HomeBlogE-commerceImprove your Inventory Management and Increase the Efficiency of your Online Shop Improve your Inventory Management and Increase the Efficiency of your Online Shop Once you start an online store or web shop, it is still fairly doable to do inventory management manually. But as you sell more and more products, you can quickly lose track. In such cases, it is necessary to have your inventory management in good order. In that case, an inventory management system can help maintain oversight and control of inventory. There are several inventory management software programs that can assist you with this. But what exactly is inventory management and how can an inventory management system help you grow your business? Improve your Inventory Management and Increase the Efficiency of your Online Shop1 What is inventory management?2 Why is a structured inventory management system important within e-commerce?3 How does an inventory management system work?4 Use inventory management software from e-tailize What is inventory management? Inventory management includes everything concerning incoming and outgoing flows of goods within a company. An important part of this is having oversight of inventory and making sure you always have adequate stock of products you sell. Since as a company you need to ensure that products are always available, timing is also an essential factor. After all, you need to be able to make a good calculation about how many products you need to buy for a given period of time. Obviously, you want to prevent customers from purchasing products but not having them in stock. In that case, inventory system software can help manage inventory. Why is a structured inventory management system important within e-commerce? If you run a webshop or sell products through different sales channels, such as Amazon or Bol, keeping track of your inventory can be a tough job. Especially when you start selling more and more and therefore need to do more shopping. To avoid out-of-stock products, a structured inventory management system will be necessary. In addition, it can help optimally structure and inventory products in the warehouse. Very useful when you sell a wide range of products. A well-run webshop or online store on a marketplace can sell an immense number of products per day. When you get a lot of orders, it can lead to chaos. Therefore, inventory management is especially important within e-commerce. How does an inventory management system work? Inventory management systems help you manage your inventory. They map out the inbound and outbound flows of goods, allowing you to maintain full control over your assortment. There are a number of components that a good inventory management system must meet. These functions relate to the purchase and sale of goods, and inbound and outbound movement of goods within the enterprise: Incoming goods: an inventory management system ensures that goods received are organized. The system helps you not only record the goods you have received, but also verify the completeness of the delivery and invoices. Outgoing goods: if a customer places an order, an inventory management system helps you process the order from start to finish. Such systems often work with scanners where outgoing products are scanned so that current inventory is efficiently tracked. Procurement of goods: purchasing (enough) goods is essential part of inventory management. A good system will help you purchase goods effectively by looking at previous sales. In doing so, the software will take into account prices, requirements and any offers to purchase as sustainably as possible. Selling goods: an inventory management system keeps track of the details of a customer who places an order. You know exactly what a customer ordered, where the order should be sent, and whether payment has been made. Above you can see all the essential components of a structured inventory management system. Together they provide good inventory management where you can effectively keep track of your entire assortment. Use inventory management software from e-tailize Are you just starting a webshop or online store on Amazon or Bol? Perhaps then you can still manage your stock on your own. However, it is not a bad idea to start inventory management software in time. Especially when you are active on multiple sales channels, e-tailize can give you a leg up. Our platform allows you to centralize all your online sales channels in one system. This allows you to work from a single dashboard in which you have an overview of the inventory of each individual channel. Moreover, our platform allows you to fully automate your inventory management, as well as product supply and order fulfillment. Schedule a demo today with one of our ‘Growth Experts’ to discover all the functionalities of e-tailize. Together we look at the specific needs of your business and how our platform can address them.