How eCommerce Businesses Can Save Money on Inventory Management

Inventory management is a process of keeping track of a company’s goods in such a way that it meets the market demand but has a reduced cost of holding the inventory. Inventory means goods in any of the 3 states – finished goods, work-in-progress, and raw material. Managing these goods is a crucial element for any business. An inventory management system assists businesses in identifying the time it takes to replenish products or procure more raw materials for manufacturing while earning the maximum profit possible.

The booming e-commerce industry requires businesses to maintain sufficient levels of inventory in order to meet ever-changing demands. But, it is also important for these businesses to identify the what, where, and how of their market demand in order to fetch the maximum profit. It is important to note that if effective inventory management is not implemented, a business can lose a lot of money on missed sales or must invest money in the excessive stocking of inventory.

Good read: Understanding E-commerce Order Fulfillment

When it comes to eCommerce businesses, efficient inventory management can help prevent such losses and in achieving a more profitable e-commerce business. The big question is – how can you achieve efficiency in inventory management? Read the tips below:

Identify and Set the Stock Limits

Keeping stock is important, and identifying its limit is profitable. With customers placing orders and you run out of stock, you are losing profit and giving it to your competitors. Whereas, stocking more than the demand requires means that you are putting yourself on the risk of losses due to your stock becoming outdated, changes in seasonal demands, the overhead of extra storage space than required, and stock getting damaged.

An inventory control system helps you set an average minimum limit that keeps you updated on when to start buying more stock in order to keep a grip on your demand and supply chain. This also helps you save a lot of money otherwise wasted in storing excess stock as warehouse holders charge on the basis of the space you occupy.

Implement FIFO (First In First Out)

A more judicious way is to keep track of your sales and selling the old ones first. This reduces the chances of having expired products, especially in the case of perishable commodities and food items. Sometimes, due to a change in design or technology, you are left with outdated products. Try selling such products first as the older products are more susceptible to wear and tear and can cause a potential loss.

In order to implement FIFO, you must place the goods in the warehouse in the order of their arrival with the oldest ones at the end and the newest ones in the beginning. A smart inventory control system will always assist you in keeping track of all the inventory and its movement according to the FIFO rule.

Prioritize and Forecast the Demand

This is a smarter and more efficient inventory management technique that helps you categorize your products as highest, intermediate, and least priority based on their demand.

Highest Priority Goods: These are the products that are hot sellers and fetch you the maximum profit.

Intermediate Priority Goods: These are the items that are not in much demand, but still move well, and require you to invest in storing them.

Least Priority Goods: The products in this category are no longer in demand in quantity and are just adding to the bulk of your inventory storage space.

This gives you a clear picture of which products are more in demand and will generate more profit for you. This prioritization helps you to identify the changing trends and the future of your demand and supply chain.

Implement a Centralized Inventory Control System

With many automated inventory control systems available today, handling inventory has become easier. Centralized inventory control software does everything from prioritizing to analyzing and updating you with the current status and future prospects of your business. They save a lot of money that is otherwise wasted due to lack of proper inventory management system and analyzing techniques.

Good read: Enhance Your Store Conversions with These Tactics

The Inference

Inventory management system yield more return on investment (RoI) if implemented properly. In today’s increasing e-commerce demand and supply chain, it is important to understand how to save money by implementing software that works efficiently towards the success of your business.

Get a Fully Functional Ecommerce Store Ready in 7 Days – Starting at $299 only!

The holiday season is almost upon everyone and for business owners that means an opportunity. The holiday season is the most fruitful time of the year because it’s when you can fetch the most traffic towards your business, it’s when the most people shop online and it’s when you can make the most out of your eCommerce website. The opportunity is making an eCommerce store to showcase your products in front of a million users available online.

For almost everyone, when you think of eCommerce store, you think of “cost”. And, this cost seems too expensive. Isn’t it? That’s why we have come up with a special service offer for you, i.e. “Get your eCommerce Store Ready within 7 Days – starting at $299 only”.

Whether you need an eCommerce store based on WooCommerce, Magento 1 or Magento 2 technologies, we will create a full-fledged eCommerce store that seamlessly fits your needs – currently and in the future. The price of this service package varies as per the leading-edge technology you prefer, as highlighted below:

  • Ecommerce Store Based on WooCommerce: $299

  • Ecommerce Store Based on Magento 1: $599

  • Ecommerce Store Based on Magento 2: $999

The real benefit in grabbing these Envision’s special service packages will come from the features that are commonly packed in all these service packages, which means you will get a fully-functional eCommerce store with all necessary features that you really need in your online store – without any extra cost! You can avail a bundle of eCommerce services, products and extra benefits, $1200, within the costs ‘$299’, ‘$599’ and ‘$999’ mentioned above!

 
 

Quality Assured eCommerce Store

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Rest assured that you will get a quality assured eCommerce store, passed through our rigorous & stringent QA/QC processes.

 

SEO Optimized eCommerce Store with the followings:

 

seoCanonical Optimization Done

404 Errors Checked

Google Indexing Done

Google Analytics Configured

Google Tag Manager Configured

Sitemap Creation

Robots File Configured

 

Payment Ready Ecommerce Store

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Get a payment ready eCommerce store with default PayPal and COD payment gateways integrated into it.

 

Ecommerce Store with a Live Chat Support

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Whatever service package you choose, you will not only get a fully-functional eCommerce store, but you will also get an integrated live chat feature within the costs mentioned above.

 

Mobile Ready Ecommerce Store

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Whether you get an eCommerce store based on Magento 1, Magento 2 or WooCommerce, we assure you to deliver a mobile-enabled eCommerce store –without charging any extra cost.

 

Shipping Ready Ecommerce Store

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Not only do we develop an eCommerce store within 7 days, but also deliver it as a shipping ready eCommerce store to our customers.

 

Other Necessary Features You will Get Along With a Full-Fledge Ecommerce Store

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Social Login

Default Theme for WooCommerce

Default Theme for Magento 1

Default Theme for Magento 2

WooCommerce Extensions with WooCommerce store

Magento 1 extensions with Magento 1 store

Magento 2 extensions with Magento 2 store

Multicurrency Setup

Multi Language

Order Management

Inventory Management

Advance Reports

Customer Management

Automated Newsletter and Email Configurations

Out Of Stock Notification

Product Labels

One Step Checkout

Guest Checkout

Besides these features, Envision Ecommerce can also be helpful in many other situations where you need some additional features or customization services along with these eCommerce store development packages. You can discuss your requirements with our Ecommerce Solution Specialists in our ‘Half an Hour Free Consultation’ service. Don’t waste time and get your eCommerce website ready within just 7 days before the holidays so that you can maximize the traffic towards your core business and reach your ROI goals faster.

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