Ineffective inventory management costs eCommerce companies a staggering $1.75 trillion in lost revenue per year, according to a report by IHL. That alone should be enough to explain why eCommerce businesses need to keep track of their inventory in order to run smoothly.
Effective inventory management is an often overseen but crucial part of any eCommerce company in today’s hyper-competitive marketplace. The inventory management process needs to be precise, efficient, and cost-effective; if you don’t have all of these things in place, you run the danger of not being able to meet client demand and losing money due to inefficient fulfillment. Luckily, all this can be prevented with good apparel eCommerce software.
In this post, we’re discussing the importance of effective eCommerce software and explaining how ApparelMagic can help take your eCommerce business to the next level.
Image by 3D Animation Production Company from Pixabay
What is eCommerce Inventory Management?
The act of tracking the amount, location, and pricing of stock available from your eCommerce business is known as eCommerce inventory management. The eCommerce component takes into account the requirements of online retailers that might need to track stock levels across different online sales channels.
Because eCommerce stores sell finished goods, their inventory is one of their most valuable assets, and any loss in inventory equals a loss of money. The money of an eCommerce company is invested in these commodities until they are sold – the more efficient the product sales process is, the healthier the bottom line will be.
Inventory management is about making it easy to keep track and analyze the products that come and go from your warehouse. It allows you to know where a product is stored, how long it’s been in storage, as well as its worth, and a range of other inventory data. This will aid in the streamlining of warehousing operations and the making of more informed financial decisions.
Why Is Inventory Management Software for eCommerce Important
Inventory management software provides visibility into inventory levels and whereabouts from the time the stock enters your warehouse until it reaches your client. Products that are understocked, overstocked, or out of stock can be seen more clearly allowing you to estimate inventory purchases better and prepare for any shortages.
Your clients will have a smoother shopping experience if you use trustworthy eCommerce inventory management software. Inventory counts are always precise since the system automates inventory procedures and updates numbers across all of your sales channels. As a result, online counts are accurate, and customers have a better probability of obtaining the goods they’re interested in.
Benefits of Using ApparelMagic Inventory Software For Your eCommerce
ApparelMagic is an integrated inventory solution tailored for wholesalers and retailers in the fashion industry. eCommerce, wholesale, and retail clothes shops can all benefit from ApparelMagic’s inventory management, multi-channel sales, and accounting features.
Here’s are several ways in which ApparelMagic can help your eCommerce business:
According to statistics, inventory accuracy is only 63 percent for most retail enterprises. Tracking inventory in real-time makes inventory management much easier and ensures that you have the right amount of goods on hand to fulfill orders. Proper inventory tracking enables you to avoid overstocking and save time and money by reducing the amount of manual labor required to keep it in stock.
Improved business planning
Having effective eCommerce inventory management software will assist you in gaining the insights you need to grow your company or streamline operations. Using centralized data and tools like barcode scanning, you can simply transfer data and keep track of what’s going on in your eCommerce company. With quick access to such valuable insights, you will be able to create better outreach and marketing tactics for increasing your sales and boosting profitability.
Better management for omni or multi-channel eCommerce
Managing a multi or omnichannel e-store can be quite difficult, especially if your operations haven’t been automated. For instance, you might mistakenly sell the same thing on two sales channels when you only had one product in stock. With multi-channel eCommerce inventory management software like ApparelMagic, your software would recognize that only one product is in stock, announce it on all of your sales channels, and alert the consumer who came second that they had missed the product.
Improved customer service
Delivering a positive purchasing experience to your clients is critical in today’s competitive eCommerce environment. Happy customers will not only increase the likelihood of repeat purchases, but they will also help you boost conversions through word-of-mouth advertising and positive reviews. With ApparelMagic, you can fulfill customer orders quickly and accurately and ensure high levels of customer satisfaction.
ApparelMagic uses artificial intelligence and machine learning to automate your inventory management process, optimizing the pick-pack process and saving time in inventory forecasting. By automating these operations, your staff will have more time to focus on priority responsibilities and develop corporate growth strategies.
Improving the efficiency of your inventory management reduces the likelihood of errors and, as a result, you’ll need fewer resources to correct such errors. Furthermore, well-organized inventory management prevents overstocking and saves money on storage costs. ApparelMagic will also alert warehouse managers to restock items in a timely manner in order to avoid stockouts. In short, effective inventory management reduces the need for huge amounts of working capital, increases cash flow, and allows you to allocate the money to fund payroll, product development, and other business activities.
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Integrating ApparelMagic With eCommerce Tools
To achieve better visibility and control, you can connect ApparelMagic inventory management software with your eCommerce sales channels. Some of the most significant ones include:
Amazon. By integrating ApparelMagic with Amazon via CartRover, you’ll have access to projections and reports that will help you keep track of your suppliers, goods, and customers so that you can make better business decisions. All your sales orders are seamlessly updated, allowing you to fulfill orders quickly and efficiently.
BigCommerce. You can connect ApparelMagic and BigCommerce via CartRover as well. It can be set up to download orders, sync inventory, and upload shipment tracking info automatically back to ApparelMagic.
Shopify. With this direct integration, orders are automatically retrieved and styles, pictures, and inventory availability are automatically synced to Shopify. By integrating ApparelMagic with Shopify, you’ll be able to sync photos from Shopify, sell via Shopify’s POS integration, and manage several Shopify stores separately.
ApparelMagic also integrates with other sales channels and eCommerce platforms via CartRover, such as WooCommerce, Magento, eBay, Etsy, etc., with a simple integration setup, quality support, and live training to help your staff.
B2B eCommerce ApparelMagic
When you use ApparelMagic’s full-service software to handle your B2B eCommerce, you can cut out the middleman and communicate directly with your retailers. You can allow retail businesses to do their own shopping by browsing and filtering products and adding colors, sizes, and styles to their cart.
It comes with all of the inventory management features that any apparel company would require, right out of the box. Using a simple page builder and templates, you can create a B2B eCommerce store within minutes. Build a slick, attractive web presence with images, videos, and copy. You can set up preorders on your website, or just enable customers to order based on inventory. You can also use ApparelMagic Pay to accept and process credit card payments without the need for integrations. B2B eCommerce is fully built into ApparelMagic, so your incoming orders are visible to the entire team right away.
The Bottom Line
Your company’s most valuable asset is inventory. Establishing best practices for inventory management can be a huge asset in running your eCommerce business more efficiently.
Having a strong inventory management strategy will help you acquire a better understanding of what you have in your warehouse and where it is, improve warehouse organization, and make better purchasing decisions.
It’s critical to make decisions that will allow your company to scale and grow. ApparelMagic is the best all-in-one software solution that will save you time and money, and improve customer service, contributing to increased revenues and ensuring smooth business growth.