What Is The Process Of Stock Management In Online Stores?
E-commerce is the latest trend in the business sector to enhance the closeness of the global market. Entrepreneurs are developing new ways and offers technical guides to improvise e-commerce into sustainable and profitable business units. The stock (สต๊อก, which is a term in Thai) in e-commerce business needs to be managed skillfully and strategically to avoid negligence. The online stock product system (ระบบจัดการสต๊อกสินค้า, term in Thai) helps business units to manage the size and type of stocks and inventory efficiently. Moreover, the wrong choice for tock management can lead to an incredible downfall and colossal loss.
Basic Needs For Online Management Of Stocks
Managing inventory is a complex challenge in an e-commerce unit; therefore, it is essential to be comfortable with the online inventory management system. Some of the necessities to be taken care of are:
· Record Every Movement
The owner should systematically manage every inventory movement personally or through any trustworthy source to monitor stock-in and stock-out constantly.
· Monitoring End Of Stock, Dead Stock, And Buffer Stock
The system should offer prior notice before the stock ultimately gets out to ensure restoring of them timely. Moreover, management of buffer and dead stocks is also essential. Dead stocks are present in the warehouse but are no longer in demand in the market. Buffer stocks refer to special reserves in case of demand and supply chain uncertainty.
· Adding Multiple SKUs
The Stock Keeping Unit is the identification code that helps classify and organize products based on color, size, and other details.
· Real-Time Monitoring Of Supply Chain
The stock’s production, management and delivery should be monitored precisely to avoid any loss in business. Once any product is ordered online, it should be processed for billing and subtracted from the available stock number. Moreover, owners will be able to track these details from anywhere at any time to be particular about the stock handling in the supply chain.
· Accurate Acceptance Of Ordered Stock
Timely alerts before stock-out helps the owner to order the precise quantity of the different stocks needed to run the business. The various products are restored in different quantities depending upon the demand of it in the e-commerce segment. The stock management system should accurately check every received product and update the stock details to avoid miscommunication.
· Offer Customer Services
There are chances of errors in the online handling of diverse stocks. The contact details should be automatically displayed on the screen in case of errors or complaints.