The #1 Cloud ERP for E-Commerce eVanik One World Suite is one of the best cloud based ERP for complete e-commerce back office management suite, encompassing Inventory/Financials/Sales/Automation for more than 12,000 customers. Trusted by more than 12,000 Customers Hi there Lots of people have asked me why we built eVanik. Awesome question since there were … Continue reading "OneWorld Suite"
Grow your Brand on Ecommerce Channels Smarter Grow your brand with eTraky which is the most comprehensive e-commerce Tracking Software Ever! Everything You Need from an Ecommerce Brand Software One Login. Multiple Powerful Tools. Full Suite of Product and price Analytics Allows You COMPLETE CONTROL of Your Business LIVE Product UpdatesWatch your product stats, ranking, and … Continue reading "Importance of Inventory Management"
Business profitability and inventory management are hand in glove.One of the biggest reasons for business success or failure is how the inventory was managed there. In e-commerce marketplace scenario, inventory management becomes even more critical and hence it’s of utmost importance to have a seamless and centralized ecommerce inventory management software. Marketplace business especially in … Continue reading "Inventory Management Software"
E-COMMERCE SELLERS JUST GOT SMARTER Empowering sellers to skyrocket business with predictive deep learning machine algorithms Scroll down to find out more! SELLING ON E-COMMERCE MARKETPLACES,BUT NOT AS YOU KNOW IT Accurate prediction and forecasting of sales cycle across channels Enabling inventory management and optimization Maintaining the right pricing opportunities without losing sale Ensuring profitability … Continue reading "Artificial Intelligence"
The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. This matching process is important, because it proves that the general ledger figure for receivables is justified. Management of accounts receivable is important because the timing of receivables … Continue reading "Payment Reconciliation"
Returns in E-commerce business is like a ticking time bomb, unless there is timely control exercised on time. Returns Reconciliation is the most necessary step to check revenue leakges. Every retailer or wholesaler faces the daunting challenge of managing product returns. In order to build stronger relationships with customers and create an opportunity to recover … Continue reading "Returns Reconciliation"
What’s On Paper,And What’s Real Every ecommerce seller has to master inventory management – the process of fulfilling ordering, warehousing, supplier manager and shipping on time. It doesn’t matter if you do it on paper, using a spreadsheet or using online software. There is always something to learn and new ways to improve ecommerce inventory … Continue reading "Inventory Reconciliation"
What is GST Return Form? Each month a deal of your business is recorded in this month. GSTR-1 Returns is to give details of things written below. Which goods, how much, when and how many have sold in the month? Which goods, how much, when and how many have bought? How much GST have you … Continue reading "GSTR-1 Reporting"
Tally PRIME is the most widely used accounting software by small and medium businesses in India. Organizations deploy Tally PRIME for accounting and bookkeeping, financial and inventory management, sales and purchase management, invoicing, reporting, and MIS. Relevant business data like inventory records, financial transactions, creditors and debtors lists, sales records, and even taxation details are … Continue reading "Tally Prime Integration"
GLOBAL GROWTH WITH LOCAL FLAVOURS. We’re making it simple like a switch —from on boarding to supply chain to operations —so that you get to global markets faster with successful ecommerce experiences that accelerate your growth. Making Global Ecommerce as Simple as Domestic Avi Jain I'll be using eVanik OneWorld Suite to reconcile and account … Continue reading "Importance of Inventory Management"
eVanik Shopify We’re here to make your life easier and cut down on the time you spend shipping and fulfilling. Shopify is here to make the business of selling online easy, beautiful, and affordable through Shopify. Together, we can help you sell and ship out all of your orders quickly and easily! Check out how … Continue reading "Shopify Integration"
Reconciliation | Accounting Back Office Operations 300 Orders per month 3 Marketplace Channels Reconciliation, Returns Management, Accounting Integration Email / Chat / Ticket Support OFFER Subscribe today the annual plan and get a bonus 1 month of extra subscription free View annual plans Reconciliation 600/- Checkout Accounting Integration 1500/- Checkout
The Platinum PlanFor the Platinum Sellers. Yes, it Shines ! Manage 200 plus daily orders and returns, reconcile and integrate with your accounting ERP.Track profits, Manage Inventory and lots more for the Top-Sellers. eVanik Networks has been particularly sensitive to the growing needs to eCommerce Sellers in India. While the software is on an ever-evolving … Continue reading "Platinum Accounting Pro"
Let's talk about your Enterprises Plan If your eCommerce business on marketplace platforms is doing well, you're probably thinking about the next stage in its evolution. Moving from semi-automated back-office operations to a seamless and efficient operating infrastructure with a world-class and awarded automation tool should be on the top of your priority list. eVanik … Continue reading "Talk about our Ultimate Plan"
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.
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.
Ecommerce sellers can now set custom alerts for low inventory levels and create purchase orders.
Product SKU Mapping
With our unique inventory mapping system, sellers can track their products with different identifiers.
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.
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.
Centralize your inventory
Visibility across multiple sales channels, stock locations, and stages of the product life cycle within one simple inventory app.
Take advantage of merchandising techniques like bundling and pre-orders.
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.
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.
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.
Cloud-based inventory management software
Modern Inventory software without the excruciating updates; available regardless of where a client or group is based.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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
A good inventory management system ensures faster and correct delivery to customers which ultimately results in increased loyalty, sales, and a better brand reputation of 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
The 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.
Traditionally the 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 the E-commerce sellers, order and inventory management should be on their first priority.
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..
If you are an entrepreneur and have not started selling your products online, this is your time to stand up and go e-commerce friendly. Electronic commerce, basically known as e-commerce is a medium to process buying and selling of products and services online. The benefits of e-commerce not only includes introducing your product globally but also helps you in saving your time, money and other resources. So before we move ahead and talk about its benefits let’s go through the journey of the term.
Let’s travel to past
The term e-commerce was officially announced in the year 1991 as the internet was open for commercial use, the process at that time only supported the execution of commercial transitions electronically, that is the transition was only done between business organizations in order to send commercial documents electronically.
The process of transition back then was done with the help of some leading technologies for electronic data interchange. In the time span of 3 years the acceptance of the internet among the population of America. The general public turned towards a handy use of the internet and that was when the idea of e-commerce for buying and selling of goods evolved.
As it is rightly said, “Rome was not built in a day”, so even with the idea and a complete picture of plan the process took another 4 years. These years were invested in creating a security protocol like HTTP. Finally, in the year 2000, many US companies represented e-commerce, especially by creating a web page on the world wide web. And since then the process is improving, being accepted and growing globally. E-commerce has been providing many benefits to growing businesses, just learn and earn them.
Benefits of e-commerce
In all these years e-commerce has been accepted and trusted by many organizations. Reports by India brand equity foundation (IBEF) depict that the Indian e-commerce market is expected to grow and reach up to US $ 200 billion by 2026. Therefore the foremost benefit of using e-commerce for your business is sustaining the market competitions and boosting your chances of success. E-commerce has evidently shown cases of many success stories but today we will only talk about the benefits of e-commerce for small businesses.
Marketing of a product has always been an important aspect of its acceptance in every domain. The process of e-commerce promises to make your work convenient. You can easily market your product on an online platform.
With e-commerce, you can make your customers aware of your product, new launch and its features via online medium and attract a large mass in a short time.
More than this you can also attract your customers by providing a visual tour and with leverage content in different social media like websites, Facebook, Instagram, etc.
E-commerce not only markets your product but additionally, it helps in providing a detailed outline of your product to customers.
You can now help your customers to go for the most appropriate choice as per their needs. The datasheet helps customers to get the right insight into your product at any time of the day and at any place. Customers now need not travel to the store just to see if this is the product that they are looking for.
For your customers, it is very important to get the right information in a convenient manner about the product and of course, this is another way for you to win their trust.
Retarget your customers
E-commerce helps you to keep an eye on your customers and their interests. You can now target and retarget your customers easily.
Retargeting your customers will market your product and boost the buying behavior of your customers.
E-commerce helps the sellers to understand the buying behavior of customers and thereafter work accordingly. For example, if your customers select a pair of shoes and mark it as wish, so you will have data to retarget your customers accordingly. You can mail them with some discount offers or you can reach them again when you find that there is some attractive offer that your customers may like.
On the other hand in traditional commerce, it was very hard for retailers to remember about the interests of all of their customers and then provide them the experience they are looking for.
Business never stops
Every shopper is different from their interests, buying patterns, shopping styles. Some shoppers shop for specific things others may shop because the product attracted. Some shoppers do shopping as a leisure activity while others may find it a hard task. Something that every shopper has in common is they shop according to their suitable time.
And so e-commerce provides every business with a platform to work 24/7 for all 365 days. Now you can grow and expand your business with an unstoppable working culture. Even if you are not physically available your channel will work for you.
Reduces recurring cost
We all understand starting a business is really challenging, there are many challenges that cross the path of entrepreneurs. Out of all those challenges, one of the biggest challenges comes from finance.
Since e-commerce is supporting your business in so many ways, how could it not help you here?
E-commerce helps a business by reducing the rent or lease cost of the store, maintenance of the store, personnel cost, store design, and personnel hiring and training cost. With e-commerce, you can work on an online platform making a virtual store.
Offer details to your customer
Just looking at an advertising poster and buying it up!
The buyers of today are smarter than this, they need details retailed to brand and product they are planning to buy and that where e-commerce comes in the picture, it helps retailers to not only to provide details to customers regarding products or services but it works in providing a detailed outline of the company.
There are times when customers want to know everything about the product including the brand and company and in retail stores, it is quite hard to give customers a detailed outline or answer to every question that a customer is looking for.
Therefore, e-commerce can help you there. All it demands is making a good profile of the company by making attractive and user-friendly websites.
So start giving your customers a little more.
Know review of your product
Nowadays every buyer follows the ratings by other buyers on the product before purchase and then accordingly initiates their step.
By the way, do you know how amazing your product is?
If you are saying “NO” then read what your customer says. Yes! With e-commerce, you get a chance to know the feedback of your customers and can also see and compare the ratings.
It gives you a chance to work on your product according to customers’ needs and also make other buyers aware of your product features.
Now, this is clear that we need to use e-commerce portals for growth and success but how to avail them is still a question. Right!
Don’t worry, we have an answer for that too.
Is e-commerce just perfect?
No doubt, e-commerce comes with lots of benefits for your business and it has so much to offer you, but every offer comes with a cause. So here are some of the points to reconsider about e-commerce.
Reconciliation- being a part of commerce be it traditional or electronic you need to look upon the internal financial records and compare it with monthly statements of banks or other financial institutions. It is an important step to do, as it avoids fraud transitions, credit drafts, and many other similar issues.
If you are an online seller and you sell your product on different platforms together, your task becomes more stressful, as now you have to download reports, look and compare, you may also have to recheck it.
Doing all these on your own is a real hectic task!
Accounting/ Return filing- The story of work pressure doesn’t end here, you need to send your excel sheets to CAs or do manual entries.
The problem that most of the small and medium enterprises face is a lack of knowledge about GST that may end up with the loss of the company rather than generating profit.
Inventory management- It is amazing that you have registered your business in all the online channels to sell your product, but is it convenient to handle?
Registering to many portals is easy, even investing money in all of them becomes an easy task, but something that is not at all is managing them together.
Switching between one channel to another and keeping an eye on all of them is not at all easy and even if you do that, the accuracy rate shivers.
Return management- Did you give a thought of how you will manage the return of your products.
Things are easy when they go in favor but turns to be harsh when they do not move as planned. So yes, return management needs a lot of attention and you have to manage all those records and update in real-time.
So the warning most of the time is about managing all the things together that make it hard for small and medium enterprises.
TDS & TCS Compliance- The journey that you have to go through using e-commerce will also involve certain compliance issues.
For every sale, the e-commerce operator will charge commission along with the other fee that includes handling, shipping, etc. The fee comes under Tax Deducted at Source (TDS) provision, which depicts that it is liable to deduct some percentage of your income tax (Income tax act, 1961).
If the TDS does not get deducted and paid on these expenses, the online retailer will have to pay income tax along with TCS (Tax Collected at Source) for these expenses too.
So it is very important for an online retailer to manage monthly compliance of TDS records and keep a regular track on return filing and assessment of GST. And since this article has talked about and solved so many problems, here is a solution to this problem too.
You can subscribe to eVanik and solve all these issues at once. You will have a complete suite to work at your convenience.
The benefits of e-commerce can go way beyond this. These are some of the glimpses of benefits that you can avail of moving to e-commerce. Since everyone in the world is looking for a place where they can shop with their convenience, without investing time on going to places and choosing among thousands of options. So this is your time to give your customers what they are looking for.
However, e-commerce needs high management and looks after but moving ahead with the right plan will always give a profitable result.
Make e-commerce your choice with your existing retail store, don’t let boundaries stop you and give your customers more than what they ask for.
“Fairy tales made me believe that magic exists. If you think about something, look for it and it happens to cross your path over and over again”. The Omnichannel strategy somehow works in making this ideology true. If you desire something, you are going to find the product everywhere, over and over again. If we go through definitions they say “Omnichannel strategy is the process to provide customers with a fully- integrated approach to commerce”. In simple words, it is the strategy where customers have the convenience to shop on any channel with the same customer experience. An omnichannel retail brand gives you authority to choose your shopping pattern your way, you can shop online and pick up from store or see in-store and pick online, the process even extends to selecting a product in the cart in a website and when you open it in your mobile application or via any other social media site. You will find that product in the cart. Isn’t it magical! Something that is going to amaze you more is, now you can even shop online and return to the store or vice versa. So it simply says all your shopping channels are now integrated making you the priority of the time. The process not only supports you being a customer but if you are a retailer too, trust me, omnichannel retailing is the best choice. The process does not demand retailers to be present everywhere but their products are traveling across the globe along with their identity. Moreover, the omnichannel retail strategy gives customers overall experience and time to research among all the products. It gives you the power to get the best among thousands of products. Now you can also scan, compare, save i.e. mark the product as a wish list and then buy it from any channel. It provides the chance to buy a product without any psychological pressure of time and limited stalk.
Journey of omnichannel retailing
The omnichannel retail system was born with the digital evolution and now is a part of our lives. It is the fastest-growing concept which is at its highest peak of acceptance today. The omnichannel marketing was introduced in the year 2010 and was believed to be extended by multichannel marketing. The basic concept of omnichannel was to introduce a platform that makes accessibility of customers in every channel with the same shopping experience. However, the concept did not gain any attention until 2013 and then a post by Huffington highlighted the concept by throwing light on the way, “how customers were going to the store and searching the product, comparing it at an online portal and buying according to price difference” and this prompted retailers to shift towards the omnichannel retail process. Since then the market of omnichannel is considered to be the buzzword in the field of retailing. Have you heard the name of Starbucks, they have now increased their retail sales to 30 percent using omnichannel retail strategy. Their success story started with launching the Starbucks application on January 2011, the application allows customers to pre-order their coffee, see estimated time and pick it up, with payment of every order via Starbucks card customers get special points which can be seen in the application, website, and all the other channels. These points get auto-update with every order, in real-time and can be easily redeemed. The story doesn’t end here, Starbuck’s application also gives its customers an opportunity to locate nearby stores, send gift cards, view menu and also to identify the song being played in-store. What else a customer could even think about, so being an omnichannel retailer is giving your customers an experience they have never even imagined. Another story is about the world’s largest online retailer, Amazon. It provides an online shopping platform for customers. The customers can now initiate buying at mobile applications and complete procedures at the website page, the customers can also mark a product as the favourite at the website and can see it later on the mobile application. The opportunity to customers even extends far beyond this, now you can make a wish list, or collect products you want to buy and share it directly with your friends and family. Alexa! I am hungry. I need pizza and boom options are there. Amazon is now up with a new feature to order online just by speaking it. So if you are a retailer and want to work with Amazon, eVanik can provide you a platform to reach. And as I said before, be more than customers can even think about. There are many other examples of brands that reached heights by following the same strategy in all these years some are Virgin Atlantic, Bank of America, Oasis, REI, Chipotle, Timberland, Orvis. These companies as a set example for the upcoming generation on creating omnichannel retail plans. All these companies had their own stories starting from a different stage but ended reaching the peak of success.
Reasons to go for omnichannel retailing
The idea of omnichannel retailing is a boon to this era. There are many reasons to shift your retail process to omnichannel retailing.
Statistically speaking, according to PwC’s annual retail survey done in the year 2016, 65% of consumers are aligning more towards omnichannel retailing because it is convenient. 31% of consumers were lured by the price difference.
The need for every age group
As the digital and technical acceptance is raised these days and the highest population of India comprises youth.
Irrespective of age, people in India are inclining towards digital and convenient methods of shopping.
Allow start and end of shopping at different channels
Omnichannel gives you the opportunity to start your purchase at one channel and end it at other, you can now book a product online or check its availability and buy from the store.
Integrated platform for purchase and analysis
Omnichannel retail marketing provides both the retailers and customers a platform of integrated purchase and analyzes the purchase data.
The need of the time
Since the global market is rapidly changing, accepting omnichannel retail processes is a need of time. The latest market research suggests that the global market is expected to grow from USD 2.99 billion in 2017 to USD 11.01 billion in 2023. The research indicates the growth factor as an increasing adoption of e-commerce for online shopping and convenient marketing procedure.
Earns trust of the customer
The process helps retailers to earn the trust of customers, making customers loyal towards the brand.
Reasons to think twice
When you are looking forward to an amazing idea that promises you comfort and convenience, how could you think of even a single reason for not going for it? But Omnichannel does have a few reasons to think twice before going for it.
Require high maintenance
A famous quotation says “Rome was not built in a day”, the same goes with omnichannel retailing, to make your retail empire vast in the digital platform. You need to work on it, every day. Every detail in social market matters and that needs to be maintained daily.
You will only be considered as the omnichannel retail marketer when your product has an integrated approach via every channel, which makes the process a little complicated. Your customers should have an online and offline approach to your product, no matter where they are trying to reach you. They should receive the same service. And if you fail even in one aspect, then you will no longer be considered an omnichannel retailer.
Let’s talk about the facts!
After understanding what omnichannel stands for, see some of the facts associated with the term:
According to a global study which was done in the year 2014 by SDL, the United Kingdom found that out of 3000 customers, 90 percent said that they expect the customer experience to be consistent across channels and devices used to interact with brands.
According to Business2community.com, 50 percent of the customers prefer to search the product online and prefer to pick it up from the store.
The research that was done by Business2community.com also indicates that there is 56 percent of customers that use the mobile device to research at home, 38 percent check the availability of the product on their way to store and 34 percent have already used their mobile phones to research about the product before coming to store. There are some more factual statements authenticating the benefits of omnichannel retail operations. Something that all these statements have in common is that every individual these days is highly dependent on digital means for their day to day life and therefore this is the best time for you to come up with the idea of omnichannel retail processes. So if you are even thinking about it, I would say “GO FOR IT”.
Conclusion Conclusively it can be said that omnichannel retail operations play a vital role in the development of both newly started ventures and already existing ones. Market acceptance is relatively high as its phenomenal features and strategies are never going to disappoint you. Omnichannel gives both the customer and retailers a platform for direct connection, which is positively time-investing and economically friendly for both. So moving towards an omnichannel strategy is more like taking a step towards making your brand consumer-friendly, and an approach to follow your customer’s interests. There is a famous quote by Mickey Drexler, former CEO and current Chairman, J. Crew Group “People like consistency. Whether it’s a store or a restaurant, they want to come in and see what you are famous for” and omnichannel retail operations provide a platform for all companies to promote their products in a dynamic way. In fact, it attracts the customer and provides a virtual tour of the product. Additionally providing customers with the flexibility and opportunity to select and buy their right fit, choosing from thousands of similar products. Therefore the more your customers know about your company’s name, the more they will start trusting it, “So start providing a platform to explore if you are a retailer, and start exploring if you are a customer”.
The Novel Coronavirus (nCoV19) outbreak has affected over 75% of the countries in the world since its outbreak in December 2019. The SARS-CoV-2 spreads mostly from person to person through close contact or from droplets that are scattered when a person with the virus sneezes or coughs. This means that the novel coronavirus is highly contagious, which means it spreads easily from person to person. The average incubation period of the virus seems to be around 5 days.
Millions of online shipments exchange hands every day. Right from the supplier to the warehouse staff to the courier delivery boys and finally to the end shopper. This gets multiplied as over 20% of online shipments get returned to the seller causing a much higher threat.
How can Coronavirus COVID19 affect the business and health of E-Commerce Sellers and their employees?
Studies show that its cousin viruses, SARS and MERS, live for a few hours on the surface of an object. They are spread most often by respiratory droplets from one person to another. Besides, no medicine or vaccination has been developed till date to fight this pandemic. The earliest probability of getting one as per various research organizations and scientists is one year from now.
The logistics providers have been experiencing a surge in orders from shoppers who are ordering online, especially after delivery commitments like “Same Day/Next Day” delivery promises from online retailers like Amazon and others. This leaves a certain possibility of the packets being a carrier of the virus from the origin to the shopper. And that’s quite a risk.
To make matters worse, in the case of buyer returns, the packets come back from thousands of shoppers back to the seller through multiple delivery boys throughout the day, every day.
One theory is that after the outbreak of the pandemic, more people will stay indoor and order online instead of exposing themselves by going out and shopping in physical stores. While this may sound to be a boom for eCommerce sellers, the worry is far bigger.
Ecommerce sellers need to deal throughout the day with warehouse staff and courier staff to ensure timely delivery of orders to buyers.
Now, this poses a serious 2-way threat to eCommerce Sellers. Some of the situations and scenarios which are more akin to the business of eCommerce sellers and safe practices that one should follow are:
PICKING & PACKING
Definition – Order picking is the process of finding and extracting products from a warehouse to fulfill customer orders.
Conventional Practice – On receiving orders, picklists get generated and given to pickers to bring the items from different locations (Racks, Shelves, Bins, etc) of the warehouse to the packing area. Packers would then put the products in various packets/boxes, affix the shipping label, use adhesives and tapes and move to the dispatch area.
One Carrier (Picker) may transmit droplets to locations (Racks, Shelves, etc) from where it could transmit to another carrier in case he goes to the same location.
Clean, sanitize and disinfect all high-touch surfaces and warehouse locations (tables, racks, shelves, bins, light switches, barcode scanners, desks, etc.) 2-3 times a day. Cleaning does not kill germs, but by removing them, it lowers their numbers and the risk of spreading infection.
Allow 1 person at a time to go to the warehouse location for picking and once he has picked the items, he should wash hands and/or apply sanitizer every time after the picking.
Ensure people wear safety mask especially those who are commuting through public transport. An added precaution would be that pickers wear disposable safety gloves and discard them properly at the end of every day.
Definition – Dispatch is the activity performed when the goods have to be delivered to the customer(s) or handed over to the courier
Conventional Practice – Once all packed items are kept in the dispatch area, they get physically handed over to various courier/delivery boys
The delivery boys from the courier company may be potential carriers of the virus.
In case any employee is infected, the virus could get transmitted through the surface of the packages.
Keep courier wise packets in a separate area with a large display tag containing the dispatch information (Manifest IDs, no. of packets, courier name, etc.) so that the person coming to pick up the shipments can identify his consignments.
Keep a drop-box where the receiving person can leave the signed acknowledgments of the picked-up consignment receipts.
Wear masks when engaging with the external courier/delivery boys who have come to pick up the consignments.
Clean, sanitize and disinfect the dispatch area at the end of every day once all the consignments have been picked up.
RECEIVING RETURNS OR PURCHASED ITEMS
Definition – Inwarding is the process of physically receiving the products into the warehouse either from a supplier or through a customer/courier returns and doing a putaway into the warehouse locations.
Conventional Practice – Returns and purchased items are physically received and inward almost immediately when they land in the warehouse.
Returned packets may be a carrier of the virus through the person who has delivered them
Keep a distinct covered area in the warehouse where the senders can keep the stock and a drop-box where they can leave the documents. Ask for suppliers to send a copy of the documents electronically to verify and respond with confirmation electronically. Mention the reason for doing this in the electronic email.
Disinfect all returns received
Wash hands every time after receiving returns and doing the putaway.
Since the virus lingers just for a few hours on the surface, it is advisable to make physical contact with the packets after 3-4 hours of their landing in the warehouse.
The safety of our business is in our hands. These small and simple steps will help us combat coronavirus. These will protect our business and the health and well-being of our employees.