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5 Ways to Increase E-commerce Inventory Visibility


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Your e-commerce business is growing every day and like any other e-store, you have started out small. The major challenge you would be facing is the management of inventory. A study states that about 46% of SMB’s either don’t track inventory or use the manual method. While inventory management might seem easy during the initial days, it becomes complicated as your business grows. Under this scenario, mismanagement of inventory might be a nightmare your growing e-store cannot afford. It has a direct impact on the customer experience (CX).

So, we are here to help you understand the issues with inventory and also the ways to increase the visibility of your inventory to facilitate better business decisions.

Challenges in Inventory Management

Most of the e-commerce businesses face the following challenges with their inventory in the process of their e-store growth. Let us take a look at the hindrances you might be facing. Read this for a more elaborate read on the inventory challenges.

No real-time data on inventory statuses

It becomes highly impossible to optimize and manage your inventory unless you have visibility to it. Though you might not need real-time updates at every node, the more visibility you have better the business decisions. Real-time insights can help you with making predictions and facilitate smarter decisions.

Relying on manual processes

Most of the e-commerce companies still rely on their workers to maintain the records of their inventory. The manual efforts take up a lot of time, resources and are prone to inaccuracies. Any errors in the inventory system cannot be considered small as it has a great effect on the customer experience and also the management of inventory. Adopting the latest technology can help identify any discrepancies, gain insights and build a picture of inventory with perfect accuracy.

Information mismatch across the departments

The key to having a successful inventory is to have uniform data across all the departments. If each of the departments of your e-commerce business has varied information and your ERP is not updated instantly, then it creates a lot of hassle in the business.

How to increase inventory visibility

There are quite a few ways to increase inventory visibility. Here are some of them.

Optimize stock levels

A key solution to greater inventory visibility is maintaining optimal stocks. Ensure the optimized capacity of the production lines. For this, businesses can depend on real-time inventory updates. This eliminates any kind of stock out situations balancing sudden outburst of the demand for any product on your online store. Having an ERP in place can help you with the data and reports to maintain an optimized inventory. One best example of this is the endless aisle concept.

Cycle count of inventory subsets

Secondly, having a routine audit of your inventory is another important aspect of inventory management. Auditing your inventory in subsets projects accurate figures that facilitates better business decisions. You can also do away with any kind of inaccuracies in the reporting. Hence, giving you the most accurate inventory data that will help you in managing the inventory better.

Integration across systems

The different levels of inventory must be in alignment with the data across various departments. This cannot be attained without uniformity of data across different platforms. You can have an integrated system to manage inventories better.

This can be considered the best solution for better inventory visibility. Your e-commerce store and ERP system both contain the inventory of various products. But, there needs constant manual intervention to update the information across both the systems. Inventory management becomes difficult when different systems show different numbers in the inventory for the same product. So, integration between the two systems can help. Real-Time two-way data synchronization is what you would need. i95Dev’s connectors integrate complete data sync between your ERP system and your e-commerce platform. Want to know a complete solution to your inventory visibility issue? We give you the solution.

Enhance the functionality and features

Another way of having greater visibility to your inventory is by enhancing the features and the functionalities. Having a smart way of monitoring your stocks can help in procuring the accurate amount of stock and eliminates any unforeseen circumstances. Understanding the business requirements and choosing the enhancement you would need to function efficiently is critical. A centralized inventory is necessary so as to redistribute the stock across various locations. Choose functionality where your inventory updates are automated. Optimize your reorder process to have ideal stock levels for the highest operational efficiencies.

Access Data and Reports real-time

You can plan your manufacturing and balancing stocks by having access to real-time data and updates. Choose an ERP system that constantly keeps your inventory updates. This real-time data gives you an overview of your real-time stock across different warehouses.

 

Conclusion

Lastly, invest in optimizing the inventory for your online store. Gaining an understanding of how frequently your inventory needs updating can help. Understand the purpose and the problems your inventory is going to solve for you. Choosing the right inventory solution matters. From an operational standpoint, it reduces staffing costs, increases efficiency, and owes increased automation. And the best part? No human errors! A solution to drastically increase profit margins. It also supports strategic financial goals by reducing the working capital that is tied up and the carrying costs. At i95Dev we help you identify your business needs and tailor innovative solutions for you to grow your business.

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