Importance of Inventory Management In Wholesale Business

Posted On March 27, 2023

Inventory management handles everything from the process of ordering, using, storing, and selling the inventory.

 Also, Order management is part of the Inventory management system that helps keep an eye on vital information regarding the product, like purchase history and stock.

B2B inventory management includes placing an order, checking inventory, monitoring, picking, shipping, and payments.

Without effective order management, the e-commerce business can feel overwhelmed. Proper B2B inventory and order management systems are crucial for customer base maintenance. Moreover, an effective B2B inventory system collects, tracks, and manages inventory across the channels of wholesale e-commerce, provides a centralized sales channel platform, offers real-time management of inventory, and facilitates bulk processing of orders.

Some Key Tips to Know Before Selecting the Inventory Management System

Know Your Business

The well-established e-commerce software companies comprise an integrated system of b2b inventory and order management

. It is because of the following reasons:

• Improves the revenue of sales
• Better time management across the data-driven system
• Minimize the extent of redundancy in customer services and hence reduce the cost

Analyze Important Functionalities

There are many other attributes to look upon in b2b inventory and order management, such as accounting, integration with other systems, price point, automated data synching, ERP solutions, etc. check out for an application that not only fulfills your needs but also comprises the features of a price point. For instance, some applications integrate the features of customer relationship management with existing functionalities.

Check Out the Scope and Mode of the Software

The advancement of new-age technology has created a lot of possibilities for enterprise software. The bottom line is whether you need an online software platform or one that can be installed. However, with the evolution of technology, companies are shifting to the cloud as it has many benefits including flexibility,  scalability,  easy access to data, and 24/7 support.

Especially in the e-commerce business, opting for an online software platform is better.

Check Out the Scope of Automation

Handling the operations of B2B e-commerce manually will lead to overwhelming operations management.

The manual processes are more prone to human errors, which can lead to ineffective management of enterprise operations. The B2B inventory and order management should encompass the features of automation wherever possible, from sending requests of fulfillment to calculating the cost of shipping.

The process of automation lessens the need to manually handle stock management, which helps in minimizing human errors. Moreover, the aspects like customer login comprise the options of browsing discounts and prices of custom, and it enhances the experience of wholesale customers and hence aids in streamlining the operations of inventory management.

How Order Management Can Help In the Jewelry Industry?

A robust Order Management System (OMS) is important for jewelry businesses due to the below-given reasons:-

Inventory Precision:  B2B inventory management system software helps to ensure precise tracking of stock levels and product availability, minimizing the risk of overstocking and stockout.

Increased Efficiency: A wholesale best e-commerce inventory management software streamlines the fulfillment and ordering process, minimizing the rate of manual processes and errors and enhancing overall efficiency.

Enhanced Customer Experience: Inventory management software enables real-time notification and updates on product availability, order status, and delivery times, leading to enhanced customer satisfaction and loyalty.

Improved Sales and Profits: An order management system assists in providing valuable insights into inventory data and sales, enabling jewelry businesses to make informed decisions about pricing and purchasing.

Facilitation of International Services: Integration of a B2B e-commerce store with multilanguage will facilitate international services and help improve the scope of supply chain management.  Moreover, To scale the business, multi-language services will help. For instance, if any organization has a client base in another country where French is a native language, you cannot target them. That is why the support of multi-language features will help.

Final Thoughts

Choosing the right inventory management software is crucial in order to streamline the operations of the business. The right inventory management helps keep your customer catalog organized. It enables to keep the track of stock levels in the back end with online synchronization across all the channels of sales.