What is inventory management
Once you have reached the stage in your business where you’re fortunate enough to have a popular and well-functioning eCommerce company, it can be difficult to know what to focus on next, particularly if your business is growing at a fast rate. However, as we’re sure you’re aware, a crucial aspect of running a successful online retail business is using a reliable stock management system. Good inventory management software should not only be affordable, but will also allow you to gain a more accurate understanding of your stock by enabling you to monitor each and every item, including every sale, return, stock transfer between locations if you own multiple warehouses, and more.
Whether you don’t already have an inventory management system in place but are keen to invest in one, or you’re looking to replace your existing method with a more efficient or affordable option, we strongly recommend that you consider investing in inexpensive and reliable stock management software. Providing a simple and cost-effective solution that allows you to keep a close eye on stock levels across one or multiple warehouses, StoreFeeder provides a real-time insight of inventory activities in a hassle-free way – much easier than attempting to manage your business manually on spreadsheets.
A convenient and inexpensive option, StoreFeeder’s leading software is suitable for small, medium and large businesses. From in-built multi-level reporting features, to assisted stock replenishment and more, read more about this game-changing technology below and find out how it can help boost sales and take your eCommerce business to the next level.
Why use an inventory management software for your eCommerce business?
Despite the fact that you might already be seeing a high amount of success in your online store, and you may even have other effective methods implemented, such as warehouse management, you may be searching for a more well-structured and coherent approach to managing your inventory.
In theory, inventory management might seem like a straightforward concept to grasp. However, when you’re struggling to keep track of sales alongside the growth of your business, or are looking to increase your sales strategy across multiple platforms such as eBay and Amazon,- managing stock in an organised and systematic way can be a challenging task. In fact, there can be many issues that may potentially arise from using an ineffective approach to inventory management. Common problems that can occur as a result of this include overstocking, missed sales opportunities through understocking, order mix ups, and even losing or misplacing orders – all of which can all put your business at a high risk of losing a large proportion of its customer base.
Perfect for businesses searching for a cost-effective method to manage inventory, StoreFeeder provides a viable solution for companies of all sizes – allowing you to monitor all your stock activities from one place. To help you decide whether our affordable inventory management software is right for you – we’ve gathered some important facts and figures below.
What are the benefits of using an inventory management software?
Now you’re aware of how using StoreFeeder can help prevent common issues from disrupting your daily business activities and keep your customers happy, we’ve highlighted a number of benefits of using this reliable software below.
- There’s no huge sacrifice when it comes to cost – At StoreFeeder, we understand that times are tough when it comes to money, which you may want to save for other business resources. That’s why we’ve made our inventory management system as affordable as we can. Basing each plan on annual turnover, we’ve calculated our pricing in-line with the different amounts of money made by businesses, so you can find a price most suited to your eCommerce business. Not only this, but we’ve packed in as many features as possible, with the same amount included with each plan. This not only provides great value for money, but ensures small businesses have access to the same features as larger businesses. With StoreFeeder, you’ll never be tied to a restrictive contact and we’ll never charge commission on your sales. Seem too good to be true? Try it out before committing and sign up for a free trial or demo.
- Keep up-to-date with stock across all your warehouses – Whether you store and manage all your stock in one warehouse, or your business has expanded to multiple warehouses, keep track through even the busiest shopping periods with real-time stock data. Our affordable inventory management software provides a clear view of every sale and return, as well as transfers between warehouses and stock replenishments. With the ability to automate requisitions based on sales, you can also find out which products your customers are most interested in. This can help you better cater to demand by allowing you to make a more informed decision on which products to order more of.
- Quickly scale your business – Make reporting easier with StoreFeeder’s cost-effective stock management system. Pulling instant reports from across all products, channels and stores – the convenient reporting feature will give you a clear insight into the products that sell, and where they sell the most, as well as providing estimated product margins. Most importantly, this can allow you to save valuable time, spending less worrying about managing your stock and more on making crucial decisions based on the reported data, which can help you efficiently scale your business.
Step 1: Monitor Stock Levels with StoreFeeder
Leverage StoreFeeder's inventory management capabilities to monitor your stock levels in real-time. The software provides accurate data on item quantities, variations, and locations. Access the inventory management section in StoreFeeder and select a product to gain visibility into your stock level on that specific product.
Step 2: Categorise Inventory in StoreFeeder
Organise your inventory in StoreFeeder by creating categories based on product types, brands, or seasonal items. Categorisation simplifies stock management and allows for easy navigation within the software—Utilise StoreFeeder's category management tools to organise and group your inventory effectively. Having your inventory categorised enables you to restock by your sales trends.
Step 3: Set Reorder Points and Safety Stock Levels in StoreFeeder
In StoreFeeder, set up reorder points for each product based on sales patterns and lead times. Reorder points indicate the stock level at which you should initiate a replenishment order. Additionally, establish safety stock levels in StoreFeeder to account for unexpected fluctuations in demand or supplier delays.
Step 4: Manage Supplier Relationships in StoreFeeder
Utilise StoreFeeder to maintain strong relationships with your suppliers. Within our warehouse management system, you can store supplier information, communicate inventory requirements, and establish clear terms and agreements within the software. StoreFeeder's supplier management features help streamline communication and facilitate efficient restocking.
Step 5: Conduct Stock Counts in StoreFeeder
Regularly conduct stock counts in StoreFeeder to reconcile physical stock with recorded quantities. Utilise StoreFeeder's stock counting functionalities to streamline the process. This helps identify discrepancies and ensures accurate inventory records within the software.
Step 6: Analyse Sales Data and Forecast Demand with StoreFeeder
Ensure you leverage StoreFeeder's sales analytics tools to analyse historical sales data. Identify trends, seasonality, and product performance to forecast future demand accurately. StoreFeeder's reporting capabilities provide valuable insights for optimising inventory levels based on data-driven forecasting.
Step 7: Implement Just-in-Time Inventory Management in StoreFeeder
You may want to consider implementing a just-in-time (JIT)inventory management approach within StoreFeeder. This approach minimises excess inventory by ordering and receiving goods as needed. StoreFeeder's automated reorder triggers and purchase order functionalities support JIT inventory management, helping you reduce storage costs and inventory obsolescence risks.
Step 8: Automate Reordering Processes in StoreFeeder
Streamline your reordering processes in StoreFeeder by automating them. Utilise StoreFeeder's automatic reorder triggers based on predefined rules to initiate purchase orders when stock levels reach predetermined thresholds. This automation saves time, reduces errors, and ensures timely replenishment. However, this process will still require a human sign-off on all purchase orders. You wouldn’t want StoreFeeder to order a thousand Christmas trees in the third week of December, would you?
Step 9: Monitor Returns and Obsolete Stock in StoreFeeder
Monitor product returns and identify trends or quality issues within StoreFeeder. Use the software to remove returned or defective items from your inventory and update stock levels accordingly. StoreFeeder's inventory management features help you identify slow-moving or obsolete stock, enabling you to address those specific issues proactively.
Step 10: Continuously Evaluate and Optimise in StoreFeeder
Regularly evaluate and optimise your inventory management processes within StoreFeeder. Utilise the software's reporting and analytics tools to review stock levels, supplier performance, and sales data. Identify areas for improvement and leverage StoreFeeder's functionalities to streamline operations and maximise profitability.
By following these steps and utilising StoreFeeder software for inventory management, you can streamline your operations, reduce costs, and maintain optimal inventory levels.
Remember, StoreFeeder offers comprehensive inventory management features that can be tailored to your specific business needs. You can see what we can offer you by visiting our feature page and find out how StoreFeeder can help you leverage the software's capabilities to maximise efficiency and drivee-commerce success. If you have any questions or want to see how this inventory management system works, get in touch here.
