Inventory Management
Inventory management is one of the most important aspects of the eCommerce industry.
An inventory management system is a process of managing the inventory, sale order, deliveries to provide an exact stock position and inventory split.
Almost every common eCommerce frameworks are based on a single warehouse.
There is a single inventory system for it. The eCommerce markets are growing at noticeable rates.
Nowadays consumers are looking for Multi-Warehouse and multi Inventory System.
Multi-Warehouse helps to manage the retailer’s inventory across multiple locations and warehouses and it can manage by a single system.
The merchant can easily know available stock and balance.
Problem statement
Imagine you are running a brick and mortar retail shop, and you are selling the same items in various locations.
In regular eCommerce Platforms, creating the above scenario is impossible. Until you made some customization in it.
There is another example of a Multi-Vendor marketplace like Amazon.
Where the same SKU is sold by many vendors and they may have different prices and stock for the same.
As a result, getting such a solution is almost impossible to achieve it in regular e-commerce frameworks.
To accomplish those features, it requires a very high understanding of the complete system and customization. We have built various systems on it.
As you may understand, now the role and importance of Multi-warehouse and split inventory in eCommerce.
Well? Then what’s wrong with them?
There is nothing wrong as such and most of them work great. But as more business applications are connected with frameworks.
It becomes very hard to manage it. Some problems occur while using a single inventory system.
1) High cost for the Inventory
2) Regular Stockout
3) Less frequent inventory check
4) Shipping wrong product to customers
5) Lost the customers
Example: Point of sale integration, and if you are running many POS terminals.
For the reason that it becomes almost impossible to track the stock and inventory for every POS in those regular platforms.
Why eCommerce inventory split is required for the modern era?
With the eCommerce Inventory Split, you can split the inventory among different Warehouses and manage the product catalog per warehouse.
For the same, every retailer needs an eCommerce inventory split.
A trader can choose a warehouse nearer to his customer. It will help you lower shipping costs.
For the reason that orders will travel a shorter distance when shipped.
Almost every modern frameworks like Shopify, Woocommerce, OpenCart, and Magento all of those platforms are single Warehouse single inventory system.
Importance of Inventory split
Importance of Inventory split is growing day by day. If you are a multi-source seller then you can’t manage the things from a single inventory stock.
With the multi-source inventory, a trader can manage and track their inventory from each inventory source.
They can manage their business needs and requirement.
Future Scope of Inventory split
The importance of Inventory split is rising day by day. If you are a multi-source seller then you can’t manage the things from a single inventory stock.
Nowadays eCommerce is expanding at a constant rate so inventory split will play a crucial role in managing the product catalog in future.
Multi-Channel Selling –
Multi-channel selling is an important part of the eCommerce market nowadays. The merchant wants to expose their product to a large buyer base. They are also integrating their business with marketplaces like Amazon, Etsy, and eBay.
Point Of Sale –
The Point Of Sale(POS) is the time and place where the retail transaction is completed.
This is a point where the client makes the payment to the merchant for buying the goods. After the payment, the merchant can issue a receipt for it.
Marketplaces –
The online marketplace is a popular selling mechanism across the globe.
An online marketplace provides access to wholesalers and retailers across the globe. The most popular online marketplaces are eBay, Amazon, Alibaba, etc.
Which eCommerce Platform supports eCommerce Inventory Split
Although we have implemented the eCommerce inventory split functionality in almost all the platforms it comes in the core of the following platform at the moment.
Having multi warehouse and multi inventory system allows the businessperson to scale their business on various verticals including POS, Marketplaces, Dropshipping and various others industry.
How you can use Inventory Split in Bagisto?
You can connect multi-channel inventories with a single website and can manage and track the products in the Inventory.
Most of the modern frameworks do not support multiple inventories like Shopify, WooCommerce, and OpenCart.
Bagisto comes in the process with the support of Multi-Inventory.
Now merchants can make multiple channels and Inventory sources for managing the products in inventory.
You can divide the products into the multi-inventory system. Like if you want to split the products to different places, for example, A, B, and C then you can distribute the product to them.
With the Multi-Inventory system, the trader can track and manage the products into these inventories.
The merchant can check the products in the product catalog.
He can see and manage the products in the inventory similarly he can also check the product quantity in the inventory.
You can make multiple inventories with the Bagisto and store the product. Bagisto provides a better enrichment of the products therefore in the coming days it will create a great impact on eCommerce.
