inventory game. It has allowed companies to streamline processes and account for inventory in a more efficient manner. It allows members of a business to communicate with ease and access information from remote locations. The amount of information being shared and used to benefit operations has made significant impacts on warehouses worldwide.
Inventory and eCommerce
eCommerce businesses mostly deal with the sale of finished products. These products sit as inventory until they are sold, therefore they fall under the category of a company’s assets. Inventory is usually one of the biggest assets for a company, making it increasingly important to manage carefully as there are large financial repercussions if something goes wrong.
Depending on the type of eCommerce business, some inventory goods may have a limited shelf life. They could be perishable food products, seasonal items or holiday-related goods. If there is a limited amount of shelf life on certain products, then eCommerce companies need to be prepared to move inventory efficiently.
Real-time Inventory Management
Online inventory management tools can help eCommerce companies in a multitude of ways. Firstly, the information from an online inventory management tool helps them see how their products are selling. It allows them to develop patterns and see where the business is in real-time. It can also help keep customers informed, as stock levels are current on the website. This means the eCommerce company doesn’t oversell products and the customer can see what’s currently available. This is particularly important for B2B businesses who transact with their clients on trade platforms.
eCommerce business owners can make informed decisions on what to order if a stock item is more popular. With all of the information synced across the business, making these types of decisions is much easier. Online inventory management tools make the warehouse a transparent place. Owners and staff alike can see what is going on and what the levels are doing. Information is shared quickly and is accessible to more people who can help influence parts of the business. Since inventory intelligence is getting better, stock-outs are less likely and customer satisfaction should increase.
Online inventory management has yielded a new age of control and visibility for eCommerce business owners. It is possible for them to be across more of the ins and outs of the business and can therefore make better, informed choices. One of the best features of an online inventory management system is that it is scalable and can grow with an eCommerce business.