Why e-commerce organisations need real-time inventory management

E-commerce has actually thrown open chances for sellers and wholesalers like never ever in the past, allowing them to help with 24×7 direct online selling for both B2B and B2C operations. With such ease of offering through online channels, consumers have smoother access to specific niche products that they wouldn’t otherwise discover in brick-and-mortar shops or items that are not readily available in their local areas. Organisations can serve a much larger audience when they are present online, as suppliers can sell their goods directly by preventing retail expenses, and maximise their potential revenues.On one hand, e-fulfilment of customer needs with respect to physical items has actually proven to be a big opportunity for sellers and wholesalers to stay ahead of the competition. On the other, it presents specific logistical obstacles for suppliers and retailers who routinely sell or lease their products through e-commerce channels, chief among which is that of stock management. Image: Unsplash Why companies require real-time inventory management”Out of Stock.”These three words have the power to

ruin an e-commerce service and repel clients completely. Services which sell/lease out their products only on a wholesale basis may find it tough to manage stock like retailers do. A lot can go incorrect if they underdeliver on their guarantee, particularly thinking about that consumers can immediately publish damaging remarks about a service online, which might result in a loss of clients and revenue. This is why efficient inventory management is incredibly essential for any business, more so for those which sell online.There are several elements of sales that suppliers must handle all at once, such as inventory in addition to multiple payment channels. Managing stock, in specific, is frequently quite complex for e-commerce companies, but it’s nonetheless extremely integral to the effective delivery of services. Stock and stock are variable consider offering activities, which only become harder to handle as the size of business and the need for items grow. It becomes important to have a stock management system in place, which allows companies to work at their optimum capacity and keep up with tight timelines by preventing stock-outs and ensuring that deliveries run smoothly.This is where real-time inventory management can play a crucial role in keeping clients pleased and ensuring that they stay faithful to your business. A product ought to be debited from the stock as quickly as it is sold, and similarly, brand-new products should be updated in the list of inventories as quickly as they are obtained and fit to be delivered. Besides ensuring accurate and prompt coordination of stock levels with the front-end systems, real-time inventory management also assists in tracking the inventory from the minute it enters the stock and is delivered till the very minute it reaches the customer.Unique barcodes, Radio Frequency Identification(RFID )tags, or Quick Response(QR) codes connected to automated inventory management systems are the most efficient tools for this, as they enable suppliers to scan each product when it enters the stock and make its status visible on the system at all times.Companies dealing with the leasing and sharing economy have an even higher need to ensure that their stock is as effectively handled as possible because the stock gets renewed just when products are returned, not bought. A product ought to be re-entered into stock as quickly as it

is returned, and the process of cleansing and re-packaging completed before it is offered to customers once again.Analysis of stock and stock levels in genuine time through an automated system makes it much easier for sellers to select particular durations throughout a month, a year, or even at a specific time in the day when the demand for an item is high. Hence, with such a system in place, services can arrange the procurement of products and prevent stock-out situations along with excessive inventory. For instance, an online seller can get ready for seasonal spikes in need for items based upon the data gathered and evaluated, therefore assisting them optimise sales and marketing campaigns for these periods.Real-time stock analysis is also particularly useful in recognizing problem locations within the supply chain where delays take place, and why. Distributors can accordingly take the right steps to resolve these problems and guarantee a smooth shipping procedure. Real-time inventory management likewise plays an important function in consumer complete satisfaction. Not only does it help prevent errors in processing

orders, however likewise provides clients with transparent information on item accessibility to assist make their purchase decision simpler.The time is now, for real-time workflow optimisation Stock management systems and real-time information development and analysis solutions are the most effective method which e-commerce services can optimise workflows and supply chain procedures. Such a level of optimisation as offered by new-age technologies also supply businesses with a substantial edge in a hypercompetitive e-commerce market such as India.

Buying such effective systems will ultimately pay off for the business by offering advantages such as efficient savings, better consumer fulfillment, and improved sales processes.Anubha Verma is the Chief Innovation Officer of RentSher, a leading online item rental market. (Disclaimer: The views and viewpoints expressed in this post are those of the author and do not always show the views of YourStory.)