Inventory management is a series of activities performed to ensure the availability of items needed to run a business. A better Inventory Management system ensures that items are always available in optimal quantities, neither overstocked nor too little. As discussed, an inventory is a vital element in your business that allows having right thing, at a right time, and in right quantity.
There are many inventory management solutions available for online businesses these days and it is very difficult to select the best one among them. To make sure, you did not select a wrong option for your business, it is important that you have a basic knowledge of what an efficient eCommerce Inventory Management software should consists of.
Some of the very important features that all eCommerce business owners should emphasize on while selecting an effective solution in the form of Online inventory Management Software should include:
1. Real Time Synchronization across all the channels of storage location
These days most of the eCommerce stores sell across a number of online channels to boost their sales and conversions. So, in order to manage this huge data, a proper management system is required which can synchronize the sales across all the different channels and storage locations.
2. Availability of Real Time Update facility
Managing a huge channel could be a very tough task if a real time update of sales and another crucial data is not available. Each of the sales and inventory movement must be updated in a central location from where the data could be quickly synchronized to all the other locations. You need to avail the out- of- the- box eCommerce services that can perform the real time updation of your inventory store without any hitch.
3. Integration of stores at different locations
An effective Inventory Management system should be able to integrate all the stores included in its domain. A better Inventory Management software is capable of automatically updating the sales done by each and every store included in its system. From one screen, a retailer is able to view the quantity of inventory updated for every store and also track the flow of inventory within the B2B or B2C environments.
4. Integrated with the Warehouse
A warehouse is an important part of Inventory management system. For an effective Inventory data management, it is important that all the warehouses from different locations are integrated into the main Software. Anyone with an login access should be able to view the inventory status across all the warehouses and inventory locations in a seamless manner.
5. Management of Product variations
Nowadays, a number of products are available on various online stores with different color variations. Now, the big question arises, how can these product variations be managed on a store? A perfect inventory management system should be capable of managing identical products with slight variations without any mistake or ambiguity. These variations are managed using a unique SKU and inventory numbers for each variation.
Thus, any software which is capable of satisfying the above mentioned criteria is said to be a perfect solution for Inventory management in an e-Commerce business. Don’t rush into buying any inventory management system as it will only be a sheer wastage of time, money and efforts