Given how technology has advanced over the years, it is just surprising how many manual processes still take place in inventory management of retail companies.
The BuyerView survey carried out by Software Advice in 2014 indicates that only 4 percent of buyers had an inventory management software system in place. The overwhelming majority of the surveyed claimed that they used either Excel spreadsheets or manual methods, which was, even back then, discouraging figures.
When it comes to online retailers, sticking to manual data-entry and updates of inventory levels goes out of the question. As online purchases happen, you have to manage the fulfillment process, track inventory updates, plan replenishments, that is, maintain a high level of vigilance over many operations and keep it all in sync with your online store. In the fast-paced ecommerce world, this is next to impossible without having a proper inventory management system in place.
The very nature of ecommerce is what brings about high expectations that customers hold regarding these services –an online store is commonly expected to fill their order quickly because clients tend to believe that everything is highly automated over there. Try as they may, it does not hold true for every single online retailer. To delight a customer, an online retailer has to deal with quite a number of inventory management challenges.
While you are trying to reconcile spreadsheet errors, you might end up running low, or, conversely, over-ordering. HandiFox is meant to help you keep a firm handle on your inventory, updating your inventory in real-time. HandiFox allows you to check inventory levels for desired items and will keep showing a warning if there is not enough of an item on hand.
With HandiFox you can do the trend forecasting, analyze the historical data and measure SKU productivity. Better planning and deep analysis can supercharge your online sales.
You have to be able to track all inventory products that you ship to your suppliers and customers. Verify your shipments, do the packing, create invoices. HandiFox provides this visibility into your inventory and gives you the big picture on how your business is doing even if it is rather spread than centralized.
Any breakdown in process can cause backorders, lost clients, and, ultimately, lost demand.
As an online retailer you have to understand how essential it is to keep very careful track of inventory and be aware of any issues that might crop up. HandiFox will assist you in keeping your online store in order and running your online business more effectively.