With great product and marketing strategy, one more thing you need to increase your sales is proper inventory management. Let's say you have a product that the customers are enjoying and you marketed it so well that the number of customers is increasing day by day. Now you realize that the product went out of stock. You still have incoming customers but they are not able to buy the product. Such situations can create customer dissatisfaction.
This happens because for humans it is difficult to maintain all the data manually without errors and by the time you realize it, the damage is already done. Solution to all these problems is Magento 2 inventory management software. In order to know how it will solve the problem, keep reading.
Gone are the days when data entry and complex mathematical calculations after every purchase were done manually. Nowadays, Magento store owners widely use inventory management systems. With this extension, there is no need to manually add order details. It automates all the processes from data recording to tracking shipment. This way you can nullify the errors like data duplicity or wrong entries and save time from complex mathematical calculation.
The extension has features like a barcode scanner that will maintain the inventory count in real time with no physical effort and high accuracy. It will also generate digital invoices, and manage them in a way that it is easier to make a list of orders by date and month.
The most complex part of inventory management is maintaining stocks. Stock means the amount of money invested by you. So it is important to balance it wisely or it can incur huge loss.
For example, if you have little stock then it can easily lead to stock-out meaning sales loss and customer dissatisfaction, especially during festive season and sale. On the other hand, overstocking the product can eat up a lot of your space in the warehouse and add up unnecessary maintenance charges. So overstock or less stock, both can affect a business balance sheet.
But with Magento 2 inventory management, it gets easier to manage stock levels. It will highlight if the stock level goes low from the assigned mark to avoid a stock out situation. Moreover, the product history and sales can help you identify the eBay sellers so that you can maintain the stocks accordingly. Similarly, it will restrict you from over stocking the product by highlighting the remaining stocks.
The other advantage of this extension is that it stops you from overselling the product. This situation arises more when you sell the products on multiple platforms like Amazon, your own Magento store, eBay, etc. It gets a little difficult to keep track of the number of stocks left. It will create a bad customer experience if you cancel the order after the customer has placed the order.
The extension ensures that the stock levels are managed after each sale of the product and updated accordingly. It will also notify the products when situations like limited stock or out of stock arises so that you do not oversell the product.
Most common thing while working in a team is miscommunication. One is adding requirements as per their thought while others make changes in the sheet as per theirs. This can lead to delayed delivery, out of stock or over stock situations. Also, sharing all information with each employee can be risky.
The solution to all this is covered in Magento 2 inventory extension. The right to view and write are given to selected candidates based on their job profile. Also, each and every change and addition in the entry can be viewed by the manager to have a track of who did what. Thus, any activity in the sheet is visible and traceable to the managers. Thus, you can save yourself from data loss and miscommunication.
Make Wiser Decisions
Magento 2 inventory management software offers invaluable data related to sales and stocks to make better data driven decisions for your business. It has a personalized dashboard where you can see the total number of orders, sales, stocks, etc. It will notify you about the sections that need updating to save you from making any mishaps. This data is useful in identifying which inventory can be reduced to lower the maintenance cost. Thus, it helps you sell better with less errors.
This Magento extension will streamline all the processes in your warehouse from stock management to shipment. It will ensure you do not oversell your product and avoid situations like limited stock or out of stock arise. All the orders are scanned with a QR scanner so that there is no scope of human errors like data duplicacy or wrong entries.