How Does Meesho and Other eCommerce Reselling Apps Work in India!

How Does Meesho and Other eCommerce Reselling Apps Work in India!

During the COVID-19 pandemic, life put us all on lockdown. According to research, more than 65% of customers still do not prefer to visit a brick-mortar store. This was when sellers and brands planned to sell online, and they adapted the eCommerce platforms and apps as their ammunition. During this period, India’s eCommerce business tendency is snowballing. Business minders come up with the idea of reselling the products, and this is easy to start and doesn’t even require a lot of money to invest.

Nowadays, resale has become a full-fledged business that can let you generate more revenue than a paycheck. You must wonder what exactly reselling is and how reselling apps work. In this blog, you will find how this eCommerce business model works, what reselling is, and how Meesho and other reselling apps work. Let’s go in and dig out all the required information about reselling and reselling apps.

Definition of Reseller and Reselling Apps

First of all, let’s focus on the reseller; well, a reseller is someone who purchases products in bulk from a manufacturer, wholesaler, or retailer and then sells those products to their own customers on a high-profit margin. Additionally, you have the opportunity to share the product catalog through Facebook, WhatsApp, Instagram, and social media with your customers. This form of business is also known as social commerce. There is a slight difference between seller and reseller, seller can not resell their products via any other medium other than an eCommerce platform.

This business model is quite popular in India because it doesn’t require a hefty investment. With the thriving popularity of reselling, reselling apps such as Meesho have entered the market to modify this business model. This social commerce platform has grown tremendously over the past few years. Reselling apps allow you to make the payment only after a customer confirms an order, in case you are buying reselling products from the social commerce platform or app only.

How Does Messho Work as a Social Commerce Platform?

Undoubtedly, no such introduction is required for the social commerce platform or reselling app Meesho. This platform has changed the entire picture of reselling. It has to provide unexpected exposure to the resellers and make it easier for them to sell their products and attain decent revenue. Payment transactions with Meesho are safe and speedy. It offers very low-cost refunds and delivery options as well. This reselling app has emerged as a trusted brand by more than 3 million resellers across India. The recent advertisement of Meeshos’ says “Chote Paise Badi Shopping,” which perfectly describes the app’s service to its customers.

It has provided tremendous opportunities for small businesses to come aboard and sell their products promptly. Without the requirement of heavy investment, you can start your own business today with Meesho. The tagline of this reselling app is “Not just a homemaker, but as a Meesho Entrepreneur.” Numerous homemakers have now connected with this app and run their businesses successfully.

What is the Operating Process of Meesho?

As you already know, Meesho is essentially social commerce and operates on a D2C (Direct-to-customer) eCommerce business model. As a reseller, you have the advantage of promoting your available products on your social media platforms, WhatsApp, etc. expanding the scope of selling your products. Products will be offered by a third-party manufacturer who is associated with Meesho. You can say that reselling with Meesho is an uncomplicated and compelling way to work from home and generate revenue.

Meesho charges a cost of commission of between 15%-20% on all items sold by the reseller. However, it charges significant penalties on product returns. This app has more than 700 employees and is focused on a market of over 15 million resellers. This social commerce brand claims to have a presence in over 800 locations.

To sell your products successfully with n on Meesho, you can take the help of eVanik OWS as a marketplace reconciliation software. It can help you analyze your rivals’ pricing strategy and let you grow immensely.

What are the Products you can Sell on Meesho?

Meesho has a diversified range of product categories. All products are inspected to check for quality purposes, and Meesho ensures that they are shipped responsibly. You may find resale items from Meesho as well. It facilitates you to sell a distinctive product range and expand your customer base. Following are Messho’s product categories from which you can select and sell.

  • Kitchenware products
  • Women’s Clothing
  • Men’s Clothing
  • Kids Clothing
  • Household Products
  • Home furnishing products
  • Beauty products

    Customers prefer to shop from this platform because all the products available are budget-friendly. This social commerce app’s future plan is to have approximately 100 million active customers and add more than 50 million products in its categories by the end of 2022.

Challenges you can Face While Selling on Meesho

Well, Resellers, advantages come with challenges. Thus, this app also has several business challenges you may experience while selling products on this platform. Let’s have a quick sneak peek into Meesho’s business challenges.

  • High Distribution Cost

The initial stage of Meesho began with the ethnic fashion category, targeting homemakers and women who were running their boutiques and reselling their products through social media applications. During the pandemic, the distribution costs have significantly impacted the financial aspect of this platform. Because customers prefer to buy face masks, sanitizers, personal care products, and groceries online. They have fewer opportunities to go out and attend any function. Thus the requirement for ethnic clothes and beauty products gets reduced. However, this app has now started to offer personal care products along with other above-mentioned product categories.

  • Poor Product Quality

Most customers reported that the product they purchased from Meesho was of poor quality. It can be the reason that this app has still not made its way to reach out to urban customers. Indeed this app is famous in small cities but has to sell quality-based products to reach urban customers. As a reseller, if you buy products directly from Meesho there are chances you may end up selling poor-quality products to your customers.

  • Delay Delivery/Critical Customer Support

Another business challenge you can face on this app is the delay in delivery and poor customer support. Numerous customers have reported that their order gets delayed frequently. When orders get delayed, customers try to reach out to the support team to seek information about the status of their order. But unfortunately, in so many cases, Meeshos’ customer support team fails the customer. Only can only imagine the level of dissatisfaction experienced by such customers.

Thus, if you want to sell through the Meesho app, you may occasionally have to face such challenges. On the other hand, you can still upsurge your revenue by enhancing the listing quality of your products on Meesho.

Other Reselling Apps in India

  • Shop 101

This reselling app represents itself as the number one reselling app in India. It has diversified product categories from clothing to home decor, kitchen, beauty, electronics, etc. They have approximately 50 lakh four-star rated resellers.

  • OLX

You must be aware of this app; it is pretty old in the social commerce business model. This user-friendly reselling app works exactly as an advertisement does in a newspaper. One can resale and buy furniture, household items, cars, electronic appliances, etc., from OLX. It provides a unique chat box function that helps you connect with customers directly.

  • eBay

eBay is another most popular app in India and worldwide. You can buy and sell products through eBay from any location in the world. You can sell almost everything on this platform, such as clothing, vehicles, cosmetics, jewelry, and electronics. This app has over ten thousand downloads on Google play.

Conclusion

The vast eCommerce market has diversified opportunities for you to start your own business. It can make you self-reliant and increase your confidence to live the life you want. Reselling business model is getting adopted by thousands of people every day. You can also grab this opportunity and start selling through above mentioned social commerce platforms. However, whether it is a small or a big business everyone should have a track of their finances. In this regard, you can take the help of the payment reconciliation service of eVanik OWS. It can help you with hassle-free payment proceedings and keep a record of your every transaction.

6 Best Inventory Management Techniques to Hike up Online Business in 2022!

6 Best Inventory Management Techniques to Hike up Online Business in 2022!

The eCommerce industry has witnessed drastic success in the past few years in India. In the era of the internet and smartphones, this growth will expand ten times more by the end of 2023. It is predicted to reach from 51 billion to 350 billion dollars in the coming years. Customers are more into online shopping these days, so you must deliver tremendous customer service to gain their trust and loyalty as a seller. Out-of-stock situations are the essential components in providing a phenomenal customer experience.

In this regard, applying effective inventory management techniques is imperative for the success of your business. The competition is increasing rapidly, and to stand out in the crowd of millions of sellers, you must apply several inventory techniques to make your individual presence in the marketplaces. Unique and effective inventory management techniques can allow you to build a solid market presence. In the process of implementing several strategies or techniques, you can take advantage of inventory management software such as eVanik OWS. In this blog, you can discover the six best inventory management techniques to hike up your online business.

Why is there a Requirement for Inventory Management Techniques?

Before knowing the techniques, it is essential to know their importance. If you are the one who has started your eCommerce business, then it is more essential for you. Inventory management is the most critical aspect of the eCommerce business. To sell your products on various eComm platforms, you need to keep a check on inventory. Without accurate inventory management, you may not be able to fulfill the demands of your customers. That is when you need to apply several techniques that can help you manage stocks adequately. Let’s see what those primary techniques are.

Six Inventory Management Techniques to Upsurge Your Business

As an eCommerce seller, you can apply various inventory management techniques. Here we are mentioning some of the best ones that can help you immensely in managing the inventory.

FSN (Fast, slow & non-moving) Analysis

The fast, slow, and non-moving inventory technique divides products based on their quantity, consumption rate, and the rate at which the inventory has been used. You can segregate the products as fast-moving, slow-moving, and non-moving. Products that have high usage frequency are known as fast-moving products. Products that have slow usage frequency are known as slow-moving products. Non-moving products are products that are only utilized for a short period or a specific duration. This effective technique can help you to make inventory management decisions. You can analyze which products should be placed in the warehouses and which you should not. You can make an essential decision regarding non-moving products should you keep them or discontinue selling them.

Apply JIT (Just in Time) Method

In inventory management, overstocking and the stock-out situation are also harmful to your online business. To avoid overstocking costs, many sellers use JIT or just in time methods. With the help of these peculiar inventory management techniques, you can order only what you require to meet the immediate demand of your customers. With no excess inventory in hand, you can effectively save the cost of storing products in various warehouses and insurance as well. In this way, you can order further inventory when the old inventory stock is close to restocking. However, this is a little risky technique because a slight delay in ordering new products can lead you to an out-of-stock situation. So you need to be a little conscious and implement proper planning so that you can timely stock your products.

Implement Always Better Control (ABC) Analysis

ABC analysis refers to Always Better Control Analysis. Generally, inventory items are classified into three major categories. These categories are divided into A, B, and C. Category A includes high-value products with a low frequency of sales. Category B includes moderate value products with a moderate frequency of sales. Lastly, category C includes lower-value products with a high frequency of sales. ABC analysis classifies the products you should reorder more frequently and which products you do not need to get in stock as frequently. This inventory management technique can enhance the turnover rate of your inventory and minimizes obsolete inventory as well.

Get Along with Dropshipping

Under this technique, you can outsource almost every aspect of managing the inventory. It is basically suitable for an individual seller who does not rely on efficient inventory management as their success factor. Dropshipping is particularly beneficial for sellers who want to get into the eCommerce business but can not afford to pay the cost of a warehouse of inventory management. By applying this technique, you must buy products from any third-party vendors and directly ship them to your customers’ addresses. In this process, you don’t need to manage your inventory or buy products in bulk. Hence there is no need for bulk products, which diminishes the risk of loss.

Apply Bulk Shipping

This inventory management technique is used by sellers who assume buying bulk products is always cost-effective. It is best for sellers whose products have consistent demand and can experience a sudden increase in demand. If you are one of them who manufactures many in-house products and handles unexpected demand growth, then you can go for this technique.

Practice Demand Forecasting

It is one of the perfect inventory management techniques that can prove much effective for your eCommerce business. The speedy growth of the eCommerce industry has increased the demand of customers. That is why demand forecasting is beneficial in terms of never missing out on fulfilling the demand of your valuable customers. You can use your previous inventory data to predict the upcoming demand of your valuable customers. Historical and season-wise sales data can make forecasting much more effortless and efficient. This way, you can analyze when and at what amount customers require any specific product. To apply this technique successfully, you can take the help of inventory management software such as eVanik OWS.

Conclusion

The above inventory management techniques are essential in managing the eCommerce business model. The stock in and stock out situations should be managed accurately. It will be best if you adopt these techniques in your eCommerce business to make your processes more efficient. With the growing online business, inventory management is expected to become more valuable for the success of your business. Adopting such techniques can smooth the workflow and upsurge the sales channel in broader terms. It can never put you in such a situation where you fail to fulfill the demands of your valued customers. In applying some vital techniques such as demand forecasting, you can take the help of inventory management software such as eVanik OWS which has a centralized inventory feature across all the platforms you are dealing with.

How to Register your Business on Shopsy & Make Most of It!

How to Register your Business on Shopsy & Make Most of It!

The increasing number of eCommerce platforms is not going to stop there only. With every passing year, there comes a new member in the race. This growing industry presents new agile competitors whenever sellers want to settle down and sell their products peacefully. Nowadays, Shopsy is the new baby of this industry. Some of you may have heard of it, and some of you may not. Well, we always want to keep you aware of your competitors, so we are here with our new blog. In this particular blog, we have tried to cover all the information that you may need to know about.

Being in eCommerce, you need to know the potential of selling on every new channel. This eComm venture is the trending talk of the town. It is pretty famous on all the social media platforms because Shopsy is a form of a social commerce platform. If social media channels are popular in India, then this S-comm venture will indeed be known soon. This particular blog contains a lot about this new eCommerce endeavor. You will get to know what Shopsy is, and we have also mentioned the registration process on this platform. Apart from that, you will get to know about S-commerce or social commerce. Let’s get in and dig out all the vital information about it.

What is Social Commerce?

Before knowing about Shopsy, you need to understand what social commerce is. Well, this new form of eCommerce industry has more than 65.3 billion markets right now, and it is predicted to grow to 89.16 billion by next year. This is only the Indian figure; globally, it is pretty high. Social commerce is the practical process of selling your products directly on various social media platforms. In this form of eComm, everything takes place right on a particular social media platform, from product discovery and research to the check-out process. In the current scenario, Facebook, Instagram, and Pinterest allow social commerce. While scrolling down their social media accounts, customers can find some ads for shop now or buy now through the app. They can simply buy the product and carry on surfing if they want. It is a new strategy to attract shoppers and generate sales effectively.

What is Shopsy?

Now, if we talk about Shopsy, it is a brand new social commerce launched by Flipkart in July 2021. This one-year-old venture has gotten a kick a few months back and is not trending everywhere. It’s a free-selling social commerce platform for sellers to sell their products online across India. As a seller, you can list your products on Shopsy and reach out to almost 100-500 million budget-friendly customers. This brand new platform has established a vast distribution network between sellers and resellers. This platform provides an opportunity to sell your products to those customers who are not informed much about e-shopping through resellers. Lets’ see as a seller how you can sell your products on Shopsy.

The Registration Process on Shopsy

To sell your products through this platform, you must register as a Shopsy seller. You can complete the registration in a few essential steps.

  • Sign up on this platform via your mobile number and email id.
  • Now via Pincode check if it is serviceable in your area or not.
  • Upload your GSTIN number.
  • Provide your sample signatures and a copy of the canceled cheque with the printed business name.
  • Now you are ready to list your products on this platform.
  • You are good at selling your products without any hurdles.

Why Sellers Are Choosing This Platform to Sell Their Products

There is a positive buzz about this social commerce platform in the market, and sellers are moving toward this platform because there is a low commission and a high-profit margin. In a few following steps, you will know why sellers are choosing Shopsy to sell their products online.

  • This platform is way more convenient for sellers to sell their products promptly.
  • There are no hidden fees, less paperwork, and no extra costs that a seller has to pay to sell their products.
  • Zero percent commission for products under 0-500gms.
  • No professional photoshoot is required for sellers. You can click the product image through your phone and upload it.
  • Hassle-free pick-up and delivery of products through more than 200 pick-up hubs associated with ten thousand delivery agents.No trademarks are needed to sell your
  • products on Shopsy.
  • You can get complete access to the latest market trends.
  • This platform provides you the Selection and pricing insights you can use to understand better growing your business.

Online Seller Guide For Shopsy Sellers

As a Shopsy seller, you can expand your online business while acquiring multiple benefits. By following the several easy steps, you can reach approximately 500 million customers in India. Here is an online seller guide to selling your products efficiently and generating immense revenue.


Add an Attractive Picture of Your Product

Images play a crucial role in selling your products on any eCommerce website. However, you don’t need to meet any image guidelines on this platform. Shopsy offers a seamless process of adding images by excluding any image guidelines. You can simply put your products on the tabletop and click the images with the help of your mobile phone. What matters the most is the clarity and the angles.

Add Informative Description

To attract your potential customers, you need to add an informative product description. You need to highlight the unique features of listed products on Shopsy. It should be to the point and easy to understand for customers. Descriptions provide a better understanding of the products and affect the shopping decision of the customers.

Maximum Product Listings Lead to Higher Sales

As a Shopsy seller, you can utilize tolerant brand and image guidelines. Unlike any other eCommerce website, product listing is relatively easy on Shopsy. The more products you will list, the higher sales you can receive. It is because with the diversified range of products you will be able to meet the demands of a customer.

Apart from this, you must keep an eye on your competitors and manage your inventory like a pro. Managing your inventory can become easier with the help of inventory management software such as eVanik OWS. This automated feature can provide you with stock-in and stock-out information. It is essential to prevent out-of-stock situations.

Conclusion

This is all about Shopsy you must know to start selling products on this platform. It is an outstanding platform for those who want to spend less and earn more. This platform provides you so many benefits that are cost-effective and easy to run your business. However, once you are done with the registration process and start selling your products, you must keep a few things in mind. One of them is inventory management; you should not miss out on this point as a seller. Poor inventory management can lead to business failure. So it is better to handle it via any automatic software. It will save time and money and provide immense opportunities to maximize your sales on Shopsy.

Vital Tips to Increase Your Online Sales Amid Fathers’ Day!

Vital Tips to Increase Your Online Sales Amid Fathers’ Day!

Fathers’ day is celebrated in many countries of the world on the third Sunday of June every year. This year, it falls on June 19th, and amid this day, eCommerce websites have started a buzz around to make the most of this day. Like any other Indian festival, this day is equivalently essential; after all, it is the day to show your affection towards your Father. The significance of this day is relatively high in Indian paternal society. So why not take advantage of this day to upsurge your online sales. Although, this is such a date that many eCommerce sellers must have prepared for, which has intensified competition. All have their unique strategy to attract more customers and increase their sales.

That’s why it is crucial to have considerable competitive ideas to take advantage of this day efficiently. In this regard, you need to update your inventory, accelerate your shipping and delivery system, and be prepared for the returns as well. To get the requisite benefits of this particular day, you can take the help of several eCommerce order management software such as eVanik OWS. It can help you in processing your orders smoothly along with other operational activities in a seamless manner during this occasion. In this blog, we have mentioned some of the vital tips that can help you increase your sales during the Fathers’ Day celebration.

Significant Tips to Enhance Sales Amid Fathers’ Day Celebrations

We all behold the heroic image of our Fathers, which automatically raises Fathers Day’s importance. Fathers are the ones who devote their everything to the betterment of their children. So this day is considered a payback day for Fathers. As an online seller, you can convince the customers to make the best purchase for their birth giver. It is that time of the year when you can sell Father-centric products and increase your sales abruptly.

Create a Buzz of Urgency

It is easy to create a buzz of urgency amid Father’s day celebrations. You need to remind your customers that the day is fast approaching. You can start with the promotions early to encourage customers to get into the mindset and prepare their orders as early as possible. You can promote several products on your social media pages under the label best gifts for fathers. Promote your products in such a way that they will be out of stock soon as many customers have their eyes on them. You must have seen these tactics on Myntra during the sales season. They have a unique feature that shows an accurate number of customers viewing the specific product at a time. Use such tactics to create the urgency of placing an order as soon as possible. It can work magically on customers, and they may place their orders. You can also run special offers throughout the weeks leading up to Fathers’ Day. This gives customers enough time to make a purchase. It is a unique way to attract customers and increase your sales.

Always Keep a Check on Your Inventory

If you want to make most of this day to upsurge your sales, you must stock up your inventory. As an eCommerce seller, it is essential to be aware of your inventory to accelerate order processing and satisfy your customers. You must understand that you are not the only one who is trying to capitalize on this event. Various other sellers are there in the queue. That is why you need to always keep a check on your inventory to ensure whether you can fulfill the demand of your customers or not. Poor inventory management can minimize the chance of generating ample revenue. It can lead you to the situation of Oos (out-of-stock). Suppose if a customer experiences this situation while placing an order, it can break their trust in you. They can even run to your competitors to buy the same product. However, it is not an easy task to keep an eye on your inventories across channels. To automate this process, you can take the help of some inventory management software such as eVanik. It provides you the automation to view your inventories in a single dashboard and manage them effortlessly. It notifies you every single time a product gets out of stock. Hence, there is no chance you can miss out on this aspect.

Showcase Your Products as the Best Gifts

Be it Father or any other relationship, deciding on a gift for loved ones is always a task. It automatically allows you to offer your products as the best gift. To attract the customer’s attention, you can choose several products such as a wallet, personalized pen, coffee mugs, perfumes, personalized diary, personalized bar set, etc., to sell. Now add an attractive description and title mentioning the best gift for Fathers’ Day. In the fast-paced world, customers are running out of time, and in the lack of time, there is a probability that they can buy your products in the first place. Offering them customized or personalized gift items are keys to making most of the Fathers’ Day celebrations 2022.

Offer Faster Delivery Than Ever

The enormous eCommerce business has become more competitive for sellers, especially during special days. It demands faster and more efficient delivery. That is why being an online seller, you need to find compelling ways to execute the faster delivery. The promise of a speedy delivery can convince your customers to buy your products without a doubt. Now the real challenge for you is to fulfill the orders by the promised time. To minimize this hustle, you can take the help of order management software. It can select the warehouse or some other destination right after placing an order. It also has the feature of extracting the order details and previous history to mandate the process of order fulfillment. You can keep an eye on every movement of orders after shipment and update your customers at their locations. In such a way, you can deliver the orders at the promised time and add more happy customers to your list.

Conclusion

Thus, these tips can help you increase your sales during the Father’s day celebrations. To apply these tips accurately, you can take the help of order management software such as eVanik. It automates the entire process and diminishes the chance of failure. Apart from this, you must select some unique products to sell on Fathers’ Day. Customers always are in favor of buying something different, and offering them as per their demand can undoubtedly help you increase your sales. This particular day is about to fall, so gear up and make a compelling strategy.

Considerable Elements of Multiple Warehouse Management System!

Considerable Elements of Multiple Warehouse Management System!

The eCommerce industry is evolving immensely, but some aspects of this business have not yet changed, and one of them is inventory. As a modern-era seller, you may find it challenging to manage the inventory, but sellers have been dealing with this since the origin of this enormous business. If we talk about the global eCommerce sales, it was around 4.9 trillion USD and is expected to reach 6.6 trillion by 2024. From groceries to medicines, everything is sold online today. Customers are also learning t buy various products online; they expect variety, good products, and quality service.

The market demand is growing exponentially, and that is why you need to establish new marketing and sales channels. Competition is exceptionally high, and you can’t afford to lose a single customer. To let your business survive in this competitive world, you need to make a robust presence in the eCommerce market. To initiate that successfully you need to set up multiple warehouses. It can accelerate the order processing and help you in generating more profits. This blog has mentioned some of the considerable elements that you need to keep in mind while selecting a multiple warehouse management system.

Substantial Factors of Multiple Warehouse Management System

If you are going to opt for multiple warehouse management, you will undeniably require a warehouse management system that helps you automate the several essential aspects of WMS. However, before selecting one for you, it is vital to consider some of the compelling factors about this system.

Centralization of WMS

Centralization is one of the most important factors of multiple warehouse management. It effectively automates the inventory flow across various warehouses and enables you to manage the orders of multiple eCommerce channels with superb efficiency. That is why a multi-warehouse management system should have the exceptional feature of centralization that can manage your inventory in a well-organized manner. It can save you from excessive and out-of-stock situations. The centralized control can allow you to route your stocks from overstocked to stock-out locations. It ensures minimum delays in orders and cancellations because of the tremendous operational efficiency.

Real-Time Updates

To keep yourself updated on all the happenings of the warehouse network, you need real-time updates. Specifically, you need this update to manage your inventories across multiple warehouses. It will help if you keep a vulture eye on which product categories are in stock and what are not. This practice is required essentially during the festival season. Real-time updates can enable you to generate customizable reports to analyze the status of your inventory stocked at various warehouse locations. A multi-warehouse management system can help you to achieve this quickly. Multichannel order management software such as eVanik can let you manage the inventories across multiple warehouses. It effectively works as a multiple warehouse management system.

Shipping integration

Shipping and logistics are part of your eCommerce business that requires a substantial operational cost. Multiple warehouse management can work effectively if your system integrates with the shipping part. In the process of doing so, you can take advantage of their existing logistic network and shipping efficiencies without over-extending your resources.
Moreover, strategic integration between warehouse and shipping sources can rapidly accelerate your order fulfillment process and reduce information duplication within the system.

Liability of Quality Control

The products you stocked up in the multiple warehouses are prone to damage, theft, and desuetude. In any circumstances, if you deliver such products to your customers, they would be forced to return the product and can even leave a negative review for you. To escape such a situation, you need to thoroughly check the quality control level of the warehouses whether they maintain the health of your inventories or not. With advanced barcode-based inventory management, this can be implemented easily in multiple warehouses and too on a minimum additional cost. In this way, you can efficiently save a lot on returns and make your customers happy and delightful.

Returns & Refund Management

Products returns and refunds are an imminent part of the eCommerce business. If it gets avoided can drastically reduce sales and impact the overall performance of your online business. To resolve this significant problem, you need a supportive hand. eCommerce order management software such as eVanik can work as a multi-warehouse inventory management system and provide a return reconciliation facility. An ideal WMS must have a systematic log facility to manage every return and refund the customers accordingly. Throughout this process, you can also be able to receive the customers’ shipping behavior insights that can help you in eradicating the returns in the future.

Apart from these crucial factors here, we have mentioned several quick points that can easily make you understand what you should consider while choosing a multiple warehouse management system.

  • It should provide real-time insight into your inventory and product availability.
    Should be able to manage and monitor the eCommerce order fulfillment process, from the manufacturers to the distribution center.
  • It should be able to forecast the inventory and send alert notifications in case of Oos(Out-of-stock).
  • It should have streamlined the eCommerce fulfillment process and made your eCommerce operations more effective and effortless.
  • WMS must have the integration ability with your internal system.

Based on these practical elements, you can choose any multiple warehouse management software. Warehouse management software must have the above facility because these are essential for the success of your online business.

Conclusion

In the end, it has been clear that you should excellently manage your multiple warehouse network by considering the above factors before selecting any multiple warehouse inventory management software. Via intelligent automation, notification, and integration, you can use such software to scale up your eCommerce business as well as consistently satisfy your customers. If your goal is business expansion, you must go ahead with the multiple warehouse management system. It can help you appropriately manage the overall business but also helps you in increasing your customer base. All these factors ultimately will help you in generating significant revenue. eCommerce order management software such as eVanik can skillfully provide you the multiple warehouse management facility. It can let your business grow in many terms and automates almost every aspect of your online business.

Key Factors to Intensify Your Multi-channel Sales Strategy!

Key Factors to Intensify Your Multi-channel Sales Strategy!

The eCommerce industry is open to selling diversified products, and automatically it helps upsurge the sales drastically. The extensive growth of the eCommerce industry with a solid customer base provides sellers an immense opportunity to expand their sales. The primary key factor to increasing online sales depends on product quality, presentation of the products, and campaigns. Advertising and campaigns are compelling ways to intensify sales on various eCommerce channels.

Undeniably, you are on this platform to attain good revenue by selling products of your choice. So you need to focus more on the factors that can intensify your multi-channel sales strategy in many ways. You need to apply some advanced techniques that can attract more eyes and eventually help in upsurging your sales. To ensure a good amount of sales conversion, you need to execute the order fulfillment process really well. In this manner, you can also take the help of some advanced eCommerce sellers software such as eVanik. In this blog, we have mentioned some of the essential factors that can help you intensify your multi-channel sales strategy.

These Factors can Help You Intensify Multi-Channel Sales Strategy.

It will be difficult for you to survive in this industry by selling your products on one particular eCommerce channel as a seller. That is why it is important to use the multi-selling strategy. However, it is not that easy to earn the expected profit via the multi-channel sales strategy. You need to pay more attention to all the critical factors that can help you increase sales.

Measure the Performance of eCommerce Platform

In this factor, you need to deal with eCommerce channel-wise sales in an excellent way to manage the sales metrics more effectively. In terms of sales management, you must look into the data collection and understand the strategy that works to upsurge the sales in the eCommerce marketplaces in a gigantic manner. Several deals that you need to be compared with other sales are generated several orders, generated revenue, and customer base. These factors can quickly help you measure the sales performance of multi-channel eCommerce websites. It is one of the tremendous ways to select the best channels for your online business.

Try to Minimize the Cart Abandonment Rate

Once you get to resolve the cart abandonment rate is an extensive way you will be able to accelerate the sales on various eCommerce platforms. However, cart abandonment is a serious problem that every seller faces these days. But you need not get upset about it as it can be the choice of your customer due to several reasons. All you can do is try to reverse the cart abandonment rate into the sales conversion by sending a notification about it to your customers. You can even offer them an excellent deal to get convinced to complete the purchase. Apart from this, you can even generate a pop-up message requesting your customers to complete the purchase. These tactics can help minimize the cart abandonment rate and automatically increase your sales revenue.

Monitor the Customers’ Experience

To intensify your multi-channel sales strategy, you need to monitor the overall shopping experience of your customers effectively. Not just on one platform, but you need to monitor the customers’ experience on multiple platforms. For example, if you are selling your products on Amazon and Myntra, do not just monitor the customers’ experience on Amazon only but the Myntras’. This tactic can quickly help you understand your customers’ demands and shopping behavior. Based on that, you can efficiently sell your products according to their shopping behavior, and it will help you attract more customers. In the end, more customers lead to more sales.

Multi-channel Inventory Management

Inventories are the most crucial factor in an eCommerce business. Agile inventory management can lead you toward a successful online business. However, it can be challenging to manage the multi-channel sales inventory. But without enforcing that, you can not be able to intensify your multi-channel sales strategy. That is why you need to take the help of an advanced eCommerce inventory management software. It can help you in managing your inventories across multiple channels. It will keep you updated on what product is available and what is not all over the eCommerce website. It will never let you face the situation of stock unavailability and thus helps in intensifying the multi-channel sales strategy.

Multi-Channel Data Centralization

One of the essential factors is that managing the data through a single panel is way more accessible than managing the multiple dashboards for multiple eCommerce platforms. Individually logging into various platforms and managing their data could be a frustrating task. But with the help of centralized data software, you can easily monitor the multi-channel data in a single panel. It will save your time and energy and let you focus more on your business strategy. Through a multi-channel data centralization facility, you will be able to manage the multi-channel inventory under one roof. Data centralization can help you make decisions based on real-time data information. In this way, it can also let you intensify the multi-sales strategy.

It is also vital to choose the right eCommerce platforms to execute the multi-channel sales strategy robustly in this varied process. There are many eCommerce websites available today, and you simply can not sell your products on every eCommerce channel; that’s why it is crucial to choose the right ones. However, Amazon, Flipkart, Myntra, Ajio, and Meesho are some of the best options for selling your products. You can effectively sell your products on these platforms without any hassle, and in return, it can provide you with decent revenue.

Conclusion

Multi-channel sales strategy works when you have those techniques that can help you manage sales across multiple eCommerce platforms. However, for the success of this process, you can take the help of eCommerce seller software such as eVanik. It can help you in executing the multi-channel sales strategies successfully. Managing the data of multiple eCommerce platforms can enable you to implement various sales strategies. By using them technically, you will be able to generate handsome revenue from every channel. However, it is not an easy task to attain that, but a little push and good management can help you reach your goal.

Enormous Ways to Choose the Best Oder Management Software!

Enormous Ways to Choose the Best Oder Management Software!

In the eCommerce industry order management system is essential for sellers to manage their orders expertly. One of the essential eCommerce business processes effectively helps in order fulfillment. It automates and streamlines the overall online order management process for you. Best order management software provides accurate inventory data in real-time and saves you from the horrific situation of Oos (Out of stock). OMS is vital to get a comprehensive database of your customers, including a detailed record of their returns and refunds.

The order management system productively keeps track of all your online orders and manages the inventory accordingly. Although if you are not using a compelling order management software, you may experience significant errors in the process of order fulfillment. Executing this process manually can lead you to the level of delivering disappointment to your valuable customers. Customers’ expectations are pretty high, and they can’t accept any errors from your end. To ensure that you select a robust order management software such as eVanik, never disappoint them in that terms. However, in this particular blog, we have mentioned some of the enormous ways to select an impeccable OMS for your eCommerce business.


Considerable Ways of Selecting a Tremendous OMS

In this fast-paced eCommerce business, online order management software is designed to abruptly fulfill orders among the various eCommerce channels you are selling your products. Your online business can not sustain itself without integrated order management software in this competitive industry. It is important for you to stop your customers from thinking that your service is slow, outdated, or not up to the mark as others are. To save yourself from getting into this situation, you need to add advanced order management software to your business. It will enhance your customers’ experience and prove to be a cherry on the cake. There is numerous order management software available in the market, and it could be difficult for you to identify the right one for your business. However, here we are mentioning some considerable ways that can help you select the right OMS according to the nature and requirements of your business.

Smooth Integration with Internal System

It will help if you consider an essential aspect before choosing an order management software for your online business. It must have the integration feature and should integrate with your internal system. However, some OMS can significantly integrate with your accounting, inventory, and shipping management. Easy integration assures that OMS will work efficiently and seamlessly. It also eradicates the risk of human errors and business failure. That’s why you must consider this feature before subscribing to any order management software. OMS like eVanik has a specific integration feature with your internal system so that you can go for it.

Effortless Inventory Management

Inventory management is a vital part of the eCommerce business. That’s why you must look for such an order management system that should have the animated feature of managing your inventories. It should have the ability to manage the multi-channel inventory under one panel. Oms should work in such a way that you never get into a situation of out of stock. It must have the feature of automatically adjusting the inventory on multiple eCommerce platforms while you sell your products. An effective order management software can minimizes the risk of customer dissatisfaction by organizing your inventory correctly.

Sturdy Shipping Management

How much time your customer will receive your product depends on the impactful shipping management. It will help if you always look forward to constructing a robust shipping management system. As soon as your order volume increases, it will get frustrating for you to handle all the shipping requirements manually. That is why you need ultimate order management software that can help reconcile the shipping issues and accelerate the order fulfillment process skillfully.

Ability to Provide MultiChannel Management

The order management system you select should have the ability to integrate all your eCommerce channels into one user interface. That will provide you with a clear insight of data and the total number of orders and reduce mistakes by providing all the vital information you require in one accessible place based on real-time data. You should always consider an order management system that provides multi eCommerce channel management facilities. Monitoring the sales orders of various eComm platforms through one panel can make your life easier and also diminish the chances of errors. eCommerce order management software such as eVanik has the ability to provide multi-channel management in one single panel. It lets you smoothly handle the operations of the eCommerce business through one window.

Upswing the Scalability

Ever since the pandemic, this glorious industry has opened the door to opportunities for sellers. However, It is not always possible to keep upgrading to the latest version of order management software. Thus, while selecting an OMS for your eCommerce business, you must consider the long-term requirements. It will help if you go with such order management software that can upswing your order volumes with time. So, an advanced order management system can help your online business get flexibility and scalability.

Return Reconciliation

Since returns and refunds have become an integral part of the online business, you must consider an order management software that contains the feature of return reconciliation. If your business faces return every day, it can be difficult for you to keep track of those returned orders and update your inventory according to that. Advanced OMS software such as eVanik provides the uttermost feature of return reconciliation.


Apart from these enormous ways, the first thing you need to do while selecting an order management software is to identify the requirements of your online business. Once you figure out which aspects of the eCommerce process your business is lacking, you can start looking for the solutions. In this manner, you will be able you select the best order management for your online business.

Conclusion

Thus, many software is available in the market for eCommerce order management. But you need to select the best one for your eCommerce business; the right order management system for you could be the one that eliminates almost every manual process and saves your precious time. First of all, you should determine which part of your business you need to automate and invest in software that can effectively fulfill your requirements. Remember that order management software is the uttermost need of today’s eCommerce industry. To provide your customers with the fastest, error-free, and customized order fulfillment experience, you must have one impeccable OMS. In this manner, eCommerce order management software such as eVanik can provide you with the ultimate services and help your business snowball.

Why Do You Require Accounting Software for eCommerce Business!

Why Do You Require Accounting Software for eCommerce Business!

While dealing in the eCommerce industry, you need to take care of your finances and manage your accounts successfully. Always keep in mind that you end up selling products online to earn some profits, and to keep that profit on track, you need effective accounting software for your eCommerce business. Keeping up on the books can be time-consuming and exhausting without a dedicated eComm accounting software. If you are selling your products all over India, you have to track the taxes for every state, and it can be a full-time job by itself.

Mistakes and errors in accounting and taxes can negatively affect your business. If you think you can earn profits after skipping this step, let me tell you that you’re living in denial. There is no shortcut to generating revenue by skipping the accounting process. You have to go through this if you associate with any online or offline business. To maintain the perfect accuracy in accounts, you need to speed up your business’s accounting system. In this particular blog, we have mentioned the requirement of accounting software for an eCommerce business.

Significance of Accounting Software for eCommerce Business

The traditional way of doing the accounting part increases the chance of significant errors. That is why you need to take the help of integrated accounting software, as it is the only solution to all the manual accounting and financial issues of an eCommerce business. This industry is emerging rapidly. That’s why you need to be as quick and accurate as possible. Accounting software such as eVanik OWS takes over all the responsibilities right from reconciling payments and tally integration. Apart from that, it also provides the solution for inventory management, omnichannel order processing, and so on.

The Clarity in Financial Report

To have clarity on finances and visualize the bookkeeping, you need to have a chart or graphs. Accounting software for eCommerce businesses provides you the clarity to understand your business’s financial statements in real-time. With a single click, you can get insights about all the individual orders and other expenses. This type of accounting clarity lets you consider your finances at any second rather than consulting with multiple accountants or waiting until the end of the month. It can help you learn essential information about your customers’ spending habits.

Hassle-Free Integration

Most eCommerce sellers use tally to manage their accounting part. Accounting software such as eVanik easily gets integrated with your tally prime and makes managing your accounts much more effortless. It provides you with a matching tool where you can match your sales tax report with the data integrated into tally prime. While using the accounting software, it won’t require you to install any third-party module in your tally prime because it is already integrated with tally prime through API. Apart from that, it minimizes the requirement of downloading or uploading any excel CSV (comma separated values) files from various eCommerce marketplace seller panels.

Accuracy in Bookkeeping

It doesn’t matter how good you or your team are at doing the maths manually in the eCommerce business. We are human, and humans are prone to error compared to computers. You have to understand that integrated payment processing is more accurate in any individual transaction. To maintain accuracy in bookkeeping, you need to take advantage of any accounting software. It can also screen the errors across informational categories to maintain overall accuracy. To maintain the cash flow and grow your business, you must provide accurate bills to your customer on time. The best accounting software lets you automate the invoicing as well. You can also send follow-up reminders, create recurring invoices, and accept digital payments directly from the invoices.

Integration with eCommerce Platforms

If you sell products on various eCommerce platforms, you require accounting software for eCommerce businesses that integrates easily with multiple eCommerce channels. Entering every transaction and other expenses manually includes significant errors, which is time-consuming. However, the software integrates smoothly with various eCommerce channels to provide accurate financial information and data. The software that integrates with your banking system is something that all businesses find convenient for themselves. If you are dealing in the eCommerce business and selling products on various platforms, a compelling accounting software with integration feature is something crucial you should look for.

Three Tremendous Types of Accounting Software

Cloud-Based Accounting Software

This type of software totally relies on the cloud to keep all of your financial data in one place and provide you the access to operate it from your computer and smartphones as well. Undoubtedly, it is convenient to access, but on the other hand, it does open up your data to potential hacking on a cloud. So, while choosing such software, you will have to check out the security they provide.

Cloud and Desktop-Based Software

This kind of software allows you to keep some information on the cloud and other essential information on your desktop. It can be much beneficial when you want to have some reports accessible online, but you don’t automatically want all of your business’s financial data on the cloud.

Desktop-Based Software

Desktop-based accounting software keeps all of your data rigidly on the desktop. Until or unless you export it and share it in some other way, you will not be able to access it on any available cloud networks. If you don’t want to take any risks while having your information hacked on a cloud, it will be an efficient and secure choice.

Conclusion

If you want to manage your online business’s finance efficiently, you must use accounting software for an eCommerce business. It will provide you with an instant overview of your profits and expenses, which ultimately helps you plan and fix a budget for your business. Besides this, the accounting software allows you to analyze your financial data. This can make you streamline the whole eCommerce process, manage the inventory and develop intelligent pricing strategies. All of it can help you to stay competitive in the market. So, if you are convinced that you should use accounting software for your online business, why not consider the eVanik OWS. It provides you with all the essential services required for your online business. It provides you the excellent feature of tally prime integration, Zoho books integration, Aligns books integration, and Quick books integration. Apart from accounting, it helps manage the inventory and provides the payment, shipping, and returns reconciliation benefits.

15 Effective Inventory Management Techniques

15 Effective Inventory Management Techniques

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.

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.

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.

Importance of MultiChannel Inventory Management

Importance of 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 AmazonFlipkartEtsyeBay 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..