Automated inventory management is critical to business success as the marketplace is growing, and retailers are launching long product lines regularly. Managing inventory for big eCommerce stores is not an easy task, but you can automate the process using inventory management software.
Top 5 Benefits of Automated Inventory Management System
Here are the top 5 benefits of using an automated inventory management system:
- Eliminating human error – Manual stock management in online retailing not only requires a large fraction of your time, but it is challenging too. Having software for the task removes human errors and decreases the time, effort, power, and money spent.
- Saving time with automation – Online inventories can be effortlessly updated with the process of selling and delivery with the help of an automated inventory management system. Whenever the stocks get exhausted, the software will inform and offer options to refill or end the product, depending upon the request and manufacturing.
- Getting live updates – Live updates let retailers get the latest information about the inventory and plan the timing to bring in new goods. This would be extremely advantageous as sellers won’t require to log into various systems for the countless number of times daily and ensure steadiness in stocks.
- Syncing stocks – For sellers who are active on two or three eCommerce platforms, inventory management software can sync stocks under diverse sales channels. The inventory on all the platforms will get updated automatically once a sale has been made.
- Understanding sales figures – Not everybody is a mathematical mastermind, making it tough to understand sales statistics and changeable demands. Inventory management software can be fed with rules and programs that automatically derive these estimations from the resulting sales and purchases.
Some Shocking Facts and Statistics:
- Online sales in the UK account for 11.7% of total retail sales.
- 25% of business costs are spent on inventory management.
- 46% of SMBs either don’t track inventory or use a manual process.
- 38% of merchants plan to expand beyond eBay and Amazon.
- Within the next 3 years, 48% of B2B customers will place 50% or more of their orders online.
- 67% of warehouses plan to use mobile devices to manage inventory.
Poor Inventory Management Cause Revenue Losses
- Retailers worldwide lose a staggering $1.75 Trillion annually due to the cost of overstocks, out-of-stocks, and needless returns.
- Inventory distortion costs retailers nearly $158 for every man, woman, and child on the planet.
Automated Inventory management will help you make your eCommerce venture successful across all the popular online retail platforms.
Author Bio: Mark Collins writes on behalf of Syncline, a company that provides multichannel eCommerce solutions. Apart from writing, he likes to explore the world with his camera.