Multichannel Selling: Integrating Inventory Across Multiple Sales Channels | VendorElite

 

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Multichannel inventory management is the process of automating inventory to maintain accurate stock levels across multiple sales platforms. A sales channel refers to any platform, physical shop, or vendor that serves your products to the customers. Sales channels fall into three categories online marketplaces such as Amazon, eBay, Walmart, etc., brick-and-mortar stores, and e-commerce websites. Profitability, consistency, and customer satisfaction are the results of accurate inventory management.

What exactly is multichannel inventory management?

Multichannel inventory management tracks inventory across multiple sales channels. It is a cloud-based software that offers real-time updated stock levels across the sales channels. Multichannel inventory software is a must for retailers who sell through various platforms such as brick-and-mortar shops, e-commerce websites, online marketplaces, and social media. The right inventory management software offers direct integration with online marketplaces, physical shops, Google Shopping, Social Media Platforms, and other channels that you work with. It works as a centralized data center where you can track the status of stock in different locations. This software allows businesses to have consistent and accurate inventory which is a must for multichannel inventory management.

What makes inventory management Important in multichannel selling?

The main feature of inventory management software is the ability to automatically update the inventory in real-time. While using inventory management software, you never have to update the inventory manually. Whenever an order is placed in any of your sales channels, this software immediately reserves the item and updates the inventory to prevent backorders. You can also set inventory thresholds to limit the sales of SKUs below a specific stock level. When a threshold is set, the product below a specific stock level will be available in the sales channels you prefer and this helps to prevent overselling.

What are the types of inventory management solutions?

Inventory management software is the most reliable solution to resolve the issues in managing accurate inventory across multiple sales channels. There are a lot of inventory management software available in the market, some are cheaper with limited channel support while others support end-to-end operations. There are two types of inventory management solutions:

Basic Inventory Management Solution:

Small and mid-sized sellers can use the basic inventory management software that is often free or low-cost. These are cloud-based, but some of them will support only a few channels and are specially built for certain businesses like door-to-door shippers. Real-time stock updates, order processing, and low-stock alerts are the most common features of basic solutions.

Advanced Inventory Management Solution:

Advanced inventory management supports integration with several sales channels. The advanced software solutions are scalable based on business growth. Apart from inventory management tools, some software helps to optimize product data, listing, pricing, etc.

Conclusion:

Accurate inventory management is the backbone of multichannel e-commerce businesses. Maintaining accurate inventory helps businesses eliminate the chances of overselling and elevate the customer trust in your brand.

VenderElite is one of the best multichannel selling software that comes along with an inventory management tool. It helps to automate all your business processes and allows you to manage all your sales channels from a centralized location.

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