Top 5 features your e-Commerce inventory management software should definitely have

If you’re looking for an all-inclusive solution for automating and streamlining your various inventory processes, an e-Commerce inventory management software rightly fits the bill. It allows your business to function competitively and effectively by simplifying the complex inventory duties. But not all software is built in line with your business needs. You need to customise your e-com solution so it seamlessly integrates with your workflows, operations, and systems. Be that as it may, there are some key functionalities that your inventory control platform should have to ensure efficiency and eliminate bottlenecks. 

Let’s explore this in more detail.

• Automated stock replenishment
  

As you scale your business, your operations inevitably become more protracted and complex, making it difficult to manually control all tasks. That’s why it’s good to have automated functionalities in your e-Commerce inventory management software, specifically the automatic reordering option. 

This feature becomes particularly useful if you have products that sell in small quantities that are spread across a lot of stores. This will save you the hassle of managing multiple small orders and allow your partners and stores to keep up a steady level of inventory. 

In fact, some platforms with advanced features also allow you to: 

• Create automatic fulfilment requests for the warehouse.
• Store all supplier and partner details.
• Manage all previous supplier transactions.
• Use dynamic pricing so your partners can get discounts on higher quantities.
• Automatically send purchase orders to suppliers and manufacturers.

Although some of these functionalities look too advanced for small e-Commerce businesses, they can save you a lot of time, funds, and resources once your business scales. 

• Streamlined returns handling

Returns are an inevitable part of e-Commerce businesses. But that doesn’t necessarily have to mean losing the customer and future business. 

A streamlined returns system, in fact, can help you build trust with your customers in a way that they return again and again (to your stores). 

Some of the most successful businesses in the e-Commerce industry have great return processes that make it easy to return unwanted products. 

This makes customers more likely to purchase from you first and then return products in a sellable condition every time. 

That’s why you need to have return management built into your inventory control system to keep accurate visibility of your inventory levels. 

• Inventory notifications

A good e-Commerce inventory management software will allow you to set up your inventory alerts when your stock hits a predetermined level, allowing you to set up your planning and restocking accordingly based on the demands and timelines. 

More advanced systems, with built-in AI capabilities, can calculate sales velocity and predict low stock levels and raise alerts accordingly. 

After the alert is generated, a reorder point is also automatically assigned so you can create a PO to send to your supplier. 

That’s why alerts are an important feature of your e-Commerce inventory management software. It saves you a lot of time by showing exactly what needs reordering, in what quantities, and when without you having to analyse everything manually. 

• Inventory forecasting

Demand forecasting and inventory optimisation are key business processes for any e-Commerce or retail business. 

Out of these two, forecasting is particularly complicated, given the changing demand levels throughout the year. In part

Inventory optimisation and demand forecasting are key business decisions required to improve inventory management for any business.

Forecasting is often made particularly complicated by changing demand throughout the year. Festive seasons increase demand for all products. Some products are also particularly susceptible to seasonal changes, like clothes. For instance, sweaters and shorts are popular at different times of the year. 

Therefore, your e-Commerce inventory management software should be able to leverage past data to forecast the demand for the next year. Accordingly, it should create replenishment reports when you are low on stock. 

This foresight inevitably optimises your inventory levels, as you are always prepared for the next with the correct amount of stock.

• Order management/tracking

Order management serves as the linchpin between sales and inventory control, facilitating a harmonious flow throughout the e-Commerce business. 

Needless to say, it’s an important aspect of inventory management as it provides real-time visibility into inventory levels from inception to fulfilment. 

This information is key when you want to maintain optimal stock levels and minimise the instances of overstocking and stockouts. After all, these aspects are closely tied to customer satisfaction.

All in all, having this feature in your inventory control system can help you streamline your supply chain operations and allow you to make informed decisions.

Ultimately, this boosts profitability.