5 Ways to Improve Your Multi Channel Inventory Management
Any online retailer can benefit from improving its inventory management system. In this article, we will be taking a look at five ways to improve your multi channel inventory management process.
Why do you need Multi Channel Inventory Management?
- Inventory is the heart of a business. Poor inventory management can cost businesses a lot of money and sometimes even their existence. In fact, a news report stated that businesses could lose nearly $1.75 trillion due to mismanaged inventory. And this mismanagement can further increase if you are selling through multiple channels.
- Since the pandemic outbreak, a lot of things have changed and business is one of them. With back-to-back lockdowns and curbs lingering for months, most of the businesses took the e-way for survival. Unlike earlier when their shop was the only sales stop, now they have tied with several third-party apps, like Amazon, eBay, and more. This multi-channel listing complicates the inventory management and supply chain even more.
- A multichannel inventory management solution becomes a must-to-have here. In a few clicks, it syncs the inventory across multiple sales channels like Amazon & eBay. Apart from organizing multi-channel inventory, a multi-channel inventory management system can help you with purchase orders, warehouse management, and shipping management, consequently leading to timely order fulfillment. As a result, it serves as a comprehensive inventory management solution.
- For instance, you make and sell ceramic cups from your shop. Inventory management and order fulfillment, in this case, would be simple as you have a single sales stop. You can sell what you have, making inventory tracking easier. Then, you decide to expand your business and sell inventory across multiple channels like Amazon & eBay. With a multi-channel listing, you have orders coming in from multiple channels, making it difficult to keep a track of stock levels .
- Say, you have 30 cups to sell. You could easily set your stock level to 30 on both the sales channels. Now, you have sold 20 cups from your shop and 20 on Ebay on the same day. And before you could update the stock levels on each of the channel, you have sold 10 cups that you haven't made yet!
