As an online store-owner, your primary goal is to improve your bottom line. You must appreciate the impact of having a quality inventory on sales. However, managing inventory is an incredible challenge depending on the type of business. In this article, we will look at the role of inventory management in an e-commerce scenario, how to keep track of inventory and sales and inventory management with Magento Sage 100 Connector of i95Dev. Do not miss our blog on inventory management from an online store perspective.
Role of Inventory Management In E-Commerce
Poor inventory could damage your e-commerce business. It can lead to a production shortage. This indeed increases the inventory cost. This is called “The Diamond of Doom
If you are also sold on online marketplaces like Amazon, eBay, Etsy, etc., you cannot check the stock frequently. Stock inconsistency across these channels makes you run the risk of overselling. This leads to overstocking or understocking of goods. Your employees might end up spending hours trying to find misplaced products due to errors made by manually tracking your inventory.
While most companies attribute this to employee inefficiency to maintain inventory, they are often wrong. It is just that these companies do not have an automation set to sync data on the real-time basis.
All you need is a system that integrates your ERP and online store to enable real-time data flow.
Inventory Management with Magento Sage 100 Connect
Below two screenshot represent the two scenarios of the disconnected and connected ecosystem of an e-commerce store. Let us consider there is a product called as Nest Learning speaker with code 5000.999.
In the first case, there is no the Magneto SAGE Connector to integrate the data between Magento and Sage 100 ERP.
You can see the quantity displayed against the product as zero; whereas in the Sage 100, ERP is showing the quantity 4642.
Here, the data is not synchronized and thus the inventory data is different in the two systems. If this is the case, the customer who wants to buy the same product thinks that the product is out of stock and looks for an alternative.
In the second case, if there is a Magneto Sage Connector to integrate the data between Magento and Sage 100 ERP.
Your data gets sync in real time. The moment you enter the inventory details in Sage ERP, it reflects in Magento Admin as shown below:
It is not just the inventory; your sales, invoice, and accounts payables are automatically updated as per your web transactions.
Most companies do not realize the role of a connected ecosystem in an online store operation. This leads to loss of efficiency and revenue. For discussing specific challenges pertaining to your operation, contact our experts on firstname.lastname@example.org.