The eCommerce inventory management system to transform your stock handling process for good.
When we say Canary7 helps you achieve the best eCommerce inventory management strategy, we truly mean it. Don’t take our word for it, see for yourself!
The eCommerce inventory management system to transform your stock handling process for good.
When we say Canary7 helps you achieve the best eCommerce inventory management strategy, we truly mean it. Don’t take our word for it, see for yourself!
If you want to be a successful eCommerce venture, there can be absolutely no gaps in your inventory management. The way you handle your stock is ultimately what decides how well your eCommerce business is going to take off, which is why it is important to ensure that your inventory management processes are smooth and seamless.
Obviously, that means an unlimited amount of pressure, and without the help of the right eCommerce inventory management system, it can be hard to cope without it taking a toll on your progress as a business.
The solution? Integrating your inventory with the best eCommerce inventory control management systems, of course. And lucky for you, Canary7 is just the eCommerce order and inventory management system you have been looking for.
Using Canary7 means that you are equipping your inventory with the tools needed for proper eCommerce inventory handling, which will allow you to not only handle your stock with unparalleled efficiency, but also ensure maximum customer satisfaction.
It may seem too good to be true – but it isn’t.
And if you don’t trust us, you can see for yourself.
A high-functioning, future-forward inventory is now a possibility
While many businesses are still out there struggling to make adjustments to their inventory in a way that puts them parallel to their competitors, you can benefit from the best eCommerce inventory management solutions that actually puts you at an advantage and enables you to create the inventory of your dreams.
Whether you are dealing with a handful of products or are looking to streamline an influx of stock for peak season, Canary7 is the best platform for eCommerce inventory management and it will help you speed through challenges that are aligned with the problems you face as a business.
For any business looking to make inventory management its strongest suit, it is time to invest in Canary7’s eCommerce inventory management solutions.
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Ecommerce inventory management statistics
Understanding where your business stands in terms of inventory management is dependent on how well you understand inventory management itself.
1: Avoiding the overstocking/under stocking problem can lower your inventory costs. (Source)
Under stocking and overstocking are major inventory problems that can affect any business that is not properly equipped with the technology and automation it needs to establish a proper inventory setup. However, if you can successfully avoid the overstocking and under stocking problem, then your inventory costs can be decreased by as far as 10%. This may seem like a trivial amount, but the impact it can have on your overall budget can really help you expand your profit margins and save a decent amount of money.
So, if your goal as a business is to save money, try fixing the under stocking and overstocking problem, preferably with an eCommerce inventory management system.
2: Vast majority of retailers are planning to reinvent their supply chain with automation tools. (Source)
If you think you can get away with not utilising automation tools properly to expand your business, you are thinking the wrong thing. According to research, at least 72% retailers are focused on bringing real-time visibility to their operations with the help of advanced analytics and automation. This means that the market is becoming very competitive, with more and more businesses realising that they need to step up their game if they want to remain at par with their counterparts.
For a business that is trying to dominate the industry and make sure that they are not left behind in terms of the services and products they provide their customers with, it is important to be armed with the best eCommerce inventory management tools available in the market.
3: Businesses are willing to increase their investment in demand forecasting and predictive planning. (Source)
Forecasting and predictive planning are the key to a successful business, which is why most businesses won’t hesitate from spending their money in this area. With the help of the right forecasting and predictive planning tools, you can make sure that every decision that you make for your business is the right one, and hence they are the right kind of investment.
With the help of the best platform for eCommerce inventory management, you can jump onto this trend and make sure that the money you are spending on this process doesn’t go to waste.
4: Third party logistics are becoming more common. (Source)
If you feel like you can’t handle your inventory on your own, know that you are not the only one. As the challenges and complexities of inventory processes increase, more and more businesses feel the need to take the help of third party logistics providers to help them streamline their stock handling.
However, even 3PLs can only master inventory management and stock handling if they have the right technology and the best eCommerce inventory management solutions to help them through the eCommerce landscape. As such, an eCommerce inventory management system is important in this regard as well.
5: Machine learning has helped and continues to help businesses to a great extent. (Source)
For a business operating in the 21st century, there is nothing more important than machine learning. Machine learning is essentially the ability the best eCommerce inventory management solutions as well as other software systems possess that enable them to be more vigilant, adaptive, and responsive to the particular needs of a business. According to a report by McKinsey and Co., businesses that have invested in machine learning to manage demand forecasting benefit from as much as 90% accuracy, whereas manual forecasting has only helped businesses achieve 60% accuracy.
Accuracy is important for inventory management, and machine learning that comes with the best inventory management solutions can help you achieve it quite seamlessly.
6: Retail and manufacturing businesses are looking to benefit from digital transformation projects. (Source)
With the help of AI and IoT, retail and manufacturing businesses are out to revolutionise their supply chain logistics and management. With the IoT, more assets can be tracked and not with obsolete technology like barcode scanning but with new and improved methods like RFID technology and many newer, much better tactics. Already, 70% have started digital transformation projects that employ these methods in hopes of improving their supply chain logistics.
By integrating a robust eCommerce inventory management system, you can make sure that your business is one of them.
Canary7; the best eCommerce platform for all inventory management problems
Inventory management and stock handling are integral aspects of your fulfilment framework. However, simplifying the way they are operated and executed is no walk in the park.
But, you now have the best eCommerce inventory management system, which will help you with every problem you have in this particular area of your business.
Problem: Inability to locate stock on time
Although it might sound easy, looking for the right products in your warehouse is one of the most challenging things. Especially doing this on time turns out to be a major problem for many warehouse operators.
If you are unable to locate your stock on time, you are setting up your business for many problems. The later you locate your products, the later you will be making your deliveries; and this can actually cause a dent in the customer experience you provide. If this becomes a prolonged thing, your brand’s value will be degraded and you may struggle to retain your customers and hence, experience a drop in your customer satisfaction rates.
Solution: Barcode scanning and RFID technology
As the best eCommerce warehouse management system, Canary7 allows you to utilise barcode scanning and RFID technology. Using these, you will not only be able to manage your inventory in a much better way, but you will also be able to locate it on time and won’t have to worry about any unnecessary delays.
This way, you can implement the best inventory management for eCommerce into your fulfilment framework, and process everything with unparalleled speed and efficiency, which again, puts your business at an indubitable advantage.
Problem: Handling outdated/redundant stock
As an industry, eCommerce is prone to major fluctuations. What is in today may not be in tomorrow, and hence businesses are constantly on their toes trying to meet the expectations of all their customers. This means having to update products regularly, in a way that aligns itself with consumer demand.
However, if you fail to update your products over time, you will be setting yourself up for major losses – not only will you be wasting space, but you will also be wasting resources that may end up causing more serious problems for the development of your business.
Solution: Identify your excess and obsolete inventory
As the best eCommerce inventory management system, we have figured out three easy steps to deal with outdated and even unnecessarily excess inventory. The first thing you have to do is identify your excess and obsolete inventory. Secondly, you should understand the causes of your excess and obsolete inventory. And then, you craft a strategy that takes both of these aspects into regard.
Sounds complicated? It isn’t with the best eCommerce platform for inventory management by your side. Canary7 helps you not only recognise your obsolete inventory, but also have an active approach and deal with it promptly instead of letting it linger until it manifests into bigger issues for your strategy.
Problem: Incorrect forecasting
The fact that eCommerce is such an unpredictable industry means that any business wishing to succeed should base their entire strategy on efficient forecasting. Yet, this is hard to achieve, because even the best eCommerce inventory management solutions can sometimes fail to provide businesses with forecasting methods that will allow them to grow and develop as a business.
Inaccurate forecasting can lead to you making the wrong decisions for your business, which means that you are prone to struggling with problems like overstocking of products or under stocking during peak season, which can obviously take a toll on your business.
Solution: Accurate forecasting and trend analysis
Canary7 will help you forecast sales for the future based on accurate data you generate with your inventory activity. By equipping you with the best inventory management for eCommerce, Canary7 allows you to take a deep look into your inventory management processes. This allows you to study your operations a lot better, and based on it, you can make the right decisions for the future as well.
No longer do you have to work on the basis of guesswork – Canary7 allows you to be enlightened with the right knowledge, which you can use to greatly improve your business.
Problem: Lack of unified inventory
As a business operating in the 21st century, you have certain pressure on you to sell not only on one or two platforms, but essentially as many platforms as possible. This would include your eCommerce website, platforms like Amazon and eBay, social media shops, and basically anything and everything possible.
The problem comes when you have to manage inventory for this many platforms. It can cause a lot of problems, and even a little bit of disorganisation can cost you orders, money, and time – all of which are extremely valuable assets to a growing business.
Solution: Integrated inventory with multichannel selling support
With Canary7’s best eCommerce inventory management solutions, you don’t have to worry about how many channels you should be tackling. We allow you to go all out on any platform you prefer. With the help of our eCommerce inventory management integrations, you can unify your data from multiple sources into one place.
Because accessing all your data is so convenient, you can easily manage your inventory for multiple channels and make sure you don’t miss an order on any of them ever again.
Problem: No process visibility
In order to make sure that your eCommerce venture is providing the services it has promised to provide, you have to attain a certain level of visibility into your inventory. Businesses that are still relying on manual processes and paper based systems will struggle to do this, as it can be hard to stay in touch with your inventory and warehouse this way.
If you aren’t, however, then delays, mistakes, and errors within the warehouse become much more likely, which means that you will have to deal with sooner unless you want your eCommerce activity to suffer.
Solution: A 360 degrees view of your operations
With the best eCommerce inventory management system, as offered by Canary7, you get to make sure that no matter where you are in the world, you can keep an eye on your operations and ensure that there are no hold backs on your growth in any possible way.
Armed with regular updates of your inventory as well as other effective surveillance methods, Canary7 allows you to stay deeply connected with your inventory and make sure that delays and mistakes are kept to a bare minimum.
Best inventory management system for eCommerce – your way to long-lasting success
If you are looking to grow and create a solid foundation for your business, you will start paying attention to ways that will help you, i.e an eCommerce inventory management system. Luckily, you don’t have to look long and hard, because Canary7; the inventory management system eCommerce businesses rave about, is just a few clicks away.
Make us apart of your fulfilment strategy and we promise you will succeed like never before.
eCommerce and Inventory Management System | FAQs
What is eCommerce inventory management?
eCommerce inventory management is the process of managing all the inventory activity for your eCommerce venture. This will include tracking your stock from the start of the fulfilment process right till the end, as well as keeping a close eye on other factors such as inventory levels, pricing, and stock location. All in all, eCommerce inventory management as a process ensures that the stock for your business remains in pristine condition throughout. With the help of eCommerce inventory management you can also make sure you are not indulging in problems such as overstocking and under stocking and it will also help you get your shrinkage issues under control if that is your goal.
What are the 4 types of inventory?
Generally, the 4 types of inventory are as follows:
Raw Materials:
If you are a manufacturer, then you need raw materials to complete your products. The materials need their separate inventory, as they are usually bits, pieces, and component pieces that need to be stored away with extra care. Raw materials inventory consists of two types of raw materials i.e. direct materials which are used directly to finish the production of goods and indirect materials which are part of the equipment needed to complete the production of goods.
Work-in-Process:
This inventory consists of raw materials that are in-production, waiting to be processed as the finished products. So, whatever materials are needed to complete the production of your goods are found in this inventory.
For example, if you are baking a cake, batter is the kind of thing that would be found in the particular kind of inventory.
Finished Goods:
As the name suggests, this is the inventory that contains all your finished products. This is usually the kind of inventory most retailers that are not manufacturing their own products need to pay attention to. Essentially, the stock that is listed on your website will be found in this type of inventory.
It is the most straightforward of inventory types and most businesses would know how to manage this one.
Overhaul / MRO:
This type of inventory is also known as Maintenance, Repair, and Operating supplies. Again, as the name suggests, this inventory consists of the bits and bobs that are required to ensure the functioning of your operations.
So, things like paper, highlighters, and pens would be considered as a part of your MRO inventory as they are not needed for the actual production or selling of goods, but are still necessary to maintain your overall operations.
And remember, with the right inventory management system eCommerce businesses can optimise all of these types of inventory.
How can I optimise my inventory and make it more efficient?
There are many things you can do to ensure that your inventory is optimised in a way that makes your processes more efficient. However, possibly the best thing is adding automation to your framework and ensuring that every possible process that can be automated is automated. With the help of the right technology and specifically the right eCommerce inventory management system, you can make the necessary adjustments to you inventory and make sure that it is efficient in all the right places. An inventory management system for eCommerce makes everything simpler for you and your team, and enables you to create the right inventory.
What is the difference between an eCommerce inventory management system and other supply chain software?
An eCommerce inventory management is particularly focused on streamlining your inventory. So, it consists of forecasting and replenishment modules that can help you balance target inventories and incoming supplies as well as help you gauge your activity in terms of safety stock. eCommerce inventory control management systems and eCommerce inventory management systems are more catered towards handling your inventory than anything else. On the other hand, supply chain software and different variations of it are more catered towards a general regulation of your supply chain processes, and hence can’t help you deal with the unique challenges that you are meant to face in the area of inventory management alone.