This is the article mainly for online retailers, and most of all Magento users. If you are considering starting your own e-commerce store and worrying about inventory, this can be useful too. And most of all, those merchants who are selling on multiple platforms should pay attention. We are going to talk about Magento inventory management and what options are available to make it work.
So we assume you are following the worldwide trend in e-commerce like Tom Dixon, Devlyn Optical, Liebherr and many more. Meaning that you have (or intend to have) a store built on Magento platform. It is flexible, innovative and highly popular of course. And what really matters, an effective, customer-bringing e-commerce platform. For instance, one large eyeglasses retailer gained 163% increase in sales conversions per year on average, starting from 2012.
Which is awesome, though the same retailer has 580 SKUs (items for sale) with 2 inventory records for each of them. And it runs over 1.000 store locations in Latin America. So, evidently a question of inventory management emerges. With growth always comes the complexity of operations. As you have to deal with customers, orders, suppliers, your warehouse and stores, chances are high it all gets messy. And often Magento alone is not enough anymore.
Many third-party software vendors jump in. There are over 400 Magento extensions in the official Magento Connect store. The alternative way is integrating your Magento webstore into a single system (ERP/IMS) along other possible e-commerce channels. How does this work? It brings all the business aspects together: inventory, sales orders, customer data, accounting and reports. With such software and multi-channel setting, as a business owner, you are in control of everything.
Additional software can bring much more to your e-shop than just inventory management. Today’s solutions cover business aspects like:
- Customer data (CRM)
- Order management
- Supply management
- Automatic updates in real-time
But what about Magento inventory management exactly?
How Magento inventory management works
Relevant product info is crucial to retail business. Over 40% of customers mention wrong inventory data (in stock/out of stock) as the reason for shopping cart abandonment in online stores. Magento eCommerce platform surely has a back-office admin panel with inventory. It is a robust system where you can control and edit your products for sale.
You can create products and categories in Products -> Catalog. In the list of products you see info like: ID number, title, image, type, SKU, price, quantity and visibility status. So, Magento inventory management basically boils down to product upload, editing or deleting, and stock updates.
Some tips to make Magento stock management better are:
- Unique barcodes/SKU for every product from day one
- Assigning products to fixed locations in a warehouse
- Connect online store to IMS/ERP system for accurate inventory
- Proper inventory management software
- Automate order information and customer data collection
- Communicate to customers about stock updates or low stock warnings
Now what if you sell 1.000 items? Are you going to upload all of them manually one by one? What if you have 1.000 items in your Magento store and decide to sell on eBay too?
Benefits of integrating with EasyERP
There are Magento inventory management software solutions, and EasyERP is one of them. You can find the detailed guide on how to run Magento store with EasyERP. An ERP or IMS system adds value to your online sales by uniting your processes under one roof. You are able to control the work with orders, suppliers, customers, payments, shipping. Let’s show the concrete advantages of using EasyERP for Magento inventory management.
1. Connect as many channels as you wish
One Magento store is fine, but you can also run and manage many more stores on various platforms from EasyERP. You can manage inventory coming from multiple marketplaces (Etsy, Shopify, WooCommerce) via our ERP. The system will automatically update all the info across all channels, thus, saving you time and effort.
E-commerce channel integration (like Magento) with EasyERP only takes minutes and everyone can do it. You just need to provide your store URL and API credentials (key and password). You can connect either one store integration or multiple, there’s just the rule of one store per connection. Once the integration is set, data and inventory syncing starts.
EasyERP manages sales orders from Magento store and other e-commerce channels linked to it. You are able to keep track of inventory levels while auto updates of stock levels happen back and forth between your online store and ERP, as well as across all sales channels. Real-time updates every 15 minutes or forced manually anytime.
4. Low stock notifications
Product out of stock means no sales. Blunt but true. Mishaps and errors happen often, but especially when running multi-channel sales. EasyERP enables setting low inventory alerts to warn about stock ending. Also, right there you can create back-orders (purchase orders) to your suppliers for a restock.
5. Accurate listings
Download, import or export your Magento store listings at any moment into EasyERP. You can also upload those listings in bulk to other channels then. Though what is more important, you’ll have accurate and same product listings across all marketplaces. Customers will start to recognize your style and you’ll be able to focus more on attracting more sales.
6. Invoices & shipping data
The ability to inform your customers about order status is priceless nowadays. Everyone wants to be informed about their purchases and to be able to track the delivery. Especially when there is some trouble or error. Keeping a customer in the dark about delays or errors equals to potential profit loss, clearly. Moreover, automatic invoice creation is possible in EasyERP, so that you can send them out to customers via email.
7. Sales reports
Instant orders and sales reporting and a nice assistance to your accounting department. EasyERP inventory software can generate multiple types of business reports from the dashboard. Of course, it also includes sales from your Magento store as well as every other channel you integrate. Set your metrics, period, report type, filters, etc.
8. Import/export product data
Any Magento inventory management software should be able to extract data. Automating this saves time and removes human error factor. Via standard CSV files we can upload product data to one or many stores from EasyERP, as well as import it back to ERP. So, for example, if you need your current products on sale info, or update listings, it is plain and simple.
9. Multiple warehouses
Magento lacks in warehouse tracking, therefore it offers various extensions and apps to cover this issue. But it can also lead to system overload, glitches and data loss. The benefit of Magento integration with EasyERP is multiple warehouse support. Your inventory may be allocated in multiple locations, moved fully or partially between them, and controlled. Data about product location, room, shelf, etc. is available anytime.
10. Customer database
Another great addition to Magento – a CRM module. Our ERP software stores every bit of customer data. Every customer you have ever got in touch with. This database contain wide range of info – names, images, social media accounts, phone numbers, dates of birth, shipping addresses, etc. Convenient to work with and a marketing tool as well if you play it right. Any customer places an order, you’ve got him/her in your reach.
What you get in result
- Effective multi-channel online retail business
- Real-time inventory management software
- Smooth order fulfillment and business operations
- Better customer loyalty and repeated orders
- Cost savings for proper stock management
- A step ahead of competition