Must-Have Features In Inventory Management Softwareby Maulik Shah Owner
If you own an e-store, managing your inventory on the go is crucial. And an efficient Magento inventory management app for mobile or tablet can help you manage your inventory from anywhere.
However, effective inventory management software is hard to choose due to a plethora of options available.
Whenever you decide to invest in an inventory manager for your Magento e-store, ensure that it has the following effective functionalities.
Functionalities of Effective Magento Inventory Manager
As your business grows, the count of products also increases. So, effective product management becomes inevitable. So, it is better to pick an inventory manager that lets you add, remove or edit products’ details and their sources.
Stock management is an important aspect in inventory management. Your inventory management software or app should let you manage stock for every e-store in case you have multiple stores. It should also let you update the quantity of stock in real-time. Besides, it should also give you the freedom to assign and change sources (warehouses) for a particular stock.
It is possible for your business to expand to more than one country. In that case, you may have to manage multiple stores. The multi-store support feature in your inventory app makes it possible to view sales orders, customers, stocks, etc. separately for each store view.
When picking an inventory manager for your store, ensure that it has a separate section of Suppliers. In this section, you should be able to view your list of suppliers and products associated with every supplier. Moreover, it should let you add, disable or enable a supplier of a product(s). Every supplier should also be able to view purchase orders, create products or edit their details. These functionalities facilitate effective communication between you and suppliers.
Purchase Order Management
A continuous on-time supply of products from suppliers is the key to on-time deliveries to your customers. So, make sure that you are able to generate and manage purchase orders easily with your inventory management app. It should let you view all suppliers with whom you have placed purchase orders, their information, and the current status of your purchase orders. It should have features that let you update purchase orders manually, the status of a purchase order from ‘Pending’ to ‘Complete’ etc.
These features will let you manage not only to purchase orders but also product quantities. As you can easily keep track of all products available in the stock.
For instance, if a product goes out of stock and its purchase order is still pending, you can disable that product until it becomes available again.
Interactive Reports and Charts
Interactive charts and reports of your sales give you a better understanding of your business operations, customers and their behavior. So, always bear in mind that the inventory management software you pick gives you an insight into sales data.
It should have reports like average items per order, most wish-listed item, best seller item with period filter (24 hours, a week, or a month, etc.), and country base sales orders.
Customers’ Review Management
Management of reviews on your site is also important. Unless you weed out spam reviews on your products, your reviews will fail to give true feedback about your products to your customers.
So, make sure that the app you choose to manage inventory gives you control of reviews and lets you approve or disapprove a review before it goes live on your site.
Notifications are always necessary to update you about different activities. So, make sure your Magento inventory management software notifies you when a customer places an order, adds a review or your stock quantity goes below a threshold limit. This feature will help you stay updated about new orders and the status of stocks. And minimize the incidences of stock-outs and delayed deliveries.
In a Nutshell
Before investing in a Magento inventory management system, make sure it covers all the aspects of your business operations. Be it customer reviews, source management, purchase orders, stock or product management.
It should help you keep an eye on your business no matter where you are.
Created on Jan 30th 2020 03:40. Viewed 272 times.