Practical Solutions for Hassle-free Stock Control and Order Management Software
The success of a business on e-commerce channels remains only a dream unless it is backed with effective stock control and multi-channel order management software. The real-time status of your stocks and inventory is your ultimate need to prevent many issues. For example theft of items from your stores, over-selling to customers, or ‘out of stock’ replies. Yet the most significant of all is to place buying orders to suppliers of the right quantity at the right time. To avoid these issues, you must ensure comprehensive stocks and inventory management. Here are a few tips for you that can best support your business and help it expand.
multi-channel inventory sync
A smooth and successful business is akin to a perfect inventory and stock control. Putting inventory and stocks in order may be a challenging task. It may prove tiresome when you manage it manually. But it is a fact that it is the pre-requisite for an online business. It helps you prevent the embezzlement of stocks by your employees. And it saves you from over-selling to customers. The absence of seamless stock control and inventory management is hazardous. You may suffer irreparable financial damages as a consequence. You can also lose your credibility before your customers. Thus, flawless inventory management software is the only solution. It is a protective shield to your stocks and helps you regularize your inventory system. It is particularly essential when you think of expanding your business.
Inspection of Delivered Goods
There are many unexpected oddities in a business scenario. Sometimes suppliers send you products with the wrong tags. If they get an entry into your stock lists and inventory, they can cause serious problems. Hence, may place orders for things you have already bought. It also results in over-selling which puts your credibility at stake. What you need here is to inspect the packed goods and then enlist them.
An Orderly Stock Placement
It is necessary to place stocks in an apple-pie order particularly the products of a similar kind. Some products may have similar packaging, size, and shape. If you mix up them all, it can mislead your staff in picking them for dispatch.
Make Product Tracking Easier
Your multi-channel inventory management system requires you to simplify product findings. There are two simple ways of locating products in stocks. First is labeling the product with all the necessary information. The second is the placement of barcodes on products. If possible, go for the second option; it lessens the chances of mistakes to zero degrees.
Maintain your Stocks in line with the Market Seasons
Each product has its own unique selling time. Thus, you have to make sure of the availability of top-selling products in your stocks. During the off-season, you need to maintain at least a threshold stock level. This will help you entertain customers who might place orders during the slack season. You can save your customers from disappointment with an ‘out of stock’ response.
Inventory Updating
Inventory updating is the fundamental need to run a trouble-free inventory management system. Sometimes you get the return of products from customers. To compensate them, you replace the products with an immediate response. You must enter all such transactions in inventory to keep it updated. Any omission on your part can affect your accounts and cause you problems.
Keep Record of Expiry Dates
The best stock control and multi-channel order management software have a record of the expiry dates of all products. This has manifold advantages for you. It saves you from dispatching outdated products to customers and incurring hefty fines. It also helps you launching promotion schemes by offering special discounts on products. Such a record can also help you decide when to place new buying orders.
Make Correct Entries of the Returned Products
Product return is usual with all businesses. Most of business owners enter these products in their own inventory. This is one big source of the problem to disturb your stock and inventory calculations. You should add such returns in the suppliers’ product lists and not in your own stocks.
Ensure a Real-time Stock Tracking
Track errors in real-time and make amends before proceeding with further sales. for this reason, in time corrections are helpful for avoiding future embarrassment. Your goodwill is your prime asset. It can suffer irreparable loss if your inventory management system has serious lacunae.
Follow an Order of Preference
Every seller knows his favorite products. Such products make almost 80% of the total sales. Hence to ensure their availability on shelves is the utmost need of a business. A shrewd business owner will always focus on products according to sales. He will avoid stuffing his stores with products, not in demand in his targeted markets.
Incorporate Automated Solutions
Finally, it is the use of inventory and stock management software to simplify things. Software such as Stock Konnect is a purpose-built option to make business easier for you. Its great features help you maintain flawless stock control. It provides you many options for ensuring all necessary checks. Likewise, it can help you run an inventory management system without errors.
