3 best ways to manage your inventory
Do you know that managing your inventory plays an important role when you tend to run your online store smoothly? Let’s try to imagine that your product is still in your warehouse but they are not listed on your e-commerce website or worse, product is displayed on your website, however, actually, it is not available in your warehouse. The result will be terrible, overselling and annoying customer will happen.
It is the reason why a well-managed is good for both your business and customers. It is easy for the customer to buy the product in stock whenever they place an order. Moreover, your business can also manage and control products quickly and you do not need to waste money on excess stock that you are unable to move.
So, three best ways to help you to manage your Magento inventory will be shown for you!
1. Magento inventory extension:
Nowadays, in E-commerce business, most sale platforms like Amazon, eBay and Shopify offer method for managing inventory which built-in or through addons. It is called Magento inventory extension which is the most useful solution for managing inventory.
Inventory Management extension is the ultimate stock control system for E-commerce website. It helps you keep track of any products in backend easily. This module eliminates common mistakes arising when you handle stock availability, transfer and purchase more items for your warehouses.
The problem with selling on two (or more) platforms is that every time you sell a product on Amazon. For instance, you must log into your Magento store to decrease your stock levels of that product. Likewise, when you make a sale on Magento, you’ve got to log into Amazon to adjust your stock levels.
Using Magento’s inventory management extension to manage your inventory is great if you’re only selling on Magento. When you want to expand your business by selling on other platforms – something that’s often necessary in order to grow – then you need to take a different approach.
2. Manual management:
An alternative tool which helps you to manage your Magento inventory is the old-school way: by taking care of things manually. With this way, you don’t need to worry about managing the precise stock levels on each platform. As far as each platform is concerned, you’re either in stock or out of stock.
You keep track of your precise inventory your own way. This can be with pen and paper (not recommended, unless you’re incredibly organized – and brave), using a spreadsheet, by setting up your own database, or with inventory software.
The benefit of this approach is that if you’re selling on more than one channel, it can be less fiddly than constantly adjusting stock levels across all the platforms you sell on.
Its downside, however, is that it can still take a lot of effort and time. Once you become a high-volume seller, manually jotting down every product that leaves your stock room could become a challenging job which eats up a lot of your time.
Luckily, you have other useful option which saves your time and hassle of manual: Management inventory extension
3. Automate it
The final method to manage your inventory is using inventory management software.
This cloud-based solution means you manage your inventory from one place. When you add products to your stock, they’re added to every platform you sell on, so the moment you sell a product through your Magento store, stock levels are automatically reduced across all your platforms. Managing your inventory across Magento and your other channels becomes hassle free.
You could try each of these methods depending on your circumstance as a seller – what works for one seller might not work for another. As a result, it’s best to try them out and see for yourself.