The automated management of inventory is crucial for business success since the market is expanding, with retailers launching a lengthy line of products frequently. Controlling the inventory of big eCommerce stores isn’t an easy job. However, it can be automated with software for managing inventory.
Top 5 Benefits of Automated Inventory Management System
These are the top five advantages of using automated Inventory management software:
Eliminating human errors
–Manual inventory management in online retailing takes the majority of your time. However, it can be a challenge. The use of software eliminates human error and reduces the amount of time, effort, power, and cash that is spent.
Time savings through automation
Automated time-saving online inventories can be quickly updated in the delivery and selling through the automated system for managing inventory. Furthermore, the program will notify and provide alternatives to replenish or stop the item when the stock is exhausted, based on the need and the manufacturing.
Live updates
It give retailers the most current information regarding their inventory and the time to introduce new products. This will be extremely helpful since sellers don’t have to access different systems every day to make sure that stocks are stable.
The inventory management program can transfer inventory between different sales channels to support
active sellers using two or three eCommerce platforms. Additionally, the inventory on all platforms will automatically be updated when an order is made.
Understanding sales numbers
everyone is a mathematical mastermind. It can be difficult to grasp the complexities of statistics and changing needs. But inventory management software could be fed by rules and programs that calculate these estimates from purchases and sales.
Some Shocking Facts and Statistics:
The online sales market in the UK represents 11.7 per cent of the total retail sales.
Twenty-five percent of the company’s expenses are devoted to the management of inventory.
46% of SMBs do not keep track of inventory or utilize manual processes.
38% of businesses are planning to expand to go beyond eBay as well as Amazon.
Forty-eight per cent of B2B customers will make 50 per cent or more purchases on the internet within the next three years.
77% of warehouses plan to use mobile devices to track stock.
Poor Inventory Management Causes Revenue Losses
Retailers around the world lose an astounding $1.75 Trillion annually due to the costs of overstocks or out-of-stock items, as well as unnecessary returns.
The distortion of inventory costs retailers around $158 per woman, man and child around the globe.
Automated Inventory Management will aid you in making your eCommerce business successful on the most popular retail websites.
