The company needs to find an effective way to turn the aged inventory that wasn’t selling in their retail operation, but didn’t have the resources to do so and enable the client to streamline their huge inventories of items, manage wholesale operation and procurement services and also a drop shipping process.
We support globally different Marketplaces like Walmart, Amazon, eBay, jet, Sears, Shopify, Wish, Etsy, Overstock, Rakuten.
An inventory management system supports the activities of purchasing products, reading sales and results and on -hand inventory and liquidation of product for e-commerce, retail and omnichannel companies.
1) Demand Fluctuation:-Most of the online retailers have to account for the demand fluctuations which caused due to season ability and product popularity. Online retailers should equip themselves and be capable of handling all such situations by having a new foresight
2) Reverse logistics:-Reverse logistics is one of the greatest tat online retailers’ vet to manage to enhance the customer satisfaction and generate more business., because of the high challenge of high product returns, the categories to see if they can be reused or distributed into smaller pieces to see if their components can be reused in different products.
3) Stockouts:-Sometimes the online retailers carry to lesser inventory to reduce cost and the benefits of lower inventory are widely acknowledged also, but such policy increases the risk of stockouts. stockouts can negatively affect online retailer in many ways. Retailers who experience stockouts face declining sales and customer satisfaction, customers might switch to competitors and there would be back end costs.
4) Managing SKU:- This challenge is mostly faced by the online apparel retailers where they have the problem of managing inventory information for various SKU's for each product shown on the website. This is mainly because each product can have several sizes and colors.
5) Multi Channel Shoppers:- inventory control is more challenging than ever because of the evolution of customers into multichannel shoppers. consumers now browse, research, purchase and return products through multiple mediums.
6) Managing Risks:-Following are some of mitigating strategies for inventory management by online retailers.
7) Pre purchase stock:-If in advance the retailer s efficient inventory management, customers are happy because they get to know the products are available which they want to purchase and in turn be delivered quickly. on the other hand, the retailers take all inventory risk.
8) Take Stock after customer buy:-This limits inventory risk, but can lead to longer delivery times. This model does however mean closer working ties with suppliers in that the online retailer need to work with them on an almost daily basis to ensure supply can meet likely demand.