Stock management or inventory management system isn’t a luxury. It’s one of the must have tools for your ecommerce. Why? Read this blog to know in details.
Inventory management is an overused term for any businessperson and the funny thing is only a little percentage of people understand it very well. They think it’s just all about knowing how much product you have in your stock and which items need to be refilled.
But, you never should underestimate inventory management system or you will end up with extremely horrible comments and complaints from your customers which is enough to deter most of your future customers.
So, before you face such situation, let’s know why inventory management is important and how it can make your business perfect.
Failsafe Order Fulfilment
How it would be if you get an order from a customer for a certain product and you forward it to the warehouse and finally come to know that it’s out of stock? Never let it happen; there can’t be any bad situation in your business than this. People place an order and wait eagerly for it. They never should get a ‘pardon’ mail from you offering an alternative product. Definitely you’ll be getting a negative review.
Avoid Expiry of Products
Every ecommerce sales hundreds or probably thousands types of products of different size, colour and above all expiry date. If not tracked properly, you may have to bear a huge loss every month for those ‘expired’ products. But, a good stock management system can make you alert well beforehand so that you can create a strategy to sell them on time.
Increase Conversion Speed
As per a survey it has been noticed that people take quicker decision to place an order when they see a limited number of products left notification under the product. Mostly they place order to avoid being upset seeing ‘sold out’ or ‘out of stock’ alert. So, if you have an automated stock management system, you can link it to your ecommerce and propel the sales rate.
Better Inventory Planning
Not all the products in your store are sold at the same pace. While some are sold frequently, there are some that get very little customer. So, if you don’t get a 360 degree view of your product stock, you can end up pilling certain products leading to bad investment while most of the customers will return dissatisfied as they couldn’t purchase their product just because it isn’t in stock. So, with a robust and simple stock management system, you can know the current status of stock and can create superb plan to clear the slow-moving items.
Improved Marketing Planning
It’s always better to sell some products at a lower profit margin than keeping them blocked in your warehouse for months, isn’t it? So, know which products aren’t getting enough customer and create solid marketing strategy for them. Announce some great deal for those and distribute them among the potential customers. Definitely you’ll get your cash back in your account which you can reinvest in your business.
So, if you still aren’t using any inventory management system, it’s time to think wisely and take the right decision before your customers leave you.