Important Features of Online Inventory Management Software

Managing inventory is the most crucial part of any online business. You need to maintain the stock items available for sale on multiple marketplaces. Without a well managed inventory, an online business can never be successful. At the initial stage of your business, you can manage inventory manually but on the long term when the business grows and you start selling thousands of products, you really need automated inventory management software to handle your inventory, it becomes difficult to manage it with the help of spreadsheets.

To, solve this issue you need to get your online business integrated with Online Inventory Management Software which will ultimately improve your productivity and profits of your business. Below mentioned are some features which are highly essential in any online inventory management software.

Inventory Syncing

The most important feature is the inventory syncing across multiple marketplaces. Accuracy in managing inventory obviously can lead to success of any online business. You can easily know the status of the inventory at present available. As soon as an item is sold the inventory gets updated on multiple marketplaces and thus you can avoid low stock and overselling issues.

Pick, Pack and Drop

The Order Management System stores the complete information about the inventory stored in various warehouses. So, it becomes easy to pick the products as soon as you receive the order. The inventory management software also helps you in printing the shipping labels due to which the packing of the products become quick. Ultimately order fulfillment is quick, easy and accurate if you are using online inventory management software

Access to Reports

This is one of the most important rewards any Online Inventory Management Software can give. You can access various reports relating to sales of products from various marketplaces. Based on that, you can take smart decisions and experience ultimate growth of your online business.

Online retailers nowadays look beyond business survival and implement an efficient inventory management system. Inventory management software having excellent features is useful to small as well as large online retail businesses. It can be difficult to find a feature-rich inventory management software at a reasonable cost. But, here we make this easy for you by informing you about E-Seller Hub, which is excellent inventory management software. It can also be customized as per your business logic. So, just get in touch with us and we would give you step-by-step features information about this excellent inventory management software.

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Why is Supplier Management Software Required?

As an online merchant, you require all your suppliers to be managed accurately to ensure your business runs smoothly and is risk-free. When it comes to handling hundreds or thousands of suppliers, the task might get tedious. Even with best human resources, managing high number of suppliers can really stressful. Many issues like duplication in data, missing information, outdated entries can become problematic for your online business. So, no more dealing with these issues, integrate your store with supplier management software and store everything related to suppliers at one place

Benefits of Using Supplier Management Software

The basic thing is that without technology at your rescue, it is really hard to manage numerous suppliers and relationships with them especially when new suppliers are coming up every day. Below mentioned are some benefits of utilizing a good supplier management software which can speed up your online selling processes:-

Streamline your Data

All the data relating to your suppliers can be accessed from a single place. There is various information like suppliers contact details, products supplied by them, history, ratings by the customers given to the suppliers etc., can be accessed from a single system.

Updated Information

If you are using supplier management software, you get updated information about your suppliers on a real-time basis. No more accessing old information and getting misguided due to it. Without accessing right information at the right time, many of your business decisions can go wrong and that would be highly harmful for your business.

Reduced Costs and Risks

You can really cut down on costs and risks by using a supplier management system because now you can communicate and collaborate with your suppliers with the help of a single system. Enable prompt communication and information sharing with your suppliers and cut down risks like stock out issues. As soon as the stock of a particular item goes below a certain level, purchase order is sent to the respective supplier with the help of supplier management system.

Monitoring Supplier Performance

You can now monitor the performance of each and every supplier with the help of a supplier management system. For the smooth working of your online retail business, it becomes quite important to know which suppliers are efficient, quick and quality oriented.

Reports and Insights

Your supplier management software dashboard clearly displays the in-depth report about the suppliers based on performance, period, compliance, quality etc. Get a 360 degree view of your suppliers and take smart decisions.

Just Go For It….

So, now you know all the benefits of the supplier management system, you can get your store integrated with it. Measure supplier performance as well as store all the information related to your online store and marketplaces at one place. Automate all the processes related to your online retail business and improve its performance.

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Significance of Inventory Management Software

Nowadays you must be hearing a lot about inventory management software and its importance in running an online business. Inventory management software also known as order management software can help you in running your online business in a smooth way.

Managing your entire inventory through an automated system can help you in saving your time, become more productive and making your operations accurate as well as systematic. One of the most crucial aspects of any online business is sales. Inventory management software can help you simplifying that too.

Manually managing inventory can slow down and complicate your sales process. You will be actually showing outdated inventory count to your clients and thus many clients can get dissatisfied due to that. Adapt an automated inventory management system like E-seller hub and reduce all the paper-work involved in the sales processes.

Here we will discuss, which tasks can be managed efficiently with the help of an inventory management system:-

Track Stock Movements on Real-time Basis

If you are selling on multiple marketplaces, then you really need an Inventory management Systeme. I will tell you why? If a particular item on your Amazon store gets sold, the inventory count automatically gets updated on your Ebay, your magento store and any other marketplace where you are selling this particular item. This would avoid confusion, overselling and low stock issues. It gives you constant and accurate information about what is going on with your stock.

Quick Order Processing

The order processing task becomes quick and efficient. You can fulfill your orders at speed because it makes the process of pick, pack and ship speedy. The picking lists are created and packing slips are printed instantly consuming less time and ultimately resulting in quick delivery.

Tools That Help You in Selling

E-Seller Hub is just more than an inventory management system. It helps you in kitting and bundling which helps you in attracting your customers to buy more. There are many other tools included in this inventory management system like suppliers management, order and fulfillment management which takes all the stress away from your head and you can think about new sales strategies.

Better Communication

With the help of inventory management software, you can communicate with your suppliers and customers easily. The messages are sent automatically, informing them about the dispatch, delivery etc. You don’t need to send emails manually. So, just improve your communication with your customers and provide best customer support.

Take Smart Decisions for Future

The inventory management system provides insights and reports from which you can have important information like how much was sold? Which marketplace earned maximum sales for you? Which item was maximum sold? And many more answers to the many more questions. Based on these answers, you can take smart decisions for future. So, just eliminate guesswork from your business and take practical decisions.

So Just Stay Ahead of Competitors…..

The competition in online retail is increasing day by day. All you need is to think out of the box and step ahead of your competitors in order to succeed in your online retail business. Just integrate your business with E-Seller Hub and cut down on your cost and time being spent on manual inventory management, order management and fulfillment processes.

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Online Inventory Management Software

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Repricer- Different Strategies to Reprice Smartly

Well said by Jon Miller “Knowing who your customers are is great, but knowing how they behave is even better.”

It is a known fact that 90% of buying decisions for any product depends on its price. For example, if you find a dress at a store at $100 but the same dress of similar quality is available at $95 at another store, obviously you will buy the dress from the another store. In case of brick and mortar stores, sometimes the buyers don’t have time to check each and every shop and so might not compare the prices by visiting each and every store. But, in case of online stores, it becomes convenient for the buyers to compare the prices on various stores and take a buying decision.

Being price such an important factor, it becomes important to apply repricing strategies and Online Inventory Management Software in order to beat the competitors successfully in terms of sales and profit. But, do you know what the different repricing strategies are and how to execute them? Here, we will discuss about different repricing strategies which after following can get desired results for your online business.

Price Competitively But Don’t Be the Cheapest Seller

This strategy has been used by Amazon merchant “Ryan Grant” on his 70-75% of his products helping him to win the buy box and at the same time earn reasonable profits.

It is necessary for your price to be competitive but don’t set the price to be cheapest all the time. Many buyers consider the cheapest product to be a low quality product. So, just do some research with your competitors and decide the price. The suggestion would be that the price of your product should be slight higher (approximately 1.25%) than the lowest price product. So, now you are not at the lowest price but are still inexpensive to be considered by the buyers.

Select FBA Option for your Products

If you are selecting FBA (fulfillment by Amazon), the chances of winning the “Buy Box” becomes higher. The other advantage would be that you need to compete your prices with only FBA products. Though this strategy would not yield more profit for you but you can apply this when you need to really clear your stocks. Moreover, you always have an option of selecting the minimum price, so you will never be in loss even if you use this strategy.

Include Shipping In Your Cost

Most of the time it happens that the customer chooses the product which includes the shipping cost. This doesn’t mean that you can increase the price of the product and include shipping in that. The customers are smart enough and they will be comparing your prices with the competitors who have already included shipping in their cost. By doing this, you may not be able to earn high profit, but will be able to become the first preference of the customers.

Product Condition

If your product is used, then you need to compete with other used products and set the price accordingly. The price of your used product cannot be more than a new product or good condition product. Customize your competition according to the condition of your product.

Analysis of Demand and Supply

Do some research to know the demand and supply trends of the products you are selling. Not all products are on heavy demand you can raise your price to enjoy the profit and if the demand is low then, you need to offer the products on discounts to sell them.

Competitors’ trends and Reports

By analyzing competitors’ trends, you can take future decisions of whether to increase the price or decrease the price of a particular product. After studying your past sales reports, you can anticipate future sales and decide whether to reprice the product or not. You can also take a decision whether the product is required to reprice to sell it, or bundling it with another product can also help you out.

Conclusion

One of the best ways to increase profits is to place your products on online stores at a competitive price. It may happen that some of your repricing strategy may not work out, but you need to do some experimenting and find out the best strategy suitable to your business. If you have got more than 50 items in your inventory, then it would be difficult to reprice each and every product manually. So, it would make sense to go for a repricing tool and set a smart strategy for your products to earn maximum profits.

It is a common misconception that Best Inventory Software and repricing tool is used only for lowering the prices. You can set Minimum and Maximum price of a particular product, so that your product price doesn’t go above or below specified limits and you can have complete control over it.

No matter which repricer you are using but it is important to use your business intelligence and experience also before deciding on a repricing strategy because any type of automatic system is as smart as the person giving instructions to it and that is you!!!

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