Multi-Channel Inventory Management
Today, most businesses conduct sales through a variety of sales portals and require multi-channel inventory management to keep each outlet’s information in order. These outlets can include an online store, Amazon, various warehouses, distributors, and retail locations, etc. When orders come in from many entry points, each must be tracked and updated with accurate inventory and pricing information while communicating product and customer information to the backend of the business.
For the consumer, having multi-platform inventory management in place is seamless and, when done properly, the business looks the same no matter where the sale takes place. All the work takes place on the back end, tying the information together to other departments to ensure an order placed is sent for production, fulfillment and shipping which updates inventory counts, costs, and customer purchase information all while the customer is completely unaware of the processes.
SOS Inventory is a sophisticated system that provides multi-channel order management through API and manual entry, tracking multiple locations and providing flexibility of pricing by customer. On the sales side, commissions can be tiered by salesperson and pricing levels adjusted for loyal customers or volume purchases.
Multi-Channel Order Management Software
The key to managing orders arriving from multiple channels is customizing data to log each location then maintain costs and inventory counts for those locations while including those totals as part of the whole. Everyone at any access point, whether a warehouse in California or an ecommerce store, can work with identical data ensuring their numbers are accurate, orders can be fulfilled, and shortages are avoided.
The purpose of adding multiple channels is expanding the business and growing sales, offering customers options for purchasing the product and reaching more customers where they conduct their purchases. SOS Inventory keeps inventory levels up to date from the time of receipt from supplier through delivery to the customer, maintaining pertinent product information and updating costs as items work their way through production. SOS Inventory also tracks work in progress to integrate overhead, labor, and raw materials as the product is transformed to a finished good.
Multi-Channel Ecommerce Portals
SOS Inventory can be integrated via API to synchronize inventory levels from your SOS Inventory account to your point-of-sale platform. Although most ecommerce websites have some degree of inventory management, their systems do not integrate with backend operations. SOS Inventory can initiate a purchase order and begin production from a sales order, and send information over to QuickBooks Online for billing. Furthermore, invoices can be generated for full or partial orders.
Important Features for Multi-Channel Inventory Management:
- Manage inventory at a single location, updating counts as a product moves in or out of that location.
- Inventory at any location is always part of the total amount of inventory in a central database within your SOS Inventory account.
- Ecommerce stores can sync with your SOS Inventory account to keep inventory counts accurate.
- Generate up to 50 different types of reports for detailed information about product performance and costs.
- Automate purchase order creation when inventory reaches certain levels to prevent stockouts.
- Easily locate product at any point in time, including the ability to track and trace items with lot and serial tracking.
- Delegate work orders to specific employees for steps in production.
- All product information can be managed from a single platform.
- Accurate inventory ensures customers expectations for delivery can be met.
- Your finance department can create reports, perform analysis, or reconcile the account with ease.
When choosing inventory software that is scalable for growth, your business must consider whether that software can accommodate additional channels over time and maintain that data with the same integrity as a single sale portal system. A multi-channel inventory management software system must be robust, uniting sales, production, fulfillment, shipping, and financing together at any location to keep up with growing consumer demand and the consumer’s expectation for instant gratification. Accuracy in inventory ensures profitability and SOS Inventory can deliver that accuracy while reducing labor costs. Growing confidence in online shopping and increased volume following the health crisis have driven up demand for offering shopping choices to the consumer. Effectively managing your inventory today while preparing for growth tomorrow start with an efficient software system like SOS Inventory.