For most ecommerce merchants, inventory is their largest asset. Yet the back office function of inventory management often gets the least attention. Top sellers are increasingly finding that automating inventory management not only saves time, but contributes to cost savings and increased sales.
So how does that happen? What is the connection between inventory management and revenue?
1. Time is Money
If you sell across multiple channels you know how time consuming it can be to keep up with inventory levels. It can take hours of logging in and out of multiple accounts and manually updating data to make sure stock levels are accurate and optimal.
Ecomdash not only replaces tedious inventory tracking, it does it quickly and accurately. Our online tool tracks all incoming and outgoing inventory and syncs levels every 5 minutes. If a product is sold on one marketplace, ecomdash automatically updates product levels across all sales channels, including your online store if you have one.
One of our many success stories includes an ecomdash user who told us he saved nearly $600 per week of part time employee wages after he started using ecomdash.
Time is money. If you don’t have to spend hours updating product levels you can spend the time on activities directly tied to increasing sales and attracting customers.
2. Increase Customer Satisfaction
Product availability ranks as one of the most important factors for online shoppers. They want to know the product is in stock and ready to ship. With so many online shopping options, shoppers won’t hesitate to abandon a cart and buy somewhere else if the product you offer is not available.
Keeping accurate inventory numbers is difficult and time consuming to track manually, especially if you sell on multiple marketplaces. Ecomdash gives sellers a real-time view of their product levels, syncing inventory across all sales channels up to six times faster than most inventory software products on the market. We also have a feature that sends an email alert anytime you are running low on inventory, ensuring you have just the right about of stock on hand.
3. Reduce Excess Inventory and Stock-Outs
It’s a delicate balance, having enough inventory to quickly fulfill orders, without tying up cash carrying too much stock at any given time. Stock-outs are expensive too. Industry statistics show running out of inventory causes an estimated $25 billion dollars in losses for individual businesses every year. The key to striking a balance is having accurate and timely inventory information.
By syncing supply and demand, ecomdash gives online sellers the ability to keep a steady supply of products without overstocking. If you’re a dropshipper working with manufacturers and warehouses, ecomdash consolidates and syncs information between you, your warehouse and your sales channels, all from a centralized dashboard. The purchase order management feature of ecomdash guarantees that no matter how many suppliers you work with, you will be able to see when an order is been placed and when it will arrive.
No, inventory management is not the most exciting aspect of ecommerce business. But it’s the backbone of selling products online. Getting it right, under control and doing it fast is what sets successful companies apart from the rest.