As per Forrester Research, Online sales in the United States are expected to reach $523 billion in the next five years, up 56% from $335 billion in 2015. So more customers will be approaching E-commerce websites for their shopping.
In such scenario, what will be the key aspect to look at for an E-commerce web store owner. For getting more sale, website should have more products. More the products, more will be its management. Yes ! you are guessing it correctly, efficient inventory and warehouse management will be a key aspect all e-commerce should focus on.
Why and How is it Essential?
Without a precise view of inventory levels and multi-location support, your business is at risk for stock-outs, unnecessary holding costs, overselling, and potential overstocking. Hence. efficient inventory management is needed the most.
Generally for a startup web store, opting for an effective magento inventory management software
might be a long-term goal. But it can prove to be more fruitful, if implemented at an early stage of a business. The reason behind it is simple, it will allow you to eliminate difficulties like to keep up systematic database of products from scratch, managing customers and their reviews. Moreover, magento stock management software
will allow stock managers to maintain regular stock and obtain optimum performance.
For Established E-Commerce Stores
For renowned E-commerce businesses, the challenges faced are different from startup. Their main challenge is to maintain multi-location inventories at warehouses located globally. This can be easily solved by choosing a perfect magento warehouse management tool. It will allow you to easily optimize the inventory by creating multiple warehouses. Moreover, you can also manage common inventory between various web stores through such warehouse management software.
Functionality associated with below mentioned use cases can be easily achieved through efficient inventory or warehouse management tool.
Managing Multiple Warehouses in Different Countries
Magento warehouse management extension can help you to efficiently organize multi-warehouse inventory from a single site.
Working with International Customers
Magento inventory management can help you to efficiently organize multi-webstore inventory from a single location.
Simultaneous Update of Inventory Attributes on all Devices
According to a research, “By 2018, only 12% of respondents expect to use pen and paper-based processes; 66% plan to use handheld mobile computers with real-time access to WMS systems”. Henceforth, it is equally essential that inventory management tool should have mobile device support. All the modifications you make to your Magento store will be automatically updated on your Magento inventory mobile app in real-time.
To sum it up, necessity of efficient inventory or warehouse management cannot be ignored. It is a viable option to automate inventory through magento extension available in the market. Such extension can regularly optimize stock levels, manages inventory, maintain sales records and reduce operating costs to gain more profits in your business.