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.
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.