Why you should get Inventory management software for your eCommerce business
Too much product is hard to move. Too little and you lose customers.
Inventory management is a must for businesses. They need to keep track of how much product they have in hand and how much they’ll need. But, it’s not as simple as subtracting the number of orders from stock. There’s a lot you have to take into account.
Excel is the go-to solution for people who are just starting. But, as the business grows it becomes more of a liability than a helpful solution. 43% of small business owners still track their inventory by hand, says a 2017 report. These kinds of manual systems lead to supply chain nightmares.
Odoo Inventory Dashboard
Inventory management software helps businesses handle their inventory, orders, routings, tracking and a lot more. Now you can make smarter decisions based on accurate information.
Inventory for eCommerce websites
In the online world, customers expect a product to be available at every step of the buying process. So, you need to make sure it remains available. A daily overview of your inventory will give you better control and help increase your business intelligence and visibility.
Order management and inventory are important parts of the supply chain process. Doing it well means you have the right quantities at the right time. You’re in control of how much product you have for sale and of your order cycles. This is fundamental if your business is scaling fast.
You need to follow inventory best
Odoo Inventory Tracking
How does inventory benefit my business?
Inventory is a real-time evaluation of revenue your company is generating. If you can’t move a product from inventory, it’s clear your business is struggling to make sales. You have to adjust your operations or you won’t have bottom-line revenue.
Some businesses have to move products much quicker than others due to the shelf-life of the products they sell. Too much inventory will add to expenses and ruined products. Not enough, and you’re at risk of losing potential sales and overall market share.
The best way to order stock that sells is to have inventory management software. It makes calculations for you and is not susceptible to human error.
If your business provides physical products, inventory management is a must. Your goods are recorded and catalogued, whether they're finished products or raw materials. For ecommerce, it’s usually the former. They have products ready to be sold. This also includes parts of a product to be assembled. You need to count the separate parts in relation to the finished product.
Odoo Inventory Product list
You need the right amount of stock on hand at all times. Customers will buy elsewhere if you’re out of stock. When making your inventory order, your supplier may offer a special deal if you order large quantities. But, is it worth it in the end?
If you order too much, it’ll be hard to move. It’s a lot worse if you sell perishable goods.
Some business owners rely on qualitative forecast methods. Past performance and gut-feel to reorder and order inventory. Others, on quantitative methods such as how products performed in the past with accurate data.
Besides a look at how products are performing, inventory management has other benefits for
Manage order increases without overselling current stock
Product information is always updated
Decision makers have control over multi channel order flow
Improved back-end visibility for inventory management
Increased visibility improves product
Businesses don’t risk running out of stock
Improve sales by knowing what you can and can’t sell at any given time
Inventory is valued and counted to see the company’s profits and losses
There are a lot of solutions for inventory management to integrate with your
Odoo has its own inventory app. You only have to install it, no need for integrations.
The Odoo Inventory app is integrated with other Odoo apps. All your data is
Check on how your business is doing on your smartphone or other mobile devices.
Order more products right away. You don’t have to be glued to your computer all day.
Odoo Reorder form
Track every stock move, trace purchases. Analyse real-time reports to make better and smarter decisions.
Odoo Inventory Report
Clean and fast
Double entry Inventory
Corrected posted transactions
Modern User Interface
Packing Multiple locations
Put away & Removal strategies
Pick - Pack - Ship
Push & Pull routes
Request for Quotations
Serial numbers tracking
Multiple units of measures
Perpetual inventory valuation