In the world of E-Commerce, efficient management of your inventory is a crucial factor for success. Without this, organisations are likely to face multiple challenges like; stockouts, overstocking, supply human error and so on. Fortunately, our e-commerce platform simplifies these challenges.
E-Commerce Inventory Management Challenges:
1. Stockouts and Overstocking
A significant challenge faced by retailers is finding the balance between overstocking and understocking. If a retailer is facing a stockout, they risk losing potential sales and causing frustration amongst their potential customers. But on the other end, overstocking negatively effects cashflow and it increases storage costs so the key is finding the perfect balance between the two.
2. Lack of Real-Time Visibility
A centralised inventory management system gives retailers a centralised view of their various sales channels, however a large number of retailers don’t have the correct systems in place to give them this view. Without it, and the real-time data available within some of these systems, retailers will be working with and making decisions based on this inaccurate data.
3. Complex Supply Chain Dynamics
Managing supplier relationships, keeping track of shipments and lead times is an additional challenge faced by online retailers. If these aren’t managed correctly, retailers are likely to run into challenges like stock out, additional renegotiations and so on all delaying or even stopping their retailers’ ability to fulfil their customers’ orders.
4. Manual Processes and Human Error
Multiple retailers are still relying on manual inventory management processes which not only takes up valuable time but also opens the door to human error. This human error can lead to incorrect data either causing frustration to their customers or causing the organisation to make inaccurate data-based decisions.
How Our Platform Aims to Addresses These Challenges:
1. Inventory Tracking System
Our user-friendly platform gives retailers the ability to track their inventory levels in real-time making it easier for them to monitor stock levels across their various channels and if used correctly, leading to a reduction in over stockage or under stockage.
2. Auto Restocking Alerts
To make restocking easier, our platform comes with automated restocking alerts that let our customers know when each product has reached a certain threshold. This alerts our customers to reorder their necessary products with the goal of avoiding stockouts.
3. True Data-Driven Insights
Our built-in analytics tools offer our customer valuable insight into their inventory and sales performance. This data plays a significant role when it comes to making decisions regarding inventory purchases, sales promotions, pricing and so on.
4. Streamlining Operations
By allowing our system to take over multiple manual processes associated with inventory management, our customers can now spend their valuable time focused on alternative important tasks instead.
Inventory management is one of the most critical aspects of running an e-commerce business and although there are multiple challenges that these types of businesses face, we have a platform that’ll work with you in overcoming these challenges.
