Move on from old inventory management techniques and excel. Manage your inventory with the AI-powered automated inventory management software for your fashion business to reduce human errors, inventory carrying cost, returns, save time, increase bottom-line, inventory turnover ratio while improving the entire order fulfillment process with our numerous customization and automation available at your disposal.
Why do You Need to Manage Your Fashion Stock with Advanced Inventory Management Software for Small Business?
# It’s the Need of the Hour – To Stand Out in The Competition
- Yes, it is, because the entire world’s eCommerce industry, especially small fashion eCommerce companies, is moving towards inventory automation to ease out the inventory management tasks and speed up each process to enhance their accuracy of product delivery and management.
- Using excel or free inventory management software is good, but nowadays, just being good is not enough because to grow exponentially and become a prominent brand of the country, you need to implement specific tools that give you an extra edge over your competitors.
- You might have heard this saying a thousand times,” the difference between ordinary and extraordinary is ‘Extra.’” Though it’s a cliché now, it’s the extra mile that you go for your business to stay ahead of the game and stand out.
- Also, small businesses are switching to inventory management software; in fact, 38% of small businesses are more bent towards moving to inventory management software by keeping their apprehensions behind. Once they take their first step, they realize that it is effortless to include in their day to day lifestyle since the inventory management software for small business is nothing but a companion who will help you stay on top of your inventory.
# Makes Life Easy for a Small Business Owner and Inventory Managers to manage Fashion Products
- The software is proactive; you don’t have to time and again and manually command it to do mundane tasks.
- Cycle counting is made easy, fast, and accurate with the help of barcode scanning.
- Managing orders, creating product variants, and bundles, managing product catalog completely, managing bulk inwards and outwards inventory, smartly categorizing products and tagging them, etc. all of these things, which in excel is a time taking, stressful and confusing task, can be automated and simplified.
As far as facts are concerned, according to Get Data Research,16% of small business owners of the total surveyed people said that they save more than a day/ week because of inventory management software for small business with automation and 55% of owners save more than 4-5 hours a week.
- Also, with orders, inventory management software for small business will help you with confirming prepaid orders, creating picklist, invoicing, preparing shipping labels and manifests, and raising purchase orders if the stock hits reorder point.
- Moreover,if you are taking backorders in case of out of stock scenarios or if you are a dropshipper, selecting shipping carriers according to the place where the product needs to be delivered and the carrier charges, tracking shipments, confirming delivery, managing returns and adding saleable inventory into the stocks directly or disregarding the damaged stocks.
- Creating variants and bundles of fashion sale combos along with helping you to find the SKUs of the individual products instantaneously without having to look and search for products.
- You can track each product’s life cycle right from the day it came into your inventory to the date it got sold.
- The inventory management system for small business can be integrated with accounting softwares, marketplaces like Amazon, Magento, Shopify, etc., CRMs, shipping portals, and POSes.
- See now this is something exciting, in excel if there is a sale you will have to update it on your excel sheet manually, but here the software will automatically update the sales and make changes in the inventory and other marketplaces instantaneously, even while you are asleep and playing football in your dreams.
- Right from receiving orders to delivering or managing returns everything is simplified and automated in an inventory management software for small business.
# Increase your Profit and Reduce Inventory Carrying Cost, i.e. Investment in Inventory
Deloitte, a professional service network, said that 79% of the businesses with proper inventory management software for small business in place have higher revenue growth than the ones who are still using the old inventory management techniques or using inefficient or free inventory management software.
- With the help of automatically generated different types of inventory reports, you can plan your inventory, forecast it, and later check the accuracy of it.
- Especially for fashion industries, the most important thing is to gauge the change of trends and seasons and stock accordingly, a business that cracks this can make huge profits without wasting money on unwanted or obsolete inventory.
An automated inventory management software for small business will reduce forecasting errors upto 50% and inventory upto 20%-50% as per tinuiti.com.
- So, if you are planning your inventory accurately, you will, of course, be safe from overstocking (safe from investing excessively in the unnecessary products) and understocking. As a result, you will save a considerable amount of inventory carrying cost, which, according to Investopedia, is 20%-30% of the entire investment in the inventory in a year.
- Also, a lot of money is saved by reducing human errors, because sometimes you have to pay extra or reinvest.
- Thus, your Bottomline( total revenue- total investment in inventory), i.e. actual profit increases since you earn more by investing less than before. Who wouldn’t want that?
# Real-time Multichannel Inventory Visibility
- Perpetual inventory updation gives you the liberty and flexibility of devising and changing your sales and promotion strategy instantaneously which is not possible in an Excel or free inventory management softwares
- Cloud-based inventory management software for small business allows you to view your inventory from anywhere and everywhere.
# A Boon for Dropshippers
- Automate backorders( for dropshippers, Just in Time inventories and regular ecommerce fashion businesses) with shipment tracking and return management.
- Set limits of backorders and raise PO instantaneously and automatically.
- It can be integrated with Amazon FBAs, and supplier’s inventories to get real-time inventory visibility.
# Small Investment and Huge Returns
- You might be thinking that for all the above-given features, you will have to pay a lot. Right? Well, absolutely not.
- A leading inventory management software for a small business like Orderhive starts with a nominal price of $44.99/month for a year, which adds up to $540 for a year.
- And trust me, you would save much more money on reducing unnecessary stocking, manual errors, stress, wastage of time, by investing this small amount of money.
- Also, the software will help you in increasing your sales since you will be delivering products much quicker.
When Should You Start Using Inventory Management Software for Small Business for Fashion eCommerce?
# You Want to Grow
- Yes, it’s as simple as that if you are willing to grow and don’t want to stay in the category of small business, you should start using inventory management software for small business for your fashion store.
- Here, the inventory management software will not help you grow by saving money for you but also would boost your sales and enable you to make more money.
# You Think That More Money is Invested Instead Wasted in Inventory Management and Stuffing
- As explained in why you should use inventory management software, your bottom line(Profit) will increase, and inventory carrying cost will decrease with the use of this software.
- Costs that are incurred to cover errors will also be reduced, which is a crucial thing from a small business’ perspective.
# You Want to Achieve Shorter Lead Times and Promise Your Customers the Same-Day Shipping/Delivery or Reduce SLA Breach Rate.
According to Voxware, 69% of consumers are less likely to shop with a retailer in the future if their order is not delivered in 2 days.
Now here, since the entire process is automated and managed from a single centralized portal, it becomes easy to ship the order on the same day.
# You Have a High Return Rate
Retailers lose $642.6 billion per year from returns that can be prevented if the order fulfillment process was upto the mark as per IHL’s research.
- Well, since you have read the Why section, you already know what you should do.
- By using automated inventory management software for small business for your fashion retail store, you can increase the perfect order percentage, which means you will deliver the correct order in excellent condition as asked in the designated time with the correct documentation.
- A 3% increase in perfect order percentage is equal to a 1% increase in revenue.
How to Manage your Inventory with an Inventory Management Software for Small Business for Fashion eCommerce?
If here as well, I give you numerous steps on how to manage your inventory, then I guess the whole point of automating your inventory will go for a toss.
So, the good news is that you don’t have to go on a readathon and read everything about how to manage your inventory or know top techniques to manage your inventory. (Well this is also one of the benefits of an automated inventory management software for small business). You have to switch to more advanced inventory management software for small business.
Hence, to manage your inventory with software that provides you with innumerable customization options makes your life and business all happy and stress-free – Sign Up now and get a free personalized interactive demo that you can schedule at your convenience. You can ask your questions and clear your doubts about the inventory management software for small business.
Also, visit Inventory Management Software to know more about features and read success stories of some prominent small fashion retail brands who went one step ahead to solve their problems. Moreover, the icing on the cake is that since you have come here and given your time, you will get a free trial of 15 days of our inventory management software once you Sign Up.
Important Announcement: Register now for the WEBINAR that’s taking place on 11th Dec at 11:30 am PST. You can learn tactics on how to maximize your profits for small fashion retail business.