Managing Your Inventory with the Boom of eCommerce

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The internet has changed the way we communicate, share knowledge, and effectively how we interact as a society. Businesses have evolved with the internet to grow their presence online and the eCommerce market has followed alongside them.

eCommerce has allowed businesses to compete on a global scale, easier than ever before. With internet access available just about everywhere you look, it is no wonder that the eCommerce market is booming. Consumers demands are changing and they are steadily looking for products online. Luckily, the eCommerce boom is here to provide for those demands.

There are big eCommerce giants like Amazon who have a commanding online presence around the globe. However, eCommerce isn’t strictly for big corporations; companies big and small can compete in the eCommerce space. It is anticipated that eCommerce revenue in America alone will be over US$530 billion in 2020. That’s a lot of online shopping!

Managing inventory for eCommerce growth

When retailers manage an eCommerce platform, they need to be prepared for growth. Now that the entire internet can be your market, the opportunities for higher demand are a reality. So, how does an online retailer set themselves up for growth? Essentially, they need to create a model that is scalable and moves with them as they grow.

One of the most integral components is having an online inventory management system. By looking after your stock with an online inventory management system, it will be much easier to track and order merchandise. It gives you real-time updates of your inventory health and allows you to be across everything that’s going on in the warehouse.

Online inventory management can successfully integrate components of your warehouse with the eCommerce platform as well. When inventory stocks are running low it can put alerts next to certain products on the website. This can be a helpful component for customers that can manage their expectations. If a product’s stock is dwindling, it can alert the customer and it might actually prompt a quicker purchase. In this sense, both the customer and the company win.

Some of the biggest markets for eCommerce are currently the US and China. However, India, Southeast Asia and Latin America have promising markets as well. There is potential in these regions and it is almost guaranteed that online sales will gain momentum in these areas over the next few years. It’s important for retailers to plan ahead and see how they can capitalise on untapped markets. In countries like the US and China, they might actually reach consumer growth saturation and plateau.

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Melanie - Unleashed Software

Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.

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