If you own an eCommerce website run by Magento, you’ve probably experienced some issues. Running an efficient eCommerce business is a science that requires organization, efficiency, and access to real-time data. Whether you’ve faced complex shipping schedules, stockouts, or disappointed customers who didn’t receive their package on time.
Magento is one of the most popular eCommerce platforms, but even the most recent versions of Magento 2 must supplement crucial features. As a result, multichannel inventory management solutions are used by both small and large businesses to expand their operational capabilities. Let’s closely look at some of the most common applications:
An overview of the order management system
An order management system (OMS) is software that tracks orders, inventory, and sales. Consider it a centralized system for managing the life cycle of your customers’ purchases. An OMS tracks inventory levels, reverse logistics, and customer interactions and automates order fulfillment.
Uses of multichannel inventory management solutions
Here are some examples of merchants’ use of inventory and order management systems.
Order tracking across omnichannel
Magento 2 is not designed as an eCommerce platform to track sales from other channels. You might want to sell your products on Magento 2 multi-vendor marketplace and other online storefronts like Amazon. You might also want to manage multiple Magento 2 stores for different regions, brands, and products and keep track of them with minimal effort.
If you acquire competitors, you may find yourself with eCommerce websites built on platforms other than WordPress, WooCommerce, or Drupal. In addition, you may have one or more physical stores or a drop shipping program to assist retailers. Not being able to track everything in one place can significantly complicate your business operations in these situations. Shipping management software can help with this.
Accurate stock availability data
Another issue that may arise is untrustworthy multichannel inventory management solutions on your product display pages. It can be misleading to the customer; for example, they order a product that appears in stock, but when they reach the cart, they inform that the item is no longer available. It can be a source of frustration for the customer, leading them to consider your competitors for their next purchase. Furthermore, unexpected things can happen to your inventory, such as it being damaged or stolen. As a result, you must mark these changes appropriately and be able to check them even later.
Be careful when ordering items because inefficient ordering can result in a stock surplus or an inventory deficit. You need to know what products to restock, how much to bring in, and when. Because Magento 2 does not provide such detailed information, you will need to use additional software. It gives you little information about your suppliers, purchase status, delivery locations, etc.
It can cause your team to overlook important details and impede communication among employees or departments. Not to mention the challenges this may pose to a manufacturing workflow, where all raw materials may need to be on hand before production can begin. Ordering materials late will cause production delays, affecting product availability and your bottom line.
Managing supplier information
When you work with multiple suppliers, things can get complicated, mainly if they overlap with certain products. You require an efficient method for determining which suppliers correspond to which items. Furthermore, you may want to keep track of your supplier’s information about the products. It can include expected delivery times or prices you’ve worked out with them. Product information management is frequently transformed from an afterthought into a bottleneck as more vendors and SKUs are added, along with additional sales channels. Without automation, information is manually entered into multiple systems in various formats.
Supervising shipping preparations
Before shipping out packages, a potent part of order management occurs. Your team must decide which orders take precedence. While using multichannel eCommerce inventory management software, you must adhere to the appropriate criteria. These criteria can include stock availability and commitments you’ve made to clients.
Picking and packing get tracked consequently to prepare orders. If your storage space divides into sections, you must be able to distinguish between them in your tracking system and identify them on site. A clear picture of your product’s location by multichannel eCommerce inventory management ensures a smooth and efficient workflow and on-time delivery of your packages.
Another significant advantage of using multichannel inventory management solutions with Magento is that it provides transaction and stock-based reporting. Otherwise, Magento does not offer this level of reporting, which is extremely useful for operations. As a result, this can assist you in monitoring all of your internal processes in a given time frame.
You could, for example, examine sales reports, product movement reports, production reports, etc. There are also other options for customizing reporting, like selecting specific dates, hiding or showing columns, or adjusting the layout. The data can then be exported and used for internal or external reporting. You can also take assistance from Magento support services for your projects.
Keeping all of this in mind, it is clear that integrating Magento 2 with inventory and order management software can significantly benefit your business. These solutions will assist you in avoiding inconvenient bottlenecks and improving your overall operational approach. For more consideration, Magento development services for your project.
What is OMS in Magento 2?
Magento Order Management System (OMS) is a versatile and cost-effective solution for managing, selling, and fulfilling inventory from any sales channel.
What is online order management?
In a nutshell, e-commerce order management is the process of tracking orders from the initial purchase transaction to the point at which the customer receives their goods.
What characteristics distinguish a good order management system?
The ability of a distributed order management system to integrate across company infrastructure, service providers, and supply chain technology is a critical function.