When it comes to inventory management software, what should you search for?
Inventory management becomes more difficult as your online firm grows. It's one thing to have all your goods hanging about your house, but it's quite another to have it "lying throughout" various industrial plants analyzing the current situation and going at all hours of the day and night. And who's going to keep track of stock levels across all of your marketing channels when you sell the product?
For these and other considerations, online merchants rely on inventory management software to help them overcome these challenges and automate time-consuming activities. However, using inventory management software has its own set of problems, one of which is selecting the correct one for you.
Although we prefer our economy dash, we encourage you to look around and make the best option for your business.
7 Inventory Management Software features You Search For
This tutorial will show you how to pick the finest inventory management software for your organisation by highlighting the features to search for. Simply study the seven subjects below to determine which alternatives are most beneficial to you.
Whether it's a single channel, a multichannel, or an omnichannel strategy:
First and foremost, the finest inventory management software is tailored to your company's needs. Relatively small or more specialized e-commerce businesses may opt to stick to just one e-commerce channel, even if it's their private websites. Your organization may not be prepared for inventory management software just yet if volumes are readily managed.
Larger and more adventurous companies, on the other part, will always want to grow into other platforms to reach new demographics. Inventory management software is particularly useful in multichannel e-commerce, such as selling on Amazon and eBay. You can automate deliveries and stock levels, and you can even upgrade all of your product descriptions from one master copy with the proper software.
You'll like to explore inventory management software with omnichannel functionality if you intend to sell both online and in a physical shop. Omnichannel advertising has a lot of benefits, especially when it comes to reaching clients who don't buy online.
How much do you know about shipping? The following are some of the benefits of inventory management software:
- Give affordable postal discounted rates – Certain software partners with transporters to provide savings; for example, Ecomdash works with Endicia, Pitney Bowes, and Stamps.com to provide discounts.
- Print shipment labelling, packaging notes, and pickup lists—With the appropriate inventory management software, printing shipment necessities is simple.
- Keep track of complicated orders— Even if you're utilising different storage facilities or 3PL services, you may check the progress of orders wherever they are. Naturally, if you're a drop shipper, you won't have to worry about shipping.
Inventory management software is largely reliant on interconnections. The objective is to keep your usual activities running smoothly. To keep utilising your favourite applications, networks, and other services, prepare a list of all the integrations you'll need ahead of time. Consider whether you'll require an e-commerce API to communicate to applications that aren't formally connected.
Consider shipping services, digital/email marketing, analytics, social media, accounting software, and other sales tools like automated prices, in addition to sales channels and site platforms.
CMS (Content Management System):
What methods do you use to keep organised? Do you have your unique techniques of maintaining track of these things, or would a comprehensive, centralised dashboard additional assistance? One of the most appealing features of inventory management software is that the best ones have a unified content management system (CMS), which makes it easier to organise your business.
With minimum effort, a decent CMS will allow you to examine sales statistics, analyze transactions, modify the product information, and generate shipping labels.
You don't have to bother about physically submitting purchase orders to your vendors if you're a drop shipper. This procedure may be automated using inventory management software, which also allows you to monitor the progress of deliveries at any moment in case your client wish to follow up. Examine if your inventory software can synchronize with your chosen way of getting inventory data from vendors, such as SFTP/FTP or HTTP (and in CSV or TXT format).
Even if you prefer to solve problems on your own, you will almost certainly need to contact a customer care representative at some time. Check to see if your inventory management software offers appropriate customer assistance, especially if you expect to have several questions. You may need to look at customer reviews to determine which programme offers the greatest support, but you should also look at their accessibility and call times to see whether they are convenient for you.
Predictive Analysis and Forecasting:
Inventory management software is ideal for statistical analysis. You've already computed sales figures and inventory management. Inventory and analysis statistics provide you with the information you need to make better decisions about anything from which items to highlight on your main website to how much product to buy in advance for the holidays.
When it comes to calculating the value of things sold for taxation purposes, you'll be pleased you have it. You may also set up reminders to notify you when stock levels are low, so you know when to purchase. The more you sell, the more you have to worry about this, and setting alerts in the same place you run your other e-commerce business is just easier.
Using software to manage these warnings and more easily accessible statistics is significantly more cost-effective and time-efficient than performing them by hand.