Multi-Channel Selling Technique for Upscaling the Online Sales!

Multi-Channel Selling Technique for Upscaling the Online Sales!

There are multiple eCommerce websites that sellers use to sell their products online. Some use a single platform for selling, but some sell their products on multiple platforms. Selling your products on multiple eCommerce platforms is the process of Multi-channel selling. It can help you to reach as many potential customers as possible. Apart from this, there are numerous benefits of multi-channel selling. You may find it super easy to perform, but there are several points you need to know before applying this technique.

The online marketplaces have seen escalating sales over the past few years. In fact, last year only eCommerce sales accounted for about 18% of worldwide global sales, and it is not going to stop. Research shows that this upsurging trend will continue and may reach 23% percent by the end of 2023. Being in this industry, you can also generate enough profits. If you are not taking advantage of multi-channel selling, being an online seller, you are missing out on many sales opportunities. To provide you with a broader knowledge of this, we have mentioned a full breakdown of multi-channel selling and how it can upscale your online sales. Without losing a moment, let’s have a clear view of this.

Why You Need to Apply Multi-Channel Selling Technique

You simply need to understand that as much as eCommerce platforms you will get associated with, more customers will get to know you and eventually upscale your sales. For a sustainable online business, you need to apply this technique as soon as possible. A few points below can better make you understand why you need to apply the multi-channel selling technique in your business.

Vast Platform of Search by the Customers

The dynamic eCommerce industry is changing rapidly. Customer behavior and market trends are evolving as well; as a result of all of this, eCommerce businesses are suddenly faced with the challenge of having to use additional sales channels. If you look around, you will find that many renowned brands have marked their presence on almost every main eCommerce website, such as Amazon, Flipkart, Myntra, AJIO, Meesho, etc. According to a consumer survey conducted in 2019, 50% of all products have been searched on main eCommerce websites such as Amazon, Flipkart, etc. instead of Google. That is why you need to utilize the multi-channel selling technique. However, selling your products on multiple channels can increase your workload but make it easier; you can take the help of multi-channel order management software.

Upgrade Conversion Rates & Create Brand Awareness

Selling your product on a single marketplace helps generate limited revenue, but selling your product on multiple channels can upsurge your conversion rate by more than three times. Apart from that, if you want to create your brand, you have to utilize the multi-channel selling technique. Selling your products on various eCommerce platforms can attract more customers and increase brand awareness. More customers will come to know about your specific brand, and if everything goes well, they may stick to you for a longer time. That is why you need to implement this technique if you want to upscale your sales and want to create brand awareness.

Collecting Customer Data

The most straightforward point to understand is that the more platforms you use to sell your product, the more customers will reach you. Connecting to several customers can make you better understand their buying habits and shopping decisions. Several eCommerce platforms provide you detailed reports and customer data to analyze their behavior. For example, a customer can search for a specific product on one Platform and may purchase the same from a different one. Customer data from various channels will help you monitor the customer’s preference and on which term they prefer the other Platform to buy the same product. All this information can help you understand your customer better and serve them well. Eventually, it will help you in upscaling online sales.

How To Make Most of the Multi-Channel Selling Strategy

All the above advantages of a multi-channel selling strategy can excite you to apply it instantly. But wait a minute, there are several points you need to take care of before going any further. Here are the few parameters we have mentioned that you should keep in mind.

Always Choose the Right eCommerce Channels

Nowadays, various eCommerce platforms can be used for multi-channel selling. You may get confused about choosing the right platforms as each one has its advantages and disadvantages that can impact your online business. But there is one thing that can help you with it: your business’s requirements. If you are n’t a big brand and just want to sell your products in PAN India, you can choose Amazon, Flipkart, Myntra, etc., for selling your products. But on the other hand, if you are a renowned brand such as Puma, Armani, or Chanel, then Amazon, Flipkart, and Myntra will not be the right choice for you because no one searches for big brands on these platforms. Take your time and choose the proper channels according to the nature of your business.

Implicate Robust Inventory Management

Managing your inventory properly is an essential part of the eCommerce business. It can become complicated when you decide to sell your product on multiple eCommerce platforms. Becoming a multi-channel seller is a huge challenge because you have to manage every Platform’s inventory. It can increase the chances of mismanagement and can affect the overall health of your online business. However, to reduce the errors in inventory and make it a successful affair, inventory management software such as eVanik can help you with this. This software can easily manage the inventories of various platforms under one single panel. It can reduce half of your headache and never let you rethink your decision to use the multi-channel selling technique.

Centralization of Multi-Channel Data

You must agree that managing all your data in a single panel is way more accessible than managing multiple dashboards. Logging into multiple channels and monitoring them individually is a hectic task. However, with the help of centralized data software, you can monitor multi-channel data in a single dashboard. In this context, you will be able to upload all your products to multiple channels with a single click. You can manage inventory for each channel and may never experience an out-of-stock situation. Centralizing your data can help you make a decision based on real-time data information.

Conclusion

Thus, just like every other selling strategy, implementing the multi-channel selling technique has its perks and flaws. Although, the flaws related to this effective selling technique can get diminished with an eCommerce management software. It will help if you consider that multi-channel selling is not only about listing your products on various eCommerce platforms. But you need to focus on inventory management, accounting, payment processing, shipping, and returns. So, if you are planning to switch to various eCommerce platforms, you need to take a breath and plan out things first.

Importance of Packaging in Ecommerce

Importance of Packaging in Ecommerce

Importance of Packaging in Ecommerce

There has been a shift in the packaging of goods in recent times with ecommerce businesses around the world taking care to improve their packaging and labelling to not only ensure the safe delivery of a product but also for the promotion of one’s brand. When a customer receives an order in a good state, there are greater chances of a customer placing more orders in the future, thereby leading to increased growth in one’s business.

Following are the Importance of Packaging and the ways it can enhance e-commerce businesses:

  1. Helps in Reducing Company Costs

    Good packaging helps to reduce a company’s costs significantly as it ensures that a product does not get damaged during shipping, thereby reducing the chances of customers sending the product back and having to incur extra costs for reshipping the returned product. By investing in packaging, one can avoid such extra costs.

  2. Helps to Build a Good Relationship with Customers

    If a product is well-packaged, it has a lasting impression on a customer and can increase customer loyalty as well as customer retention. It also creates a good impression on of your brand on customers and helps in customer retention.

  3. Creates Brand Identity and promotes Brand Value

    Proper packaging further helps to create a strong brand identity. High-quality printing, use of good packaging material, distinctive design helps in engaging users thereby differentiating one’s brand from others. Good ecommerce packaging has a great impact on the success of one’s business. It minimizes the volume of returns and foster customer loyalty, and establishes in building brand value. Packaging is as important as branding. Packaging is an extension of one’s brand and plays a major role in conveying the nature of one’s business as well as what the products are about, and the feeling it generates. Packaging should match the brand value, proposition as well as position in the market.

  4. Increase in Interest / Retention

    Good packaging enhances customer lifetime value. In addition, proper packaging benefits one’s business through word of mouth and leads to customer retention.

  5. Order Values

    The size of the box to ship packaged goods can also make a big difference to the shipping costs of a retailer, in particular with the introduction of volumetric and pricing that are in proportion to shipping charges. It is therefore important that a retailer has appropriately sized boxes for their order, combined with a sensible unit price for one’s packaging.

  6. Slow Shipping

    Slow shipping time often discourages customers. While a reliable courier makes a big difference, what people forget is that picking as well as packing of an order also takes time. If an order is picked and packed quickly and efficiently then it gives one a fighting chance of offering next or even same day delivery options. Slow delivery times often puts off ecommerce customers and hence it is important to ensure that one’s packaging does not affect this.

  7. Customer Loyalty

    Custom packaging drives loyalty among people. Over half of people who have received custom packaging are likely to purchase products from the same company for future orders. That itself is a huge impetus to considering good custom ecommerce packaging. Custom packaging is cheaper to send, protects the contents better by eliminating movement during transit, and is better for the environment as it would include using less material in addition to eliminating secondary packaging and its requisite costs such as foam pellets, polystyrene etc.
    It would also give retailers a chance to drive loyalty, increase visibility of your brand and delight your customers by providing them with a great shopping experience. Custom, and even personalized ecommerce packaging helps in driving loyalty among customers and helps in retaining them.

The importance of packaging in ecommerce

The importance of packaging in ecommerce cannot be overlooked. It is extremely important, especially as a marketing tactic as one’s ecommerce packaging has the potential to build brand value and brand image, increase sales, improve customer loyalty as well as help to position one’s business where retailers hope to be in the market. A combination of all these factors will have a significant impact on the success of the business of an ecommerce seller and his or her profitability.

eCommerce Integrated Software and Impact On Warehouse Management

Warehouse Management

A business has a lot of steps to follow when it comes to booking maintenance. Every seller prioritizes the data handling of their company very efficiently. That appeals to a need for centralized control of data transparently and accurately.

There was a time when businesses used to carry out all the finance-related activities manually. It is proven that manual work can not guarantee accuracy. In addition, the manual working process takes a lot of time and effort. It even gets worse when high cost also gets involved in it. Because of this, modernization has given a fast solution to it. Nowadays, businesses choose to keep their record through integrated accounting software. As finance is the backbone of every business, an owner must be sure about the new technique used in the current scenario. But then, how can these activities be performed at a rapid speed with minimum or no number of errors?

The challenges a company comes across for its accounting have given rise to a new technique that grants sellers a better experience and effective results. To grow big and focus on objectives, one must gets enough time and concentration from the rest of the business activities. And now that the invention of “Integrated Accounting Software” has come with its excellent quality for all the companies working in the market, it is quite easy.

eVanik, a new era smart software that understands the problems of companies and has all the solutions, is a leading integrated software that is helping out numerous companies in India with amazing performance.

But before we jump on the advantages of Integrated Accounting Software, let us know what exactly it means.

Importance of Integrated Software on eCommerce Warehouse Mnagement

Integrated accounting software is a solution to all the traditional financial and accounting problems of businesses. In this, a single application can take over all the responsibilities right from reconciliation in payments, tally integration system stock management, inventory management, omnichannel order process, tracking product performance, auto pricing, and so on. In a rapid culture, everything needs to be as quick and accurate as it could be. This eventually has emerged to the existence of software that can provide you with instant calculations on a real-time basis. Companies that deal with issues like inaccurate reconciliation, unsatisfied tally integration, and the number of accounting books need to switch from traditional methods to a modern package.

For a better understanding, an integrated accounting software gives you a wholesome report of reconciliation accounting system, tally integration system, order processing, paid or unpaid data, market trends and competitions, fee charges, return rates, and a lot more in just one click. Isn’t that amazing? But do you know how eVanik makes itself the best business management software offering some exclusive and over-the-top services for all the sellers working in an eCommerce store?

eVanik has a single cloud-based space that allows the seller to have a combined report of its accounting and financial ERPs. Keeping a record of the daily transactions of a business is not fun, but with eVanik many sellers have experienced a full proof data handling experience at their fingertip.

How Does An Integrated Accounting Software Works?

Let us consider all the accounting activities which are required to be taken into account like reconciliation integration solution, tally integrated system, order processing, and management, tracking inventory, inventory management, return rates, profitability calculating, tracking product’s performance, and so on. All these need a lot of time and patience to calculate. But eVanik integration accounting software has a solo center from where all these activities are performed and tracked on a real-time basis emphasizing to make these data errorless and remarkable. Integrating all the finance and accounting-related information is difficult. But technology has a solution to everything.

Say Yes To Smart Work

While everything and anything is changing frequently with time, business patterns have also been changed. With integrated accounting software, it becomes easy to find each required detail of your finance and accounting management. Manual working is now obsolete. Digital businesses handle things with ease. Any business should focus on fewer investments and grabbing more profit from the same. For this, a cloud-based single platform architecture will enhance the growth of profit as you will be concentrating more on your base activities. Hence, a seller should follow the trend of not only working hard but working smart as well.

Centralized Control Of Warehouse

When there is a mechanism to manage your godowns, enlisting your products and selling information, nothing can be more exciting than this. As eVanik has a single platform that looks after how many products are being brought in the warehouse and how much of it would be released at that given time. Also, it ensures tracking the products available in the warehouse and their related issues as well. There can be choices a marketer would make, but the best deals come when you are ready to improve.

Clear Picture of Business Performance

With integrated accounting software, a seller can have a clear idea of where his|her company is positioned in the eCommerce wide market space. Many dealers do not understand and evaluate the proper mechanism of their business because of which they end up losing great opportunities to grow. Therefore, having a smart assistant who could handle your stress on your behalf is not a bad idea. This would not only give aggregative and detailed information about your finance and accounts but also helps you in tasks like profitability calculating system, inventory management, omnichannel order management, etc.

Consistent and Regular flow of Stock Management System

Warehouse management has to be easy enough to make order processing easy. When a seller would know an accurate stock management system and solutions, they can’t focus on a better end product to serve their customers. Here, integrated software helps a company to have consistent and regular updates of stock bought and sold to the customers. Daily, it creates a better situation for the company to process its mechanism.

There is no doubt about investing in integrated accounting software for your company because not one but much daily-based business management would be performed easily. But anything you adapt to new takes a little time for learning. In Conclusion, it would be the best choice for any scale (small, medium, large) companies must subscribe to effective solutions for their eCommerce problems and one such assistance is eVanik.

Importance of Inventory Management

Importance of Inventory Management

Importance of Inventory Management

Inventory Management

Inventory Management is crucial to prevent an “out-of-stock” situation that can lead to lost sales for ecommerce sellers and disappointment for customers. Inventory management controls the entire flow of goods from manufacturers to warehouses and from there to point of sale. It entails management of orders, returns, logistics, returns etc.

It is necessary to streamline the inventory management system as a mismanaged inventory can lead to retailers witnessing huge losses.

Why do you need Inventory Management?

It is imperative for ecommerce retailers to be aware of its inventory in order to achieve efficient as well as fast operations, at an affordable cost.

An efficient management of inventory results in reducing costs that further helps to keep accounts and finances of retailers in check.

It also helps in offering better customer service through fast delivery of goods and low shipping charges, thereby meeting customers’ expectations.

Benefits of Inventory Management: There are a plethora of benefits in having inventory management.

Keeps track of one’s inventory and provides a centralized view of stock.

Controls the costs of ecommerce sellers by creating stock reports in order to analyse the inventory.

Enhances delivery by proper management of stock-outs and meeting the expectations of customers.

Assists in planning and forecasting by properly analyzing the data trends.

Reduces the time taken for managing the inventory by keeping one’s records in place.

eVanik OneWorld Suite: eVanik OneWorld Suite from the trusted eVanik Networks, which is the most awarded ecommerce solution provider in India, helps in effective inventory management. Over 12 thousand ecommerce sellers rely on eVanik OneWorld Suite to automate their back-office marketplace operations and skyrocket their online business on the best online seller sites in India.

eVanik OWS’s inventory management software is a centralized and synchronized inventory management software for multi-store, multi-channel businesses selling online and offline. This inventory management software manages common inventory for several channels and automatically reprice it to stay on “Buy Button” always thereby helping ecommerce retailers to keep growing their sales. It also helps to manage the order lifecycle. From procurement to warehousing, from order processing to shipping to returns, eVanik OneWorld Suite helps in the entire order lifecycle management. The software also provides Live/Out of Stock and Price Tracker. For brands selling through partners, dealers etc, one can get real time visibility on Live/ Out of Stock products and price change alerts with email notifications. eVanik OneWorld Suite from the trusted eVanik Networks also provides ecommerce reconciliation, with 99.6% accurate reconciliation of payments, returns, commissions and inventory in real time, with no cumbersome excel uploads or downloads.

Benefits of eVanik OneWorld Suite: Inventory management and Business profitability are interrelated and the biggest reason for the success or failure of a business is the way the inventory was managed. In the e-commerce marketplace scenario, inventory management becomes all the more important and hence it is imperative to have a seamless and centralized ecommerce inventory management software like the eVanik OneWorld Suite.
1. eVanik’s inventory management software tool helps an ecommerce seller a great deal by automating the online sales and inventory management system.

2. eVanik OWS is connected with all major e-commerce marketplace channels for inventory management. All one needs to do is set up the virtual common inventory once and the system will manage it across all marketplace channels for all products.

3. eVanik OWS Inventory Management Software is a boon for ecommerce sellers as it helps to manage their inventory across Amazon, Flipkart, Snapdeal, ClubFactory among others.

4. eVanik’s inventory management software helps sellers to save valuable time so they can focus on growing their retail business while eVanik OWS Inventory Management Software improves visibility into their supply chain.

5. It manages their online inventory by easily tracking and syncing product quantities across all online sales platforms in real-time. Every time a retailer receives an order from an online channel, eVanik OWS’s inventory management software apart from fetching that order, also automatically refreshes stock data to all online channels where the product is listed.

6. Does not require any software to install

eVanik OWS Inventory is a fully web-based solution that is hosted in the cloud. As a result, retailers never need to install software, upgrade updates, or archive their data.

7. Integration of multiple selling platforms

eVanik OWS Inventory has over twenty integrations with many selling platforms including Flipkart and Amazon, and will mitigate the headaches due to overselling. eVanik OWS automatically updates the selling channels in real-time with updated stock levels.

8. Support High Transaction Volumes

eVanik OWS Inventory supports higher volumes of transactions so sellers do not face any problem.

9. Free training and support

eVanik OWS provides a free training session from the start, and on procuring the software, ecommerce retailers are assigned a dedicated customer relationship manager to handle all their queries.

Key Features of eVanik OWS’s inventory management software: Following are the chief features of the eVanik OneWorld Suite from the trusted eVanik Networks, which is the most awarded ecommerce solution provider in India.

1. Composite SKU’s (bundles/kits) One can now combine SKUs to create composite SKUs that will depict the inventory of the underlying SKUs. Managing inventory with bundles will help to enhance your catalog by creating new offerings from your existing products with attractive pricing for higher-order values.

2. Advanced Order Routing

The software further offers Advanced Order Routing based on geolocation, warehouse priority, and stock availability. You can now combine SKUs to create composite SKUs that will depict the inventory of the underlying SKUs.

3. Custom Alerts
Ecommerce sellers can now set custom alerts for low inventory levels and create purchase orders.

4. Product SKU Mapping
With our unique inventory mapping system, sellers can track their products with different identifiers.

5. Multichannel Tracking
One can track product quantities and sales across boundless integrations. For retailers that have inventory in multiple warehouses, eVanik can allocate inventories and designate orders based on predefined rules, such as region, shipping method, or other special designation of inventory.

6. Sell better, faster with eVanik OWS
With the best inventory software, you can turn inventory faster, maintain higher margins, and reduce manual inventory-related tasks, helping you focus on what you do best: sell.

7. Centralize your inventory
Visibility across multiple sales channels, stock locations, and stages of the product life cycle within one simple inventory app.

8. Sell flexibly
Take advantage of merchandising techniques like bundling and pre-orders.

9. Low Stock alerts
Avoid overselling and stockouts with low-stock alerts, and automatic stock adjustments as sales orders are processed and purchase orders are received. Low inventory alerts make it simple and convenient to place a reorder from the appropriate supplier directly from eVanik´s.

10. Automate purchase orders
eVanik´s powerful capabilities automate and simplify your inventory management. eVanik automatically adjusts inventory through purchasing or vendor feeds. Product availability amounts are automatically updated across all marketplaces.
11. Transfer and track inventory
eVanik´s end-to-end platform will automatically reserve availability when an order is first created and decrease it from physical inventory upon shipping.

12. Cloud-based inventory management software
Modern Inventory software without the excruciating updates; available regardless of where a client or group is based.

13. Integration with accounting software
Build and study Sales and Inventory Reports

eVanik OWS Inventory Management software thus is an efficient and affordable software that gives retailers a robust product that has a plethora of advantages that helps ecommerce retailers catapult their business and take it to greater heights.

How to sell on amazon for beginners?

How to sell on amazon for beginners?

sell on amazon for

There is a step-by-step guide for every process whether to make an email ID, to make a social media account, or even to register yourself as a citizen in any country. Similarly to become a business owner you have to follow certain protocols to register yourself as one.

This blog is specially designed for the one who is a newbie and wants to become a seller on amazon. We are aiming to guide you step by step on how you can start your own eCommerce on amazon.

So without wasting any time let’s get started.

Making a Plan

First and foremost you have to make sure you are going on the right path. In order to do that you have to do thorough market research, set your business mission, and decide on a proper product analysis and financial budget.

Find your Niche

After thorough research, you have to decide what products you are going to sell. This niche will decide whether it will be profitable or not, will it stay trendy for a while or stay evergreen, what kind of impact will put on the mind of the customers and other important factors will decide whether it will give you significant revenue or not.

It is advised to select the products based on the season and fragility of the item.

Recognize your Supplier

In this part, you have to understand which supplier has the potential to fulfill your product unit requirements. In case you are the manufacturer you can ignore this part, but for the ones who are starting out you can look for websites like alibaba.com who can fulfill your order in bulk.

If you are not satisfied with the option you can go on google and find your ideal manufacturer who can provide you the quality products, low shipping charges, best prices, etc. This part mainly covers the market research.

Place your Orders

Now that you have decided on your supplier, it’s time to place your order. It is advised not to go for a large order but for small ones. Use this small order to get feedback and test your targeted customers.

Remember to stay in touch with your supplier and always check the quality of the product you are delivering to avoid any unhappy customer.

Registering yourself as a seller on Amazon

In order to sell on amazon, you need a seller’s account. This marketplace offers two types of accounts first is an individual seller and the other is a pro account. In the individual account, you will charge 0$ a month but you have to pay a dollar for every sale in the pro account you will charge 39$ per month.

So here you have the flexibility to choose according to your needs.

In order to register, you need necessary documents like GST number, business address ID, individual identification, business phone number for verification, and other important information that will be mentioned on the screen.

Create your Product List

Now that you have set your account, it’s time to list the product on your account. It is advised to optimize the products you are listing by including high-resolution images, stating out proper details with rich content, and giving some insight about the products in bullet points. Here you have to focus on making the product more appealing.

Manage your Inventory

While selling you have to pay special attention to the inventory. Keeping track of inventory level is extremely important. If you are unable to keep a proper track, you might face a situation where you might be out of that specific product and won’t be able to deliver the item the customer is asking for. This affects your brand image and hampers customer’s loyalty to some levels.

To manage your inventory you can use an efficient inventory management system that can also offer multiple features that can help your business smoothly.

Act on your Customer Feedback

It is necessary to make necessary changes according to your customer’s feedback. These feedbacks will help you recognize the gaps in your business plans and plan efficiently to generate significant revenue for your business.

These testimonials can turn out to be social proof that your products or services are authentic and are of good quality.

Conclusion

Amazon is one of the most profitable eCommerce marketplaces and if you are planning to start your business, we believe this is the right time to get in. Hopefully, you might have understood the path to start your online business. All the best in your future endeavors.

How To start selling on Flipkart | Beginners Guide

Beginners Guide

Omni channel approach is the new normal in the ecommerce industry, whether you are a small time seller or a big one, in the competitive market everyone wants to stay on top no matter what. In order to maintain healthy competition, the marketplace is open to everyone who is willing to sell their product through them.

Today you will learn about one of the most profitable marketplaces called Flipkart. According to the report published by Statista, Flipkart reported a revenue generation of 346 billion and a revenue increase of about 12% in the financial year 2020. Being a seller who is just starting out, we can guide you on how you can sell on Flipkart in India.

Getting to the point, let’s focus on some questions that a newbie might have around the topic.

How do I Register as a Seller on Flipkart?

Being new to Flipkart you have to follow a certain path to register yourself. Since Flipkart has quoted a certain path for every seller depending on the number of people involved to conduct their business through them.

Documents you will need to register yourself

For individual seller or Sole proprietorship
  • GST registration certificate
  • PAN card
  • Bank account statement
  • A signed document declaring showing the ownership of the business

For individuals owning a private limited company

  • Company’s PAN number details
  • GST registration certificate
  • Certification of private limited company
  • Articles related to association and memorandum
  • Address proof for business and identity

For any partnership or LLP Firm, be prepared in advance

  • Deed of partnership or established LLP
  • Document for address proof – telephone bill or electricity bill
  • LLP PAN details
  • Document of partner who holds the power of attorney
Steps on how you can register on Flipkart?

Now that you have got a clear picture about the documents that you will need to register yourself. Let’s look at the steps that you need to do to complete the registration.

  • First visit page seller.flipkart.com and from there click on the register now button.
  • From there you will be directed to the page saying “create seller account”
  • There you see a number of fields that must be filled under Name, mobile number, password etc. You will receive an OTP on the number you have provided for verification.
  • Going on to the next stage, you can decide and select the pick up location and primary selling category of your product.
  • Next you will be required to fill in other details like business details, bank details, listing details etc.
Tips to plan out before you proceed with the Flipkart Seller Panel
  • What will be the nature of the business?
  • The price range of the products
  • Expected revenue in the next 3 months
  • Gender of the seller
  • Age of the owner’s account
  • Help you might from Flipkart’s end to grow your business
  • Possibility of selling the products under your own brand
  • No. of products to sell online
  • And several other pointer related to your business
Why you Should Sell on Flipkart?

As you might know Flipkart is one of the top 3 leading ecommerce websites in India and it was also ranked number 1 in 2019 as one of the top companies on LinkedIn. It was started in 2007 as an online book selling company and now it sells everything online.

It offers the opportunity to every seller even those who are on a low budget. It means if you can start your own business even with minimal investment. Moreover Flipkart can make sure your product can reach the customer and in a tip top condition. Flipkart also offers SPF (Seller Protection Fund) that will protect the seller from any kind of losses. Because of this most are leaned on to listing their products on Flipkart.

Seamless and free listing feature

You can easily sync your products with the help of Flipkart representatives.

Payment only after making a sale

Flipkart has a policy of taking a small amount as a commission which is applicable only after making a sale and successfully delivering to the end customer.

Access to a larger customer base

There are more than a million sales that are happening on a daily basis on Flipkart. Thus every seller will have the opportunity to expand their online presence and engage new customers.

Larger Product Niches

Flipkart offers more than 80 categories of products like books, electronic gadgets, sports equipment, laptops etc. These mentioned products also have subcategories so that the customer will be able to define his own line of products in a more specific way.

If you compare online, in India there are only two king giants in the category of ecommerce websites: Flipkart and amazon. And both of them have their own set of pros and cons in terms of fulfilment, reconciliation etc.

There is another question that always comes across in the mind of sellers i.e.-

Can I sell on Flipkart without GSTIN?

There are certain products listed in the product category on Flipkart that can be sold without a GSTIN number. For example books can be sold without GST in that case you have to provide the bank details that are associated with your business.

After selecting and giving all the necessary details a seller dashboard will appear there you can check which details are needed to be uploaded before selling on Flipkart.

Conclusion

Starting out a new business is always going to be tough especially when you are going to compete with more than 28 million sellers online. But if you plan out and follow certain steps like investing in product listing ads, maintain an updated inventory etc. your business will thrive organically and generate significant revenue.

Top 9 Profitable Products To Sell Online In 2021

Top 9 Profitable Products To Sell Online In 2021

Profitable Products

An eCommerce seller is always on the lookout for which products to sell online. Because sellers have the tendency to buy in bulk and if a certain batch is gone to waste, the cost has to be bear by the seller. Which finally will be reflected in the price paid by the customer.

It is always advised to follow the latest trends, people’s reactions to new niche products, and recognize the profile of your ideal customer. Now let’s come to the point, here you will learn about which product to have to focus on that might be in demand in the year 2021.

These products only cover the categories based on the selling and search trends in the year 2020 and we believe it will carry over in 2021 as well. So be sure to keep a close watch on this niche of products.

Peel-off face Mask

Several search tools and multiple eCommerce platforms like google trends, amazon, Oberlo, etc. are indicating that the demand for peel-off masks has increased over the last few months. The search data published by “Keywords everywhere ” suggests that this specific keyword receives more than 30,000 every month.

Face mask keyword facts

Another keyword that is receiving the most searches is “charcoal face mask” which is over 41000 and “facial mask” over 81000 per month. The data also suggests that there are more than 5.3 Million views on “peel-off face masks” alone. You can also follow Instagram and Facebook if you are planning to sell beauty products online.

Designer Nail polishes

Designer nail polishes are a catching trend among the younger demographics and according to “grand view research” reports the nail polish market might reach 15 billion USD by the year 2024. “Google trends” also suggests that the searches for “Nail polish” are spiking on an average up to 250,000 after March 2020.

Why designer nail polish is in demand

The younger generation is now starting to experiment with nail products like enamel, lacquer, and varnish. And due to their innovative look, texture, and effects, these cosmetics might segment might boom in the future.

Workout Bands

Resistance bands are quickly becoming one of the highest-selling online products. It is a known fact that the corona pandemic has pushed us into isolation and has led to the shutdown of gyms around the world and has made us unfit. To deal with this, people have started purchasing gym equipment for their home gym.

More facts on resistance bands

“Keyword everywhere” is suggesting top searches on keywords like resistance bands with 673,000 per month, exercise bands with 25000 per month, and exercise resistance bands with 5300 per month. Focusing on these niche lines you can attract some compelling potential customers with good conversion rates.

If you are a seller it is recommended to select some branded products, optimize your product page, and put in some good pictures.

Water Bottles

In 2018, it was revealed that the reusable water bottle market is valued at more than 8 billion dollars and is growing at a rate of 3.9% until 2025.

What do numbers say

The trend data published by keywords everywhere shows water bottles have a search volume of 103,000 per month, reusable water bottles at 27,100 per month, sports water bottles at 14,800 per month, and custom water bottles at 22000 a month. Google trends is also showing a gradual increase in the demand for this line of products.

Probable reason behind it

As humans are becoming more of a threat to the environment, a non-reusable water bottle is a go-to choice to reduce any negative impact. Your possible target audience is more likely to be more health-conscious and aware of the harmful effects of using one-time-use bottles.

Blankets

The blanket is the perfect option if you are searching for profitable products to sell online and want to attain higher profit margins. It is a 6.6 billion dollar industry and is expected to grow up to 9.9 billion dollars by the year 2027 as reported by CAGR.

Since it is a seasonal product, google trends show a sharp spike only during the winters. And it also suggests that people lean more towards a decorative, stylish product and more comfortable blanket made of wool. There are also custom made blankets that can offer print on demand service if requested by the customer.

Numbers

If you run ads on Google, it is advised to focus on two keywords first is “wool blanket” which stands at 40,500 searches, and fleece blanket, which stands around 50000 a month. Depending upon the type of blanket you are planning to sell you can try specifying your product so that you can narrow down your search to your group of potential buyers.

Yoga Mat

As people are becoming more health-conscious every day and their home is now converting into a small personal gym. The yoga mat industry is booming and has the potential to expand to 17.3 billion by 2025. This statement can be confirmed by stats given by google trends that show a pattern in the seasonality in the searches and purchases of yoga mats.

These patterns are a new year resolution season in the month of Jan and Feb, early summer season in June when people usually go outdoors, and finally, there is a gifting season which is in November and December.

Jigsaw Puzzle

We know this might be an odd one out from the ones that we have mentioned above. But it is true that the jigsaw puzzle is one of the greatest ways to pass time since the 1700s. Some people use it to relieve stress and make something beautiful. Most companies are exploring new creative ways to make puzzles more exciting and complicated.

Looking at the statistics, just after the lockdown was imposed there was a significant rise in the search which was around 820000 searches per month on average. Research published by a global research study showed that the jigsaw puzzle industry is worth around 9.1 billion dollars and has the potential to reach a compound annual growth of 15.1%.

What Caused this Spike?

Forced isolation of people into homes due to the pandemic and need of making the jigsaw puzzle more complex, creative, and exciting by organizing certain jigsaw competition events.

Artwork

Most people have a creative bone in themselves and everyone has their own taste depending on their lifestyle. If you’re looking to find something different from the general choices, choosing artwork as your niche product can give a huge profit margin. With social isolation and work from home culture, people want to add some zest to their surroundings.

Before you take any new steps to sell artwork, it is better to narrow down your target audience. Our ideal artwork might include something bold, motivational, abstract, or any aesthetic photography. These are some of the designs that might be good to sell in 2021.

Headphones

As new technology and attractive campaigns are the driving force of the success of every electronic product. The headphone industry is marked at 25.1 billion USD reaching an annual growth of 20.3% by the year 2027.

In this industry, true wireless headphones are very hot right now. It lets you connect one headphone with one audio device and another one with other audio devices. Because of its small size, it is becoming one of the favorite gadgets of every individual.

It is an evergreen market and as said before it is growing substantially in this current market. So if you want a piece of the profits you must select brands that are booming a lot in this or have better campaign strategy than others.

Conclusion
The real reason behind every successful business is hard work. And most of the hard work goes into research and experimentation. Finding products to sell online that suit your needs and fit in the equation. So if you are an eCommerce seller you can try eVanik, which can help you find you manage your business and save up a lot of time and money in the process.

15 Effective Inventory Management Techniques

15 Effective Inventory Management Techniques

Effective Inventory Management

A recent study which is done by the Warehousing Education and Research Council found when it surveyed the number of e-commerce companies that the main the reason why many companies face loss is due to a lack of inventory management. These companies doesn’t have effective inventory management techniques.

Inventory Management plays a vital role to run a successful business or company. Have you ever wondered how companies earn a great profit? There are many companies that face loss due to mismanaged inventory. Inventory management is essential for a business or company to be successful.

The clothing retailer H&M company has made it to the top with a $20.3 billion yearly sales. In a decade, retail giant Walmart has grown from $70 to $127 billion and dominating the whole market. This is all possible due to a solid inventory management.

If you want to remain competitive and profitable in the market then you need a cost-saving solid inventory management system that helps to boosts the profit of your business. There are also some companies which get a lot of sale and customers but cannot make a profitable business from it due to lack of inventory management.

Inventory is a placeholder for your money. Holding an inventory ties up with a lot of cash. That’s why it is very important to have good inventory management for growing a company. There are various inventory management techniques are available, and choosing the correct one can lead to providing the correct goods, at the correct amount, place, and time.

Large Inventory. Warehouse Goods Stock for Logistic shipping banner background.

Here you will get some best techniques for inventory management. By implementing these inventory management techniques you can take your business at the next level. But before that lets us know more about inventory management and it’s importance.

Organizations from small as well as large businesses can make use of inventory management to manage their flow of goods properly.inventory management includes aspects like controlling and overseeing purchases from the suppliers as well as customers in order to maintain the storage of stocks and to control the amount of product for sale and order fulfillment. Business is useless without proper inventory management.

As per the research, the data came in front of us that about more than 43% of business owners don’t track their inventory. This is one of the reasons why many companies and businesses cannot grow even though they had a lot of demand in the business.

The survey by Supply Chain Dive shows that one-third of warehouses do not have a proper inventory and warehouse management system which is the main reason why companies are facing loss even after a lot of demand for products. So it is very important to have solid inventory management to run a successful business or company.

Effective Inventory Management2

Inventory management uses many techniques to keep the right amount of goods on hand to fulfill customer demand and operate the business profitably.

15 Inventory Management Techniques for your business

Here are 15 Inventory management techniques that will definitely help to improve your inventory management and cash flow. Optimal inventory management varies for every company, but there are some general strategies by implementing any business can grow. We have listed here 15 techniques for great inventory management.

1) FIFO ( First in First Out) Method

It is a very important concept and widely used in inventory management by various businesses. It works on the basic principle that the product which comes first in the warehouse should be sold first. In this method First or the oldest stock will be used first.

This method ensures that the oldest stock will be used first which helps to reduce the cost of obsolete inventory. This inventory system is commonly used in several companies and warehouses. The FIFO method is applied to both warehouse management and accounting.

FIFO technique plays an important role in the warehouses that contain perishable products. It is widely used in the food and beverage industries. It helps in Effective management of your warehouse space.

2) Minimum Order Quantity ( MOQ)

Generally, suppliers used to supply the product in whatever quantity which you have ordered from them for your business. But there are many problems we have to face while order certain products from the suppliers because they have minimum order quantity criteria.

A minimum order quantity (MOQ) is the lowest or minimum amount of stock that a supplier is willing to sell or accept. If you are not able to purchase the minimum order quantity of a specific product, then the supplier won’t sell it to you.

The main purpose behind minimum order quantities is to allow suppliers to make more profits while getting rid of more inventory management.
Wholesalers generally don’t prefer doing business in such a way, but in many cases, wholesalers are forced to sell using MOQs because they’re forced to buy a minimum amount of stock from the manufacturer.

3) ABC Analysis

There are many products available in our inventory and it is obvious that we are more focused on the products which have more demand in the market and have high sales. But to manage the inventory effectively it is very necessary that we should give attention to each and every product.
For this Many businesses use the ABC Analysis technique which is the best method to efficiently manage your inventory. In this method, the products are getting categorized into different groups.

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ABC analysis is an approach for classifying the products which are present in the inventory as per their consumption values. Consumption value is defined as the total value of an item that is consumed over a specified period of time.

ABC analysis is a method of analyzing which helps to categorized products into three categories: A, B, and C.

Category A

In this category, the products are of high-value but have a low frequency of sales. Such products required more attention because it consists of products which have more financial value.

Category B

In this category, the products are of low value but have a high frequency of sales. In this case, such products may require less attention because they are continuously moving because of high demand.

Category C

In this category, the products are of moderate value and of the moderate frequency of sales. But this also required some attention and financial assessment.

4) Safety Stock Inventory

It is the level of extra stock that is maintained to mitigate the risk of run-out for goods and raw materials due to uncertainties in the supply or demand. It plays an important role in order to avoid stock out and keep customer satisfaction at a high level.

safety stock inventory helps to keep your warehouse and supply chain running smoothly. The goal of safety stock inventory is to make sure that your customers will be satisfied and keep coming back to you.

Safety stock protects against unforeseen variations in supply and demand. In simple words, Safety stock is an additional quantity of products added in the inventory to reduce the risk that the product will be out of stock.

5) Centralize your Inventory

Centralized inventory is a method in which stock is kept in a single location. Businesses generally merge all their products into a single place to make inventory management easy.

Centralizing your inventory has a number of benefits for your business. One of the greatest benefits of Centralize inventory systems is operational efficiency.

Centralized inventory maybe sometimes changing demand. With stock in a single location, it can be difficult to fulfill orders when there’s been a spike in demand in a specific geographic region or weather makes fulfillment impossible from your single warehouse.

Centralize inventory is the key to the profitability of your business.

6)Batch Tracking

Batch Tracking is a method that is used to group and monitor a set of stock that has similar properties. This process is used for the efficient tracing of goods.

It gives you detailed information about the product from raw material to finished goods. It helps you to know where it comes from, and where it went.

There are several benefits of batch tracking like:

  • It helps to improve relationships with suppliers.
  • It helps to identify which products are going to be expired.
  • It has fewer accounting errors.

Batch tracking allows insight into the quality of your finished goods by tracking the raw materials of your suppliers. This identifying your best and worst suppliers which helps you to decide the right suppliers.

7) Dropshipping

It is a very simple method in which there is the direct delivery of the goods from the manufacturer to the customer.

Dropshipping is a supply chain management that allows businesses to reduce their inventory costs by not holding any inventory. It is one of the best inventory management techniques.

It is a very simple method in which we first receive an order then we have to forward it to the supplier and the. The supplier fulfills the order.

There are several benefits of using the Dropshipping technique for inventory management:

  • One of the greatest advantages of Dropshipping is that we don’t have to invest a huge amount of money. It requires very little capital.
  • Dropshipping required fewer overheads Because we don’t have to invest in purchasing inventory or managing a warehouse.
  • Nowadays, dropshipping business can be run from anywhere. As long as you can communicate with suppliers and customers easily, you can run your business from anywhere.
8)Managing Relationships

It is one of the most important factors for running a successful business. A good relationship is very important in business. It is about clear, proactive communication.

It is very that you should have a strong relationship with the supplier to run your business effectively. This will be helpful to you for minimum order quantities. You can ask your supplier for a minimum order quantity so that you don’t have to carry much inventory. Good Relationships play a key role in order to build a successful business with maximum profit.

9)Contingency Planning

If you are running a business there are many uncertain inventory management issues are come in front of us and it is very difficult to fix or resolved those issues on time.

The problems which can arise during inventory management are as follows:-

  • The product has a low frequency of sales takes the maximum space of your warehouse and there is no or little space available for products having a high frequency of sales.
  • The unexpected rise in demand for a specific product and the product is out of stock.
  • Cash flow turns to negative and it is not possible for you to pay for products which you needed.
  • The manufacturer stops the delivery of the product without any prior notice. So it is necessary that you should identify the risk and make a solid contingency plan for better inventory management.
10)Regular Inventory Audit

An inventory audit is defined as the analytical procedure that helps to cross-checks the financial records which match inventory records, or the count of physical products.

It is very necessary to do regular auditing of the inventory in order to have an idea of stock in the warehouse. There are three ways by which the inventory can be tracked

  • Spot Checking-It is the method in which the products are manually counted and cross Check with the actual data. This is generally done for high-value products.
  • Physical Inventory-Many businesses prefer to do counting if the whole inventory only once at the end of the year because of the accounting and tax filling purpose.
11)Set par levels

A par level is defined as the minimum amount of a product that should have on hand of any business. This helps to meet the customer’s demand while also maintaining safety stock in the case of uncertain demand.
The par level is ideal for use Effective management.
If you track par levels in real-time it will help you to track which stocks are depleting faster than others and which products have less demand in the market. It will prompt proactive orders to replenish stock so you don’t run out.

If you don’t maintain par levels properly, you might find yourself in a situation where you cannot fulfill customer demands.The concept of par levels is helpful for warehouse managers and business owners for control of the inventory.

12)Prepare for different Seasonality

There is a massive change in the demand for the product as per the season. So it is very necessary for the business that you should be ready for the changes in customer demand in the market.
Seasonal inventory required stock which is in high demand during particular times. these periods of time often coincide with the different seasons, and companies need to be proactive in preparing for different demand during these key times.
Seasonal inventory can be unpredictable in the market. seasonal inventory can be a challenge to your inventory control plan, making it difficult to prepare for the changes in demand for various products in the market.
So it is necessary to forecast the demand of products from past data to achieve better inventory management.

13)Tracking your sales

Tracking sales and available inventory help in determining what you need to order. Using the point of sale and tracking programs can add to the expense but they will help you to ensure that your customers have what they want while you maintain the minimum amount of stock necessary.

It is very necessary to track inventory levels on time for proper supply chain and critical for e-commerce brands that want to scale up successfully in the market. If you do not properly track your inventory sales it will end up with frustrated customers, excessive inventory, obsolete inventory which is not good for your business.
A good inventory system will help in communicating with suppliers and making demand adjustments. Using an inventory tracking system is the most efficient inventory tracking technique as it helps in achieving better transparency and accuracy than other techniques.

14) Accurate Forecasting

For ideal inventory management requires accurate forecasting of the demands for different products. But the forecasting is not an easy task it requires deep study and analysis of the market. It depends on the various factors
Various Trends for different products in the market.

  • The growth rate of the current year.
  • The demand of customers for specific products.
  • Guaranteed sales from contracts and subscriptions
  • Seasonality and the overall economy

Demand forecasting goes beyond simple estimates of product demand, looking into complex patterns overtime to produce more accurate and timely predictions. Any organization will be able to better manage inventory, increase revenue only after proper inventory management and accurate forecasting of sales.

If you are running a business and want to scale up, then it is very important to investigate the efficiency of their inventory management and forecasting processes.

15) Lean manufacturing system

Lean manufacturing system is an inventory management technique that primarily consists of a set of tools, a philosophy, and a system. It aims to reduce waste, optimize production, and helps put the customer first.

  • The lean manufacturing technique delivers the most valuable product to the customer.
  • It undergoes a process of ensuring all of your value-adding steps flow smoothly without any delays or interruptions.
  • It maps out the steps and processes required to manufacture high-value products.
  • Lean thinking and process improvement is a core part of the company culture.
    Lean inventory management is the calculated approach to increasing the value of a company inventory by identifying and eliminating waste which is left after the manufacturing of the products.
Conclusion

It is very necessary for wholesalers and businesses to focus on inventory management to run their business effectively and having a check on finance and accounts. If there is a lack of management you cannot efficiently get items to customers when they need them. Inventory management will help you to know which products are overstock, under stock, and out of stock. Inventory management helps to keep a check on the financial activities of the organizations.
Inventory management touches many parts of your business. This can lead to different types of problems in the business. Inventory management helps in faster shipping, within the warehouse. you can easily know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.
So now it’s time to take control of your inventory by using the above inventory management techniques which will definitely stop you from losing money and make your business more profitable. eVanik gives you the capability to implement all the above mentioned techniques.

20 Reasons to use Order and inventory management systems

20 Reasons to use Order and inventory management systems

Order and inventory management

What is inventory management in E-commerce?

Inventory management in E-commerce is defined as the method of measuring the amount, pricing, location, and variety of products available for your business in the Market. It is a set of all the processes which are used to control and organize the goods or materials in your industry.

It is very necessary for retailers and e-commerce sellers to focus on inventory management to run Their business effectively and having a check on finance and accounts. It will help you to know which products are overstock, understock, and out of stock. Inventory management helps to keep a check on the financial activities of the organizations.

Logistics and Analytics plays a vital role in the inventory management system. This will helps you in understanding the purchasing trends of the customers.

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What is the Order Management system?

An order management system (OMS) is an electronic system used to execute securities orders in an effective and cost-effective manner. E-commerce sellers use order management systems when filling orders for various types of securities and can track the progress of each order throughout the system The order management system(OMS) is also known as a trade order management system.

It is software system that facilitates and manages the execution of trade orders. In the financial markets, an order must be placed in a trading system to execute a buy or sell order for a security purpose.

order management systems offer real-time trading solutions, which allows the customers to know market prices and execute orders in multiple exchanges across all markets, by real-time prices. Some of the benefits that organizations can achieve from an order management system include managing orders and asset allocation of portfolios.

Order and inventory management3

This article will walk you through the importance of inventory management and why E-commerce sellers need an inventory management system for their business.

1)  Speed up pick and pack process

The Order Management system is very necessary for the Effective management of the product. There are many advanced product management tools are available which, helps in exactly locating the item in the warehouse. Nowadays, all this process is controlled by real-time order management software. Once the product is getting out of the inventory, the packaging department receives the data about the product and packs it in the appropriate trunks.

2)Helps to keep an eye on the inventory

It is very necessary to maintain the products in the warehouses. Traditionally there was only one warehouse for one product, but nowadays, businesses are growing day by day with large exponential growth ,which needs effective inventory management. An e-commerce inventory management system tells about the details of the different product availability whether they are under stock, overstock, or out of stock. It keeps deep visibility into multiple warehouses.

Order and inventory management4

3)For effective business practices

Inventory and order management systems help in Efficient business management. Traditionally the workers have to train about the working process of warehouse and products. But today due to digitalization it is very easy to manage. Proper inventory management saves our precious time and gets more value from the team members.3)For effective business practices

4)To delight customer experience

It is very necessary that e-commerce sellers should focus on improving the user experience of their purchasing. Some times e-commerce websites show products in stock, but when customers try to purchase, it shows out of stock. This will reduce the quality of the user experience. To tackle this problem, there should be proper inventory management.

5)To eliminate Deadstock

Having an organization. Planning and forecasting will help to improve the user experience. Having a bulk stock also can create a problem if you are not able to sell the products effectively. e-commerce sellers must eliminate deadstock, and reduce the wastage of inventory. This will reduce the extra storage costs.

6)For more directed Investment

The order and inventory management systems will help you to understand the historical trends regarding the demand for a particular product. This will helps you to know where you have to invest more money to stock the products in the warehouse. This will helps to calculate the quantities of products required in stock.

7)To improve the ability to meet market demands

It is very necessary to predict the future movement of the product demands and the purchase trends to effectively managed inventory. It helps you to give the data about the products and how it is moving. This helps to identify what products are more liked and purchased by the customers.

8)For improving marketing results

It is very important to track the inventory in the online e-commerce website for effective inventory management. Seller’s ratings and search rankings will be enhanced for these e-commerce sellers. It is very necessary to make sure that you are not stockpiling products that will not sell.

9)Helps to lower your stress

As the business grows and expands, it requires effective order and inventory management It is difficult to do manual inventory management. Advanced tools helps you to effectively maintain the orders and inventory management system with maximum efficiency.This will helps to reduce the stress of inventory management.

10)reduce the time required for inventory control.

Effective inventory management will help you to save your time required for managing the inventory. Good inventory management not only helps to reduce the time taken to track the products but also manage the orders.

11)For proper planning and Forecasting

For running a successful business it requires solid Planning. Advanced software will help you to improve demand forecasting by adequate analysis of data trends and movements of the products. This will reduce the handling costs and increases the revenue of the organization. Planning and forecasting will help to improve the user experience.

12)To improve the delivery

It is very necessary to deliver the required product on time. For tracking the movement of the products it is very important to know when the product will arrive and when it will be delivered to its required location. The late delivery creates disappointment in the customers and affects the growth of the business. That’s why it is necessary to have order and inventory management.

13)To ship packed products with integrated partners

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Order Management system should be integrated with the logistics companies. This will helps you to choose high rated partners and to send products to the customers effectively.

14)To ensure the efficient changes to the Market

The order management system has several benefits. It will provide greater efficiency in managing orders across the enterprise. The Advanced software for order management system helps in faster response to the customer’s demands and helps to identify the market changes.

15) To Unleash your best fulfillment strategy

An order management system has the capability to integrate with order management software to make it easy for e-commerce sellers to provide options such as pay online and pick from stores, express delivery, or same-day delivery. This will only be possible if you are able to track your complete inventory across all channels and provide your users with all possible fulfillment solutions.

16) Update pricing strategy based on competition analysis

There are Repricing tools available to update the real-time prices of the products as per the market changes. We can update prices in real-time on different marketplaces. This will help you to maintain the consistency of your product’s price along with the consistency of the brand.

17) To Automate your most straightforward tasks

Order Management system allows you to do various tasks like sending notifications to your customers, printing labels, and invoices,etc. It will also help in saving your employees time. The complex tasks are easily managed and completed as far as possible.

18) Increased customer satisfaction

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A good inventory management system ensures faster and correct delivery to customers which ultimately results in increased loyalty, sales, and a better brand reputation for the e-commerce sellers. Customer satisfaction is one of the most important things in any business. Customer satisfaction will help in the exponential growth of the organization.

19) Pick a Customized System

Business operations are very complex and difficult to manage. It becomes very important to select an excellent software program that supports all elements involved in the running of the business. When your business grows and your e-commerce needs to change, this will allow you to move to a new shopping cart solution which will minimize the impact on your business activities.

20) For Warehouse Integration

 It is very necessary to manage inventory across different warehouse locations. The inventory management software will provide integration for all the locations. With the help of order inventory management, it is easy to track the status of all the inventory through your computer screen.

 Conclusion

Traditionally inventory management was very simple and the retailer sells products in front of their shop. Modern brands now have numerous channels to sell through e-commerce and social media. Inventory management software is paired with accurate channel management.

Inventory management touches many parts of your business. If there is a lack of management you cannot efficiently get items to customers when they need them. This can lead to different types of problems in the business. Inventory management helps in faster shipping, within the warehouse. you can easily know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.

Hence for E-commerce sellers, order and inventory management should be on their first priority.

eVanik offers robust Order and Inventory Management Solution for E-commerce sellers.

Importance of MultiChannel Inventory Management

Importance of MultiChannel Inventory Management

MultiChannel Inventory Management

Multichannel inventory management becomes important for online sellers  who often get confronted with the problem of managing a common / centralized inventory across various channels including their own website, offline store and e-commerce marketplaces. The buyer journey and preference especially on e-commerce marketplaces is largely unknown to the sellers and the need to be optimally stocked up on all channels is the key requirement to win the sales race. Loss of orders due to stock outs and over ordering due to inventory not updated on-time, everytime can lead to serious business disasters.  Sellers would tend to spend more money on the inventory carrying cost than the amount spent on buying the inventory itself. Also the stock which a seller is carrying has depreciation and devaluation risk due to obsolescence or expiry dates. Hence the need to optimize stocks through a robust multichannel inventory management system is essential. Timely reordering and getting on-time stock alerts is also one of the important parameters when building your inventory management system.

In simple words, the opportunity to reach your customers / audiences on their preferred channels at all their journey points is called multi-channel management. While this can be done at a very raw and basic level manually, there are good multi channel ecommerce software available in India and globally to solve this problem.   Most buyers are now using marketplaces like Amazon, Flipkart, Etsy, eBay etc to buy products. Their search behavior is largely dependent on many things like listing quality, product rating etc, but more importantly the availability of the product is the key for them to make the spot decision. As a seller it’s most important to be on that spot all the time.   For a seller it gets harder with more channels and more SKUs to manage as the business keeps growing. This often leads to late orders, penalties, higher return rates and dissatisfied customers. Also, customers really don’t care about the problems or the efforts which sellers face for fulfilling their orders. Their single motto is to get a great shopping experience and be well taken care of.     Overselling is also a key pain area. More than getting penalized for unfulfilled orders, it leads to embarrassment and pain of losing customers. Multichannel inventory and order management software will allow you to create powerful and easy integrations with unlimited channels and give you access to a dashboard from where you can manage and control your inventory and orders centrally.    Agile platforms will start building their own inventory from the first channel that you connect. This could possibly be your best or biggest sales channel. You can use this inventory or modify it to publish it across all your channels. Syncing stock level across your multi channels regardless of how and when they were changed will relieve you from all the problems of managing inventory. A good inventory management software will let you check your stock from anywhere, whether you are at home or even enjoying a vacation with family anywhere in the world.   A lot of sellers try to execute their multichannel order management requirements through spreadsheets like Excel or building custom algorithms in the Excel spreadsheet. But this may not be the right method, as excel is an offline utility and does not have the capability to consume real-time information of orders and inventory coming through various platforms. Real-time inventory synching is crucial to success to get the multichannel inventory and order processing right. Because this delivers strong fulfillment rates, loyal customers and great reputation with marketplaces.    A good multichannel inventory management system will also help you in linking your duplicate SKUs and managing bundles and product combos.    A great tool which connects your products, orders and inventory of all your channels including your marketplace channels, offline store and website is absolutely essential for succeeding and growing your business in a multichannel business environment. This is how a seller can focus more on business and not on inventory.    If you are selling on international marketplaces, one of the advantages of having a multichannel e-commerce order and inventory system is that the seller will have the ability to reach out his products to international customers without needing to invest in physical warehouses.   Due to COVID-19,it has become even more important that you save your valuable time and power up the efficiency of your business. Invest in a good multi channel inventory and order management system for your marketplace and e-commerce business..