Here’s why you need real-time Inventory Management
Today, most online retailers sell via several channels. If you have an online store and you also sell on Amazon and eBay, you need to track sales on all those platforms to keep your inventory up to date. And if you keep stock in more than one location, things get even more complicated.
Such a complex task becomes simple when you select a capable real-time inventory management system. Read on in order to learn how a good real-time inventory tracking system can streamline your business.
Real-time inventory tracking across all sales channels
When you sell the same products on several sales channels, it is crucial that each channel has an up-to-the-minute inventory count. If your last widget sells out on eBay, you don’t want it to show as available on Amazon. You could end up overselling, which disappoints your customer and damages your reputation.
So your order management software needs to synchronize with your online inventory management system, updating inventory levels in real time on all platforms as customers place orders. When an item sells out, the software will automatically remove it from all your online stores.
Automatic real-time inventory updates
To maintain accurate inventory records, your real-time inventory tracking system also needs to connect to all locations where you keep inventory. Which could include warehouses, suppliers, fulfillment centers, etc. As you receive inventory in any of these sites, stock levels are updated in your system. The updated information instantly gets passed to your sales channels so that restocked items once again show as available for sale on all your storefronts. These real-time updates mean you’ll miss fewer sales because your fresh stock is made available for sale instantly.
Consolidated sales and inventory reporting
When your inventory is shared among several locations, you need to be able to see a consolidated view of what you have and how it is selling. Choose an online inventory management system that can connect all your sales platforms and inventory locations.
A good system will allow you to see on one screen an up-to-the-minute sales report for any given product, as well as your total inventory for that product, and how it is distributed or allocated. With precise data at your fingertips, you can make smarter business decisions and react quickly to changes in the market.
Inventory tracking at multiple locations
Receiving inventory is an essential part of inventory management. Most businesses find that using barcode scanners or RFID guns is a fast and accurate method for counting and identifying inventory. They are used when inventory is received, when doing a physical inventory count, and when fulfilling orders.
As we already mentioned, your real-time inventory management system needs to integrate all locations where you have inventory. Examples include warehouses, drop shippers, and fulfillment centers. You can then view the quantity of inventory in stock at all places, select a primary warehouse for fulfillment, and see expected upcoming deliveries of new inventory.
With the right real-time inventory management system, you can maximize profits by not overselling and by instantly making fresh inventory available for sale. You will be making your job easier by simplifying and automating the complex task of online inventory management. For a real-time inventory management solution that will suit you, chat to our guru.