In today’s pandemic-stricken world, a majority of businesses are now turning to eCommerce to steer clear of the present-day challenges. The global eCommerce industry has grown tremendously over recent years, becoming one of the most profitable sectors worldwide. UN trade and development experts (UNCTAD) reported a dramatic increase in the eCommerce market share, growing from 16 percent to 19 percent in 2020. The early forecasts by Statistica reveal that the industry is expected to garner 2.14 billion global digital buyers by the end of 2021. These statistics indicate the growing demand for eCommerce development services and the benefits it brings to the table.
When it comes to successfully running an online store, businesses must have an effective strategy in place to manage their stock and inventory levels. Inventory management, however, is often overlooked by most small-to-medium eCommerce brands that ultimately leads to stock mismanagement, shipment delays, and bad customer experiences. Therefore, it is critical to have a fully integrated inventory module in place to manage stock availability and inventory movements.
In this post, we’ll discuss the main reasons for investing in custom inventory management software development for eCommerce management.
Developing and integrating a custom inventory module delivers a number of benefits to eCommerce-based businesses. More importantly, it helps them improve their customer experiences and gain better control over their inventory movements. Let’s move ahead and discuss the main benefits that eCommerce businesses reap through custom inventory management software development.
Inventory management software development renders complete transparency within the eCommerce management value chain. It lets you gain real-time insights into stock details, inventory data, and helps you make informed business decisions with ease. Besides, it helps you identify which products are selling faster and optimize your listings as per the availability of stocks. The inventory management solutions for eCommerce facilitates seamless information sharing across warehouses to prevent stock-outs and shipment delays.
Developing an inventory module aids in maintaining a perfect supply-demand balance in accordance with the ongoing market trends. It helps you decide which SKUs should remain in stock and for how long based on their market demand. For instance, you can optimize the online store by showcasing your best-selling items that are more likely to gain traction. Besides, the inventory module makes it easy to identify ‘dead stock’ i.e items that are outdated or no longer in demand. Subsequently, you can remove those items from your product listings and consider returning them to their respective vendors.
Evidently, intelligent business forecasting is the key to successfully run an eCommerce business with effective targeting and audience engagement strategies. Besides, it aids in inventory management by accurately predicting market demand for a particular commodity. Accordingly, retailers and eCommerce store owners can decide which stocks to acquire, in what quantities to gain maximum profit. At the same time, it helps them fulfill their customers’ needs and expectations without creating stockpiles. In doing so, it brings significant time and cost savings while generating steady revenue streams.
An inventory module keeps track of the stock availability and prevents stock-outs as it gives you the right amount of SKUs at any given time. It triggers alerts and notifications if the inventory level for any particular SKU dips below the given threshold. At the same time, it significantly reduces the backorder instances and aids in faster resolution of customer service issues.
Evidently, effective inventory management services is imperative to successfully run an online store as it directly impacts the efficiency of internal processes. Developing a custom-tailored inventory module enables eCommerce businesses to prevent stock outages and accelerate their order completion lifecycle to deliver great customer experiences. Nevertheless, it is critical to choose a trusted technology partner to get off on the right foot and extract maximum benefits from inventory management software development.
At Oodles, we provide end-to-end ERP software solutions for inventory management to solve industry-specific business problems by implementing next-gen technologies. Our developers use open-source software platforms like Odoo, OFBiz, and ERPNext to build custom inventory management systems for varying business needs. We also provide custom eCommerce development services using software platforms like Magento, Shopify, PrestaShop, and WooCommerce. For more information, feel free to reach us out at [email protected].