How to Manage your Inventory when Selling Multi-Channel?
Managing stock levels and an inventory can be hard and, there are a few common methods of managing stock across multiple websites. Let's look through each and see how they stack up for a multi-channel retailer.
1. Simple Stock Accounting
Believe it or not, there are many businesses out there which manage stock manually., whether this be through an Excel spreadsheet or a glance at the shelves. In a recent study by Web Retailer and Feedvisor, fewer than 35% of Amazon Sellers used Stock Control software.
The same piece of research sighted that 21% of sellers planned to adopt Inventory management software within the next 12 months, perhaps showing it's importance as a business develops.
2. Dedicated Stock Software
So, some businesses do invest in stock management software however, you can either do this through dedicated inventory software or an integrated approach.
When opting for dedicated stock software, company's will often typically approach this by attaching their website with another chosen e-commerce platform and some form of ERP (Enterprise Resource Planning) application.
There are numerous solutions that fit this model and, whilst this 'works' in one sense, businesses often end up with fragmented systems and spending excessive time ensuring their products, stock and customer data is accurate.
When selling through multiple channels, it can be a challenge to ensure these all align when using different pieces of software.
3. Integrated Stock Control
Integrated Stock Control refers software which manages Stock alongside your Order Management. This is a different business process model as it requires you to consider your business as a whole. When approaching inventory management, it's not just a case of bolting on another piece of software for each part of the chain but instead finding a holistic stock control solution.
This means that you are able to run amalgamated reports, integrated stock control, consistent product marketing and cohesive order management. Not only does this save you time but often, it gives you greater insight into your business allowing you to improve your sales.
For this reason, Khoo Seller was built as a cohesive order management and stock control system which assures data integrity and streamlined business processes.