How Does Multichannel Selling Software Impact Inventory Management | VendorElite

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Multichannel inventory management is the process of maintaining accurate stock levels, replenishments, and inventory forecasting across multiple sales platforms. It allows businesses to track business performance and plan restocking according to the market demand. When you sell on a single sales channel, you will maintain a single inventory, sales data, and product listings. Here, your focus should be on cost control and ensuring the quantity mentioned in your e-commerce store matches the actual inventory. The process will become challenging when you add more sales channels. When you increase the number of sales channels, orders will increase from different sales channels same time.

In this scenario, the chances of losing tack on stock levels are high. It is not possible to maintain inventory manually when you sell on multiple sales channels. A well-built inventory management system is a must for maintaining accurate inventory across sales channels.

Integration of Inventory Management System With Your Sales Channels:

The inventory management system you choose must provide direct integration with your marketplaces, your physical shop, and the applications you work with. The right inventory management system works as a centralized control center where you can have visibility of stock levels and stock locations. This helps businesses to maintain accurate inventory data which is a must for effective multichannel inventory management.

Real-time Inventory Update:

It is one of the core components of the inventory management software that helps to update listed quantities on the store automatically. While using an inventory management system, it is not required to maintain any spreadsheet data or update quantities by hand. The inventory management system automatically reserves the inventory whenever an order arrives and updates the quantities to prevent backorders. You can also set inventory thresholds or buffers to prevent sales of SKUs in certain channels once they fall below a specific stock level. This will help businesses to prevent overselling.

Demand Forecasting:

It is the basic requirement of a scalable inventory plan. A good inventory management system needs to be able to account for several factors outside historical sales data, including lead time, holding cost, shipping cost, handling cost, profit margin, etc. You need to choose an inventory management system that not only alerts you when running low on stock but also optimizes inventory based on new trends and demands.

Conclusion:

Multichannel inventory management plays a crucial role in the success of businesses. From overselling to confused orders, several factors affect the timely fulfillment of orders. These issues can be resolved using the right inventory management system. You need to do proper research on inventory management solutions at your disposal.

VendorElite is one of the most powerful multichannel selling software available now. You can manage your inventory effectively through this software and eliminate the chances of overselling. The centralized dashboard of VenderElite helps you to track the inventory levels across the sales channels through the easy-to-use dashboard. VendorElite offers direct integration to the most popular marketplaces including Amazon, eBay, Walmart, NewEgg, Bonanza, etc.

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