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Common Issues with e-Commerce Inventory Management
Posted on January 7, 2020
Whether you’re a large company or small, as a business and in life it is almost inevitable to run into a problem. When faced with disruption it is always guaranteed that you will look for a solution.
Many companies are now rushing to create an online presence for their product or services. Due to the rapid change in technology, time becomes of the essence, and sometimes moving at such a high pace can convolute a sure step methodology or strategy.
To help these companies navigate and fast-track their digital journey, streamline solutions have been developed. Solution partners such as A Digital Earth, offer a multitude of software solutions with key features to match all business needs. As online shopping has become an ever-growing consumer behavior, one of the most prominent solutions available is e-Commerce.
When transitioning to online or if already operating digitally, businesses are most likely selling across multiple platforms. As business begins to move faster, inventory management becomes difficult to keep up with. There are a handful of common mistakes that could happen when trying to manage your inventory: Overselling, insufficient distribution channels, and poor inventory forecasting.
How this affects your business
happens when orders are moving quickly. If you do not have the proper tools to manage inventory, it is easy to lose track of purchases and can result in loss of sales and customers. About 63% of people in the United States encountered issues regarding out-of-stock items. The consequence of this is a large loss in revenue.
Insufficient Distribution Channels
can lead to long shipping times and, in some cases, lost product. If you company is selling internationally and domestically, there can be border or custom regulations in place that could further hold shipping. Customer satisfaction and loyalty become at risk. In 2020, large companies such as Amazon and Walmart experienced a decrease in on time deliveries by 6.3%.
Poor Inventory Forecasting
is another hinderance to businesses. There are busy seasons and dead periods. In both cases, inventory must be methodically estimated and planned out. With the proper inventory management system dead stock or overstock can be avoided.
Why A Digital Earth’s Streamline Solution e-Commerce
With A Digital Earth’s e-Commerce solution services, businesses can streamline their inventory from warehouse to store front. An e-Commerce solution offers features that give live updates to pricing on items, inventory updates dynamically to store, item filtering for seamless navigation, and indicators on low and out-of-stock items. This dynamic set up ensures that businesses are receiving up to date information on product and sufficient inventory management.
Proper and efficient Inventory Management is crucial for e-Commerce. Poor stock management or insufficient distribution channels do not only result in a loss of capital. Other major issues that arise include losing customer loyalty, loss of promotional impact, and loss of time and resources. It is vital for companies to implement the proper e-Commerce solution to guarantee your company is operating optimally.
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