Our CEO, Kostis Mamassis, was invited to the JetRails podcast to offer his insights into eCommerce inventory and order management. He and Robert Rand, the host of the show, discussed how e-commerce businesses can address the current industry issues and e-commerce challenges.
In case you missed it, here’s the podcast episode:
How can you prioritize which orders to ship out first when you have multiple sales channels?
You need to consider a set of factors that determine the business logic. Some of those are order date, products’ expiry date, B2B vs. B2C orders (because of contractual agreements), the value of the order, and so on. The most important thing is that the tool used for eCommerce inventory management can simulate that logic.
One solution we provide at Megaventory is to categorize orders by certain criteria, such as sales channel, order fulfillment stage, client, etc. And these filters can be combined to give the user an accurate perspective on what to prioritize.
How do you prevent understocking and overstocking? Can technology help with this?
Using AI in forecasting has shown promising results lately. However, traditional mathematical models are still relevant.
Depending on your business scale, you can turn to forecast software in order to calculate the optimal on-hand stock and the amount that needs to be purchased for that.
Can businesses cope with suppliers’ price fluctuations?
For small companies, this can be an important issue, as it’s harder to negotiate with suppliers and find new ones. One way to address this is by tracking the profit margin, in order to make good business decisions.
Once your business grows and has access to more suppliers, then you need a way to track all the supplier information, in order to decide which to buy. But the challenge here is how to gather the information. What we suggest is using API integrations, especially through apps such as Zapier, that make the connection easier.
Are there any challenges that often remain unaddressed in eCommerce inventory and order management?
Sometimes businesses overlook the importance of having a good backend system that can report on the costs and profit. By using a system that allows them to create and manage purchase orders, businesses gain access to accurate and complete data on their costs.
In eCommerce inventory and order management, there are several challenges that businesses often overlook, including:
- Inventory accuracy: Maintaining accurate inventory levels across multiple sales channels is essential for avoiding stockouts and overselling. Without accurate inventory management, businesses risk losing sales and damaging their reputation.
- Order processing: Processing orders quickly and accurately is crucial for maintaining customer satisfaction. However, businesses may struggle with managing orders from multiple sales channels, which can lead to delays, errors, and dissatisfied customers.
- Fulfillment: Fulfillment involves managing inventory, picking and packing products, and shipping orders to customers. This process can be complex, particularly if businesses operate from multiple locations or use multiple carriers.
- Returns management: Handling returns can be time-consuming and costly for businesses. Without a streamlined returns management process, businesses risk losing money and damaging their reputation.
- Integration with other systems: eCommerce businesses often use multiple systems for managing inventory, orders, shipping, and other operations. Integrating these systems can be challenging, particularly if they are not designed to work together.
To address these challenges, businesses need to invest in a comprehensive eCommerce inventory and order management system that provides accurate, real-time data across all sales channels. By automating and streamlining key processes, businesses can improve efficiency, reduce costs, and provide a seamless customer experience.
Manage your eCommerce inventory with Megaventory!
Ștefania Bulgaru is a Digital Marketer for Megaventory, the online inventory management system that can help medium-sized companies synchronize stock over multiple stores. She believes that good communication can solve almost any problem and she likes to stay up to date with the latest digital marketing technologies.