Secret Behind Best Multi-Channel Inventory Management in eCommerce

Secret Behind Best Multi-Channel Inventory Management in eCommerce

Introduction

The eCommerce industry is highly competitive, especially in an oligopoly market where customers are full of options and easily driven from one seller to another. Inventory management is the stock or items a retailer deals with its customers and enhances the power of earning with higher profit. And managing these items for allocation effectively and efficiently is called inventory management. In case this management is not built by any retailer, they drain their selling power. Because without inventory, a business cannot run, that is why managing them is said to be the most important management aspect for retailers.

What is Multiple Channel Inventory Management?

Omnichannel or Multiple Channel means selling of products in more than one eCommerce channel or platforms for large scale of operation and higher profitability. In the case of inventory management, managing your inventory allocation for each conversion received through online platforms for sale is called multiple channel inventory management. Online business is hard to operate because it requires fast action and fulfillment of orders. Hence, retailers who receive bulk orders do not effectively perform their order fulfillment activity. According to The Economic Times report, approximately $1.75 trillion of loss is met through online retailers who lack inventory management efficiency. That means, if you are a retailer and are not taking good care of your inventory allocation, you may lose some great conversions due to this issue. 

Ill-management is the key factor why overstocking and understocking of items takes place. For the number of orders, retailers are needed to keep a check over their fill rates and conversion rates. These records help them to make a balanced inventory allocation and avoid wastage. Talking about some huge disadvantages of bad inventory management like resource wastage, higher working capital, damaged or discarded inventory storage badly impacts not just warehousing but order processing as well. But here, if you pay attention and accommodate only that much inventory as it is needed for sale, then you add an advantage to your order processing efficiency as well. 

Benefits of Powerful Inventory Management
  • Avoids Inventory Wastage

 If your fill rate is less but the amount of inventory you possess is more, then you will end up wasting your inventory for no reason. Including this, you will also have a hectic time managing your required inventory and warehousing while order picking up an item for order fulfillment. This also encourages your working cost and harms your business efficiency. Therefore, you are required to have a smart and innovative way of managing your inventory. Eventually, your organized inventory management will help you be faster in serving your customers and make you use the rest of the time in productive actions for your business.

  • Improves Visibility

Visibility of inventory means maintaining such a record that can provide you information on the amount of inventory in need, OOS status, and how much is required as per that demand and seasonality. It should also cover the data of which inventory is fast with the flow and which are not seeking demands. This report eventually helps you to make better monitoring decisions and be clear about your items and their conversion conditions. 

  • Get Effective Insights

For inventory planning, retailers are asked to have written records where they can make comparisons with historical and present situations and can plan for the future accordingly. Also, events such as Festive Sale or Black Fridays, you can allocate which inventory needs to be procured at the larger quality and which can be avoided for procurement if not high in demand. These events are only fruitful when you are smart enough to handle them strongly by turning each coin in your favor. And for this, you must have to be in s condition to fulfill all the demands of the conversions.

  • Improve Customer Experience

As you are aware that online channels are very much active in providing more than one option for their convenience in one single SERP. This makes the market highly sensitive in terms of rivals’ taking away your loyal customers. That is why you have to be self-sufficient in fulfilling your customers' demands. In case, you can not manage to complete their demands, or delay your fulfillment process, they may have a bad experience and would not come again for purchase. Therefore, do not step to that condition and ensure a regular analysis of the inventory report.

  • Encourage Business Expansion

When inventory is managed efficiently, automatically ordering fulfillments becomes easy. Through better control over your inventory availability, you will be able to allocate your product on time for delivery and hence save your precious time for other major business operations. It is said that a businessman must create more than one source of income for earning a profit, you need to be good with your product availability. Only then, you can earn on an omnichannel source or else meet huge losses significantly. Therefore, try building more scopes in less time and effort. 

Smart Solutions for Effective Inventory Management

 1. Sellbrite 

It incorporates stock administration from one easy-to-use interface that makes it a snap to see what's in stock across each distribution center. You can match up all of your stock for each deal channel and distribution center, or you can redo it with the goal that particular deals with channels showing stock just from explicit stockrooms. It coordinates with various deals stages, including Shopify and WooCommerce, and allows you to list items on each of them all the while from just a solitary posting.

2. Orderbot 

It is an order and stock administration framework that permits you to merge orders that stream from different channels with clear stock and satisfaction rates. It contains all the usefulness keys you want, for example, multi-money, incorporated installment entryways, a completely distributed API, and import/send-out capacities. Regardless of whether you have at least one stockroom, different Shopify stores, B2B channels, or even commercial center reconciliation with Amazon, Orderbots center assists you with staying up with the latest in both current and future orders.

3. eVanik OWS

It is an incredible cloud-based software that primarily works under different umbrellas of eCommerce business management. It has a high trust of retailers to be a master of instant and accurate reports on a real-time basis. This artificial intelligence system works on any chosen online platform and helps in solving issues such as inventory management, order processing, tally integration, warehouse management, and so on in the least time possible. The back-office support is best suitable for omnichannel operating retailers and provides flexible data extraction anytime, anywhere. 

4. TradeGecko 

It is a cloud-based IMS that joins every one of your business channels, areas, and monetary standards for simple administration of items, orders, and clients across numerous Shopify stores. It incorporates well-known accounting programming like Xero, QuickBooks Online, and ShipStation, permitting you to send statements and solicitations with worked-in charge card installments straightforwardly to your clients. The TradeGecko versatile application permits you to see inventory reports in a  nitty-gritty manner and track deals patterns while in a hurry.

Closing Thought

As mentioned earlier, it is significant to keep records of inventory allocation effectively and efficiently for filling gaps in sales. There are times when sellers do not check on their stock and lose their deals while fulfilling. This also increases the burden on sale and hence believes that emphasizing on organized and systematic monitoring of items is a must. Including this, as suggested above automated solutions for smart inventory management helps in providing you relief in areas of pain as manual reports do not guarantee authentication and speedy recovery. But in the case of computerized interpretation, you will have every detail transparently and comprehensively with full-proof accuracy in just a fraction of seconds. Hence, choose your best partner for managing and monitoring inventory in an advanced style to enrich the business yields.

The Best Guide for Starting Your Online Business

The Best Guide for Starting Your Online Business

Introduction

In the entire world, infinite business firms exist and gain their profits. But do you know, they did not just start this journey on a random day. They worked harder and harder to achieve their desired organizational goals. But when they start with the first step towards their business, they may or may not have a clear idea about the do’s and don’ts. Yes, there are a few aspects you can’t afford to waste your resources on. That is why you need full-proof guidance on how effectively you can start your online business and gain better profits without struggling around. 

Firstly, as a smart upcoming businessman, you need to be ready with a better financial condition. Because finance is the primary thing you need for settling your firm. Having said that, the finance may or may not be your fund. You may get sponsored funds or partnerships through which you can go ahead. Next, you must be knowledgeable about what you are going to do. For example, an engineer may not have an idea of starting an online business based on shoes as a product. Or, a fruit dealer may not switch to oil retailing because he may not be aware of that aspect. This is a common reason why many businessmen struggle to know the right pattern of dealing if they do not possess better marketing knowledge about their product. There are many such drawbacks that you can face if you are not professional while starting an online business. 

Steps to Start An Online Business

The path you need to follow before launching a new online business is right here, where you can get a clear understanding of why every such aspect mentioned below needs to be taken care of: 

  • Find Existing Market Gaps

The best way to find an innovative idea for a business is bringing out such products or services which have yet not launched in the entire globe or maybe in the market you will be dealing in. Finding gaps in the market means looking for the areas where customers struggle to fulfill their needs. In the past, Zomato was just an imagination that turned out to be real, where food is being delivered from a restaurant to your doorsteps. This is because the owner must acknowledge the gaps of people wanting restaurant food at home but don’t want to step out. OYO finds a scope where they acknowledge that students who travel around, do not have high budgets to afford good restrooms. Therefore launched the most efficient hotel rooms in different cities of India. Hopefully, these few successful business ideas have cleared the point for you to know what to do.

  • Choose Your Target Audience  

After you know about what would be your area of business, you must know whom you will be targeting to make a purchase. Mostly, cosmetics companies target women, shoe companies target men, laptop companies target professionals, and printers target students. This is how you are also supposed to rectify that for whom you will stand in the market. If you are unorganized about this aspect, you may not establish many upcoming things that will impact your business launch. One such thing is advertising that is primarily done only for your target audience. Hence, you need to be aware that when you choose your target audience, they need to be in maas and you must know their taste and behavior. 

  • Study The Market Well

After you are done with the first two steps, you can concentrate on your studies. Here, studies mean market analysis that will tell you your investments, rate of returns, pricing, advertising method, market history, and future aspects. When these things are clear in your head, you may proceed to the other aspects of your activities. Generally, some businessmen do not consider researching the market and making a powerful knowledge base for themselves. Eventually, they end up losing crucial scope regarding their business. So, if you are smart enough to afford potential losses only, do not skip this part before establishing your new success story. 

  • Abide By Legal Aspects

Everything that you do needs to be under constitutional guidelines. In India, if you are planning to deal with banned drugs, you will be on the wrong boat. This same business can be legal for countries like the USA. Hence, you know which geographical area you have to operate in and thus, has to fulfill all the legal aspects carefully. Some businesses have higher profits but are restricted by the government. Likewise dealing in medicines, food, weapons, etc require licensing. Here, what you need to do is, if any one of such restricted businesses matches your business idea then register your company and abide by a license. In any which way, you must register your company’s name under the law to avoid any future legal issues. 

  • Settle Powerful Sales Team 

Sales are the way through which you can connect to your target customers. Every firm which is dealing online has to have a sales team to work smoothly and get their desired customer engagement. If you have an online business plan that means you are clear about dealing virtually. But these virtual deals also require human resources to accomplish the goals regularly. If any customer wants to know about your company or product, you may convey this through your sales team. If you want customer attention, you would approach them through your sales team. If you introduce a new product or feature, you need an effective sales support team. Because this does not work on an offline algorithm where sellers promote a new product or company launch in the market but you do it for yourself.

  • Select Unique Advertising Strategy

When you are all set to launch your brand/ company, you have to have a strong marketing strategy that can influence your customers about making a purchase. Few brands such as Cornetto, Clinic plus are some of the brands that make advertisements on either their target customer directly such as couples or take a social issue to give emphasis. Similarly, you also need to choose such a way to advertise your new launching business in a different style that can help you build customer interest. Having said that, you also need to take care of social media marketing strategies and email marketing techniques that organically give you customers who are potentially searching to purchase. In an online business, these are the only ways out you can build your relationship with your new customers and make an identity of your own in this large market. Therefore, be wise enough with your choices.

  • Get Automated in Operational Tools

While operating in eCommerce platforms such as Amazon, Flipkart, Meesho, Snapdeal, Jabong, etc you must be capable enough to handle bulk orders. As you must be aware that online business platforms are rapid and dynamic. So, if you cannot handle your orders and fulfill your customers' demands, then there are many more who could do it in place of you. And this would quickly drain all your customers from the list to leave you with loss in hand. Also, you must have a tool that can calculate your accounting details (paid-unpaid payments, platform charges, tax, operational expenses, and many more) because this takes a lot of time when done manually. Therefore, software that can provide you real-time data that can not just save your time and are exactly accurate, but also help you analyze your business as well. 

Things You Must Not Neglect 
  • Do not rush to make huge business investments initially
  • Do not follow the crowd of businesses
  • Do not ignore the power of Social Media Promotion (Instagram, Facebook, Youtube, etc)
  • Create more than one source of operation (omnichannel)
Conclusion

Overall, this guide is a way through which you can achieve what you want from your business. You may come across ṁany hurdles but what matters is building an organized setup for yourself that could help you grow not only struggle in the start itself. Thus, hopefully these must help you in starting your fresh online business and get potential deals because if you accomplish each of these aspects, nobody can stop you to gain not just profits but more customers as well. 

To understand what an automated tool does for your business ease and betterment, bounce on the page for complete knowledge:

How Customer Experience Became Vital to Online Business

How Customer Experience Became Vital to Online Business

Introduction

Customer Experience means the sentiments of customers while buying products from any online business platform. This is said to be one of the most crucial stages of selling online that directly impact your product’s performance. At times, sellers do not care about their customer satisfaction. But this attitude impacts the working of your business worsley. As every business needs to deal with their society, hence neglecting customer ratings can result in a huge loss. It is potentially said that a business can only survive if they have a good image and trust in the society.

Understanding the term “Customer Experience” is a difficult task. All sellers can recognize it through their customer ratings only. Basically, what happens is when a customer places an order through a digital platform, they look upon many components. Likewise, whether the product delivery timing is good or not, whether the site is user friendly, how much is the rating, what quality of products is it, and a lot more. In this, while the order processing takes place, customers want updates regarding the same. At this point, if the seller loses control over effective order processing (miss the deadline of delivery), it gives a wrong impact on the customer. 

Customers are rare who fully trust online shopping. And because of this, they start judging the seller on such parameters. Including this, you also need to take care of your SERP position. If you do not know how to make things work on an SEO mechanism, it creates hurdles for you to grab better deals. 

Where Does Poor Customer Experience Impact Your Business?
  • Low Public Rating

Customers who have a satisfactory purchase experience from your brand may not find it necessary to give you good feedback regarding the same. But in contrast to this, people who find bad order fulfillment or low product quality, will immediately bounce on the feedback section to give you one star. These stars significantly lower your rating on public domains. Eventually, your other customers will also lose interest in buying your products. Including this, you must have seen people recommending products or websites to their fellow mates or other customers. This chance of indirect promotion also gets hampered if you have a bad rating. Therefore, focus on what your customers want from you and improve accordingly. 

  • Loss on Long-term Profits

In e-commerce, it is harder to grab potential customers. A customer won’t see your product if you are not capable enough to highlight yourself in the market. Therefore, you need to be always extra in terms of order processing or after services. Since digital platforms have seen drastic competition and hence, made it more difficult in doing USP(Unique Selling Point) flaunts in comparison to other competitions. This is because every seller is using innovative marketing strategies to show that their product and services are best of all. For such matters, what you lose upon is customer engagement. In case you fail to provide good quality product or delivery on time or after services to your customers, there would be a big struggle to find trusted customers and long-term profits.

  • Low Sale Opportunity

eCommerce sellers must have been known with the fact that this industry has a larger operational scale than an offline business model. Meanwhile, these platforms also take care of customer interest. This has given rise to feedback features. This feature helps other customers to understand whether they can find a good product for themselves or not. If you lack in this segment, you may lack in finding customers too. As it is said, customers play a vital role in growing your business because without them you are nothing. That is why you must improve your performance online to be a more credible and chosen seller for any eCommerce platform. 

  • Lack in Competition

eCommerce is highly dynamic in nature and has a competitive behavior. If a seller ignores aspects of effective order fulfillment, product quality, SERP ranking, etc then they may fall behind in the competition. Because the eCommerce marketplace has more sellers who can offer their customers better deals, you will have no attention at all. For such circumstances, you need to be effective and efficient enough in comparison to your competitions so that you do not find hardships in selling your products or going overstocked.  

How Can You Improve Your Customer Experience?
  • Mobile-Friendly Sites

Being an eCommerce seller, you need to be wise enough while choosing your platforms that can be more suitable for your products. For instance, if you are dealing in clothes or cosmetics, your target customer would be people who are more likely to use social media or mobile apps. This would grab their attention easily because you are on the same page with them. Including this, those sites need to be effective enough that give quick product suggestions to enhance customer visits. If you have your product on such platforms which are not available on mobile may grab less customer attention than on mobile responsive channels. 

  • Flexible Ways of Customer Support

In case your customer wants to reach out to you, you need to be available for them always. For this purpose, customers may find ways to contact you. You may provide an email, customer care number, Live Chat options, etc. This will enhance your customer experience as they would easily be able to not just contact you but also find solutions for their issues. These matters of facts are normal but crucial because not every seller offers this flexibility. Having said that, you may also require a good team to assist them as well. 

  • Social Media Presence

It would be more impactful if you create social media handles for your customers. Nowadays, customers are more often available on social media rather than online platforms. For this, it would be great to extract attention and expose your best-selling products on social media too. This increases the chance of sales as well. For example,  if a customer does not want to buy anything, still your attractive products may appeal to them to make a purchase. These unplanned buyers gradually turn out to be your long-term customers. Also, you can have more than one source for your earnings.

  • Omnichannel Availability

Start establishing your business setup for not just one but multiple eCommerce channels where one customer can find your product anywhere in the marketplace. This is a scope to increase high sales opportunities. It may be possible that if a customer finds your product on Flipkart at a cheaper rate than Amazon, they may buy that product on Flipkart. Eventually, you will not lose on any type of customer and enjoy your higher scale of operation.

What Benefits Would You Get Through Good Customer Experience?
  • Better Brand Reviews

Improving Customer Experience would help in getting better reviews on public platforms like quora, pinterest, and other eCommerce websites. It is natural that when you satisfy your customers, they will love to suggest your products to others as well. Or, if someone searches for your reviews, your existing customers will also say a “yes” for making a purchase to them. Reviews and ratings are significant because they directly influence new customers regarding your product goodness and hence, contribute to your growth. Improving this component of marketing will always give you good return in terms of long-term interest of customers and profits.

  • Better Goodwill

As you know, the Indian market has a keen interest in copying other customers and would like to buy products from the place their neighbours have bought. From a business point of view, you may change this into an advantage to increase your customer base. Lets say, if someone flaunts about buying an iPhone because it has the best for camera and security purposes. You would not think twice for buying such products that have sold their USP in a larger and credible perspective. Similarly, you also get an advantage of high goodwill power about your USP if you are capable enough to showcase your uniqueness. And for this you need to appeal to people to buy your product. And this appeal and your selling point highly depends on your customer experience. Therefore, next time make sure you leave your customer with a better sentiment that can not be found anywhere else. 

  • Encourage Indirect Promotion/Unpaid Promotion

Think yourself as a customer and analyze that when you have an excellent feeling buying a product from somewhere, you decide to buy from them again and again. Not only this, you also keep suggesting your loved ones about it to help them get their best deal. In the same way, improving customer experience also helps you to promote your product to such customers who are not even looking to buy products from you. Brands like mamaearth, nykaa, and boutiques do not require an introduction from the sellers, why? Because they have adopted indirect promotions by enhancing their customer experience. Likewise, you are also going to enjoy deals with no investment on them.

  • Higher Selling Graph

When you look after enhancing the business segments where you can increase your selling ability, you end up with a good profit report. It is said that better services are an assurance that the outcome would be fruitful. Hence, if you not just focus on advertising, procurement, large-scale operation, but also on what your customers are expecting from you. This will keep you ahead of all in the market. Including this, you will be able to build trust and confidence of your customers who would buy your products and show their long-term interest.  Because every business works for gaining higher profit, you must not overlook the interconnected aspects of your business such as your customer’s sentiments. 

Conclusion

Customer Experience has a big impact on putting things on board for better performance and enhanced visibility. If you have problems in terms of product quality, or after services, or order management, then you need to fulfill all these gaps. Having said that, customers also judge you on the tools that you choose to perform business activities that may affect your deadline achievements such as order fulfillment, invoice creation, updates on order, etc. Therefore, if you choose to make a good profit in e-commerce platforms do not miss on any such aspect that can stop or hamper your growth. Remember, customer satisfaction is the prior thing you are working for. 

In addition, there are some software tools that work to enhance your business efficiency to get you powerful customer support. These tools are nothing but an artificial intelligence that works for creating a professional level of order processing, autopricing, product performance, reports on data analytics that gives you an idea about the scope you need to work. Want to know more, tap here for a new gateway for your business success through automation solutions.

Why Automation is Needed to Meet eCommerce Order Management?

Why Automation is Needed to Meet eCommerce Order Management?

Order management for eCommerce sellers has been a huge challenge for a long time. As peer pressure has forced sellers to adopt an automated solution system to manage their orders, there is still vague knowledge about the same. Since sellers have acknowledged their area of pain and have tried resolving this issue with automated back-office support, omnichannel management has also got ease in performance. But do you know what exactly this automated order management system is? Managing orders received, returned, fulfilled, and so on for one or more e-commerce platforms through a software known as an automated order management system. This management includes tracking orders, creating an invoice, entering product details, updating pricing, providing fulfillment updates, tracking inventory availability, packaging, shipping, and so on.

Since the new normal environment has highly impacted the mechanism in the business world also, lately digitalization has also taken place. Because of this sellers have started working on their computerized solutions for every online business-related issue. Especially considering online business firms who sell their products on a regular basis face a lot more difficulties in order management. And hence in 2021, a large population of eCommerce sellers are seen transforming their manual system into automation. But does this mean a new evolution of digitalized order management is occurring soon? The answer is yes! There are often launches of such software that provide better management for order management aspects and make sellers rely on them significantly. This software offers some amazing features that emphasize their business activity efficiency. Thus, online sellers find them easy, fast, and accurate to improve their order fulfillment services. 

Reasons for Rising in Automation Help for eCommerce Marketplaces
  • Enhance Delivery Speed

When it comes to ordering fulfillment, the primary thing which is kept in mind is placing the delivery on the promised time. But through the manual system, it is quite difficult to achieve the target. But this gap is filled through cloud-based support which quickly does all the order fulfillment mechanisms in the most effective and efficient manner. This enriches the chance of the customer’s last impression to be good as the product is sent to them at the right time. As time plays an important role in building strong and credible relationships with the customers, automated software helps in fast delivery service. This also improves the opportunities for indirect publicity and recommendation of the product. 

  • Reports on Inventory Availability

Reports on inventory mean listing the inventory availability, procurement, sales, and finished conditions. In case sellers have procured a certain amount of inventory and yet go out of stock, these reports help them to analyze their inventory management ability. Also, these reports give a clear picture to brands for assuring which seller is selling how much inventory and where the stock is getting out of stock. This advantage is only possible if the seller is having smart solution software for order management. Or else, they end up losing such data. This automated software keeps a regular check over the inventory to ensure smooth functioning and selling of products at its best efficiency. 

  • Speculate Future Needs

Computerized order management software not only facilitates easy sales and order fulfillment activities but also gives future aspects of order and inventory. This speculation helps in understanding flaws and market trends as per the order placed in the current market condition. Few products are seasonal but few are generally bought. Still, the gap to speculate the upcoming new trend and taste of customers leave bad order management results. This means that orders fulfilled would consider certain marketing strategies to fill these gaps and enhance their selling ability. While fulfilling or managing orders, a seller has a chance to grab more customer reliability and publicity. If such opportunities would be grabbed impactfully, then certain upcoming losses can be reduced. And this help is only possible if the mechanism of management is automatized. 

  • Reduce Mistakes While Fulfillment

The pattern of manuals does not ensure errorless data handling. Especially while order management, entries are done manually and regularly which involves more time and effort. Such a method lacks full-proof data entry. Eventually, this process ends up giving the wrong order details and hampering the final order fulfillment result. Also, the order management process needs full focus and analysis of inventory and market behavior. This can not be ensured through a human-based method. This is why for an accurate order management system, software solutions are proven to be more effective, transparent, and liable for brands and sellers in eCommerce marketplaces. 

  • OmniChannel Mechanism 

Through an automated pattern of order management, sellers want the best outcome for their sales ability and customer satisfaction. In this regard, more opportunities are available on different marketplaces. But if the process of management is vague and slow, can a seller truly perform their best success mantra? No. This will be possible if a smart controller that not only understands the market behavior on the behalf of the seller and brands but also provides alerts can help in doing so. And such help is offered through server-based order management software. On various online platforms, sellers can access reports about the product performance, order received, fulfillment details, customer sentiments, and so on. In such a pattern, every detail is accurate and instantly entered into a record so that the brand or seller can take action according to their requirements. This encourages the best use of omnichannel platform selling ability and enriches large customer engagement. 

Conclusion

For overall understanding, a seller who is struggling in managing their orders on different eCommerce platforms and is not able to enjoy large-scale cooperation must try an automated software that can handle all your stress. This support not only helps in finding the issue through comprehensive and analyzed reports but also improves your back-office strength. It is the best opportunity to grab if you are an online seller and looking for a better sales perspective. As these give you powerful tools to apply and build a better version of yourself as an online seller or brand, such support is now in trend and highly used. So be in a trendy team and implement such support for your order management tool as well such as eVanik OWS. This is software with a full package for not just order management but also business management. Thus, don’t delay and apply a powerhouse for your sale purpose also.

Why There is a Tremendous Need for Warehousing in 2021

Why There is a Tremendous Need for Warehousing in 2021

Introduction

Warehousing refers to the process of calculating the inventory available as per the demand and supply rate to ensure the fulfillment of each order received in e-commerce. In the past few years, eCommerce sellers have adopted many automated systems to grow their business. But in this year, there is a huge demand for warehouse management seen among the sellers. This importance has been raised because of the fast-growing competition in eCommerce platforms such as Amazon, Flipkart, Myntra, Snapdeal, and so on due to knowledgeable sellers implementing smart methods. Before this, sellers operating on a large scale did not know a better warehousing method than managing it through manual teams. This has led to a situation of technology interference. Numerous sellers who have neglected this aspect have eventually ended up with a falling graph of sales. But can this need be fulfilled with a traditional approach? 

In 2021, warehousing had tremendous attention through technology-based assistance. Although, a technical hand was used on a wider range. But the subject of warehousing was still not considered. Having said that, warehouse management is not only required for fulfilling the demands and supply but also for better control over inventory. As a seller, there are infinite reasons to lose on deals because of the ill management of warehousing. Let us discuss a few trending drawbacks of improper warehousing that increased warehouse management software in e-commerce. 

Problems and Solutions of eCommerce Warehousing:
  • Improper Inventory Control

This is a big problem while managing the warehouse. As per the process, warehouse management requires certain speculation on products to ensure availability. Taking eCommerce into consideration, insufficient inventory availability is a straight signal to lose. As there could be more demand than before or vice versa. For such situations, it is proven to have planned inventory or else resource wastage takes place. In common methods, technical software that analyzes the market beforehand and provides a report on demand and supply assure a proper mechanism in warehousing. Such methods are adopted in 2021 because it helps in better decision-making and give transparent data reports. 

  • Burdening on Working Capital

A step-by-step surveillance system overstock is crucial because stock procurement and sales are directly proportional to the working capital investment. If there would be more inventory to be sold for a certain amount of orders for Amazon or any eCommerce platforms, there needs to be potential stock availability. If in any case, such management is not implemented, the burden increases on the working capital budget. This is because all the financial activities are run by it. If there would be damaged inventory or any sort of ill management occurs, expense rises. Certain unorganized sellers choose to apply cloud-based management of warehousing. If such an automated help handles the stress of warehouse management, a seller’s productivity automatically rises with fruitful results. 

  • Out-of-Stock

A major mistake almost every seller comes across. As it is known that inventory is the primary need to do business. As operating in the eCommerce industry, sellers do not organize their supply or availability due to which they have to compromise while order fulfillment. For example, if a seller does not look after the insufficiency of the stock or does not speculate according to market behavior, such circumstances arise. These issues are not addressed on time and then impact the outcome, especially in eCommerce. Therefore, to prevent such disadvantages, a software solution for warehouse management needs to be built. These facilities extract the market activities and customer taste, then generate an alert based on the report. Such notifications help in better marketing strategies and encourage productive steps to be taken ahead. 

  • Market Understanding

A manual method of analyzing the factors impacting the marketing behavior is irrelevant. This is because the human mind will only see the things shown to them, but computerized formulas dig out the matters that are not even visible. These features work to analyze the market in the back-end to make full-proof reports. These reports, thereby, show the flaws where sellers need to work. If customers are looking for a certain trendy product, a market analysis feature will rectify it and report it to the sellers. Accordingly, sellers maintain a potential stock in their warehouse to dismiss any losses in this regard. 

  • Sales Opportunities

eCommerce marketplaces are the best place to enrich your sales. But imagine a situation where you lack in fulfilling the demands of such marketplaces. Isn’t that horrifying? But this is not the same case for all the sellers. Such conditions often happen due to the irrelevant management process of the warehouse. If a seller is unable to manage a whole lot of inventory, heshe may not be able to meet the demand of the platforms ever. Or in other cases, will always face difficulties due to over availability or unavailability rate of stocks. But some smart sellers know how to avoid these issues. It is seen that the best solution towards such matters can be a cloud-based watchdog that can bring out several other features with them offering smooth warehouse management. These not only provide reports but also help to make better inventory decisions. 

Conclusion 

For an overview of the subject, it has been observed the craze of warehouse management hiking between e-sellers. Every online seller who probably recognized the drawbacks of traditional mediums to manage their inventory wasn’t happy enough. And therefore, the smart ones have made a better decision on time to fulfill all their losses. In the year 2021, sellers are more aware of the importance of warehouse management and looking forward to improving their faults of stock. In this regard, healthy competition in eCommerce marketplaces has also been seen. Including this, there is a satisfaction of customer service also as sellers give their efficient and powerful marketing attention. All the rest of back-office warehouse management work is performed through such robotic teams who keep their sellers informed about any warehouse matters. 

Winding this subject would be better if you allow yourself to search for such amazing software solutions for your warehousing such as eVanik OneWorld Suite or many more. These are credible, efficient, simpler, and impactful systems for all your eCommerce problems.

Immediate Steps to Follow After New Online Business Launch

Immediate Steps to Follow After New Online Business Launch

Introduction

The eCommerce industry has seen a major hike since long back. Many sellers have moved from offline mode to online platforms. This has given rise to customer attention also. Earlier it was difficult for sellers or brands to have customer engagement as trust and loyalty were not built among them. Especially in India, no person gets ready to indulge in such activities in which expenses are involved. This has given a huge setback for all online brands. But after all these struggles, brands have successfully created an intention of reliability and confidence. Then what are the struggles online sellers are coming across? It is a better guidance providence to all such sellers who are new to this newly emerged industry. But not to worry because we are in the most informative place where you can have assured aspects to be taken care of for your new online business launch.

What to Do After The Launch of a New Online Business?

While starting a business, entrepreneurs think primarily about the capital to invest in the product or service they will deal with for making profit. Then the name of the brand, mode of the business, infrastructure, workforce are taken into consideration. But after these stages are crossed, many such brands lose control over their decision. Especially in terms of online business, the scope of operation is larger than the traditional marketplaces. This is why a proper guidance of what to be majorly taken into account and what can be initial potential loss is important. Having said that, small entrepreneurs also have to deal with finance management as investing in the wrong areas can result in drastic loss within a few weeks of the business. Therefore, new brand owners need to be wise, quick and efficient in their business operation techniques and management both to grab better and big opportunities for online selling.

Here, we will be talking about the process to follow just after you start your business from an eCommerce perspective: 

  • Choose Correct eCommerce Platform

You must be right in your decisions when you expose your products or services for sales. Here, platform choice is the mini but important step to be recognized at the early stage so that you can make better decisions regarding the same. If you initially thought of operating on any of the e-commerce platforms but after a few weeks the result is not effective, then start opening your mind for other options as well. It is not mandatory that if a platform ‘X’ was profitable for certain brands then that would be the same for you. Your case may match the eligibility of some other platform. Thus, by wrong platform choice, you may face a few difficulties to understand the industry and its success mantras. So be wise enough with your choices and decisions through open observation. 

  • Study to Be Unique

The online marketplace is a wide space filled with opportunities to grow quicker. But this can only be used in a better way if a brand has an overall understanding of the market behavior. If a brand is new in the market, they must have a regular watchdog on market activities which includes customers and competitors. Initially operating on a large scale sounds great but has many hurdles to cross. This is why a sincere lookout is needed where you can make innovative marketing strategies and add on to your product or service. As marketing works on a simple rule of innovation, brands must create a USP (Unique Selling Point) where it ensures 70% of customer engagement. Also, it helps in being a special identity that will help your target customer to recognize you easily. 

  • Build Analytical Control 

For eCommerce brands, it is simple to get huge opportunities but having access to these data is a bigger task. Analytical control is nothing but the back-office support that an eCommerce brand must apply to keep an eye on every activity. For this purpose, many software companies are working to provide solutions regarding accounting, reconciliation, inventory and warehouse management, order processing, and so on. This software is proven to be a good integration system for resolving all the issues related to the same. Not just this, but it also enhances the ability to analyze the success rate of the business too. So, if you are a just-born company, you must implement an eCommerce integrated software that provides reports on every aspect for you on a real-time basis. This is like a strength to your business management and a tool for a stress-free online marketing operation. 

  • Impactful SEO Usage

Search Engine Optimization (SEO) is the new era pattern of attracting more target customers on eCommerce platforms. Earlier, customers used to know about a product or service through mouth-to-mouth marketing, but now things have changed. Online business only works on SEO tools where sellers have to expose their products or services in a way that they can directly be visible through SEO features. The components of listing quality which includes description, image, title, and bullet points which have to abide by the criteria. If the listing quality is performed effectively, it automatically ensures a good ranking in SERP. Hence, it increases the visibility of the brand’s product or service and gears up the selling efficiency as well. Therefore, understand the techniques of SEO well so that you do not struggle or compromise on enjoying large-scale operations. 

  • Access to Social Media

As a new brand, your promotional mediums need to be very strong to build relationships with your target customer. eCommerce marketplaces are highly intensive and dynamic. Every company needs to be powerful in its approach towards the customer for selling purposes as it also includes customer sentiments that work as free brand publicity. In this regard, brands have started using social media that helps them to increase visibility and sales opportunities. Boosting the social media method is a great idea because every next person is on at least one social media platform such as Instagram, Facebook, LinkedIn, etc. If advertisements are done on different social media channels, the chance of visibility increases. This is an indirect but significant step that has an incredible impact on the selling rate.  

Conclusion

To grow more, patience and protection are needed in any business. If you are sure about the business idea and have started to operate on a large scale, do not hesitate to act smart before it is too late. In online business, everything is way faster than your imagination and still, you can make great out of it. For this, all that you require is thorough guidance and written and analyzed reports over subjects mentioned above. So hopefully, this article has given enough knowledge that could help you in terms of settling into a new industry and getting higher profits in less time.

ASIN: Amazon Standard Identification Number

WHAT IS ASIN

Amazon Standard Identification Number

Amazon’s Standard Identification Number (ASIN) is a unique 10-character alphanumeric identifier for a product on Amazon (for example B07ZB5C3ZM). It is linked to a unique SKU/EAN/ISBN code and is used as a reference to manage catalogue attributes, prices and inventory of a product.

marketplace-payment-cycle

What is ASIN

An Amazon Standard Identification Number, or an ASIN, is a 10-digit alphanumeric product identifier code issued by Amazon to every unique item offered in its catalog and housed in its warehouses.

ASINs Can Be In Relationships

ASINs can also be organized in a hierarchy, also called a parent-child variation, to give your catalog structure and help keep inventory coordinated.

Not All ASINs Are Unique

If the product already exists on Amazon, you’ll have to match your product to its existing ASIN. That item will have to share its ASIN with every other Amazon seller offering the same product.

ASINs Prevents Unauthorized Sellers

An ASIN number is the base of Amazon’s product catalog structure. So, of course an Amazon ASIN important for organizational reasons.

You Don’t Always Need A Product ID

You don’t necessarily need a product ID—such as a GTIN, UPC (Universal Product Code), ISBN, or EAN (European Article Number)—to sell on Amazon.
First, check the Amazon catalog to see if your product already exists. If your product matches an existing product, you can add your offer on the existing product detail page without a GTIN.

Not All Items Have An Amazon ASIN

Most products on Amazon marketplace are assigned an ASIN, but not all. Books and book-like items, such as e-books, are the exception.
Instead of having to create a new ASIN, books may be referenced by their ISBN, or international standard book number.

Multiple Ways To Find A Product’s ASIN

Whether you have access to Amazon Seller Central or not, there are many ways to find the ASIN assigned to a specific product.

Web Address

Product Detail Page

Inventory Catalog in Seller Central

If you’d like to reference ASINs of items in your own product catalog, you can do so by navigating to the Inventory tab, then clicking Manage Inventory in Seller Central.

K.K.Enterprises

Abdul Kayum, Founder

I’ve never imagined how easy it could be to map and manage inventory with the intuitive product and ASIN mapping tool with eVanik.