Inventory Management with Magento
An efficient and robust stock controlling system is essential for any retailer. Otherwise, managing an endless number of products, their stock and related SKUs is manually not feasible. Current Magento users or new users should rely on Magento’s inventory management capabilities to create an automated sales channel. It gives access to features like:
Magento completely automates the inventory management process. In this article, we will look at some of the management features in detail.
1. Stock Listing
Magento inventory management offers a concise platform to view and manage the existing warehouse stock. There is a search bar to locate the physical stock and fulfil orders. Products not saved under a Warehouse category is automatically assigned a Non-Warehouse classification. It is possible for retailers to manage multiple warehouses scattered across locations with access to details like warehouse name and address, stock in hand, stock movement, warehouse security permission - everything is presented in an unified dashboard.
2. Stock Control
Stock Control is essential for eliminating human errors. Stocks are adjusted by importing and uploading CSV files or by editing the stock item directly from the dashboard. Moreover, it is also essential to take cognizance of the warehouse items periodically and match with the displayed stock on the ecommerce website. Magento makes the process simpler by downloading the list of products, matching, and uploading the new list.
3. Demand Supply Prediction
Magento has an intelligent demand supply forecast function which helps retailers to analyse upcoming demand based on historical data. The data gives retailers an idea of how much stock should be ready for the coming seasons. The technology predicts the out-of-stock date of products and calculates the reorder quantity. The retailer also receives a low stock alert, removing the need to manually calculate the safety stock threshold. Retailers can establish more than on low-stock notification rule.
4. Stock Transfer
Initiate the transfer of products from warehouse A to warehouse B, simply initiate the stock transfer option and track the stock transfer process.
The above four are the basic inventory management features with Magento. Below we have outlined few hacks to further simplify the inventory management process.
In the next section, we will introduce readers to few recommended Magento extensions that help to amplify the functionality of an online retail store.
1. Magento Store Locator Extension
Create a Store Locator page with this extension. Integrated with Google Maps, the extension supports Google Street View and displays directions to reach a shop. Activate location searchability through their radius recognition AI by city name or ZIP code. Display working time of the stores and filter the stores by product type and facilities. The integration allows for the showcasing of reviews on Facebook.
2. Barcode Management Magento 1.0.0
Retailers and distributors should use the Barcode Management extension to handle inventory sales records. All the product information such as SKUs, suppliers’ info, availability, and stock detail is encoded within the barcode. The barcode is either manually or automatically generated. Multiple barcodes can be created per SKU, and they are configurable with different patterns. All the barcode history is visible at one centralized place.
3. Web POS
Experience smooth UI/UX checkout with this native POS app. Integrated with the retail store, the consumers can create an account or purchase as a guest, or put the cart on hold for purchasing later. There is the feature of apply coupons and custom discounts. The Web POS extension integrates well with other extensions such as Store Credit Program, Reward Points and Gift Card.
4. QuickBooks Online Integration
Simplify the task of managing an endless number of invoices on QuickBooks by integrating it with Magento, and managing the invoicing process directly on the ecommerce platform. The extension integrates with Default Magento 1 and QuickBooks Online. Synchronize all the data in Magento with QuickBooks using OAuth keys. All the customer data and products info from Magento can be directly integrated with QuickBooks without additional setup.
5. Affiliate Plus Standard
The extension is the first Pro Affiliate Extension on the market since 2010, and it is trusted by over 7,000 customers and enterprises worldwide. Retailers can create affiliate programs based on the software, provide tools for partner affiliates, recruit affiliates, track performance and establish a payout method. The software is #1 on Magento Connect, #1 Reviewed in Press and #1 Recommended by Developers.
Endnote
Magento is the ideal CMS to create and automate the complete inventory management process. It gives ecommerce sellers the ideal platform to manage product demand and supply, stocks and warehouse inventory. The best way to start if you need help is to Hire Magento developer in India who can help you with the integration process of these extensions to boost the functionality of your eCommerce store.
- Stock Control
- Stock Listing
- Sales Prediction
- Stock Transfer
- Stock History
Magento completely automates the inventory management process. In this article, we will look at some of the management features in detail.
1. Stock Listing
Magento inventory management offers a concise platform to view and manage the existing warehouse stock. There is a search bar to locate the physical stock and fulfil orders. Products not saved under a Warehouse category is automatically assigned a Non-Warehouse classification. It is possible for retailers to manage multiple warehouses scattered across locations with access to details like warehouse name and address, stock in hand, stock movement, warehouse security permission - everything is presented in an unified dashboard.
2. Stock Control
Stock Control is essential for eliminating human errors. Stocks are adjusted by importing and uploading CSV files or by editing the stock item directly from the dashboard. Moreover, it is also essential to take cognizance of the warehouse items periodically and match with the displayed stock on the ecommerce website. Magento makes the process simpler by downloading the list of products, matching, and uploading the new list.
3. Demand Supply Prediction
Magento has an intelligent demand supply forecast function which helps retailers to analyse upcoming demand based on historical data. The data gives retailers an idea of how much stock should be ready for the coming seasons. The technology predicts the out-of-stock date of products and calculates the reorder quantity. The retailer also receives a low stock alert, removing the need to manually calculate the safety stock threshold. Retailers can establish more than on low-stock notification rule.
4. Stock Transfer
Initiate the transfer of products from warehouse A to warehouse B, simply initiate the stock transfer option and track the stock transfer process.
The above four are the basic inventory management features with Magento. Below we have outlined few hacks to further simplify the inventory management process.
- Assign a barcode to all the listed products. Barcodes simplify the process of product search. Resellers can ask suppliers for barcodes. Barcode scanning makes it possible to scan and make products ‘live’ the same day. Barcodes are 99.99% accurate.
- Use a GPS scanner to track delivery of products from the warehouse to the buyer. List the pickup line, assign products to pickup team, and track all the movement via GPS integrated on the Magento Store.
- Add dynamic locations on the retail website to enable consumers to search for product locations in real-time. This is effective for businesses present in various locations.
- Magento allows the retail site to sync with the warehouse management software to present a real-time update of the available products. It prevents a situation where sellers have to refund money for an order due to a mismanaged inventory.
- Avoid dependence on paper by using thermally printed dispatch notes offered by Amazon.
- Sync with plugins like Netdespatch or Metapack to automate the shipping function. It is tiresome to manually enter the shipping details of every buyer. Automate it to pass on the shipping information for product delivery fulfilment.
- Automate the email communication process through email triggers at every step. Applications like Cloud Conversion enables retailers to reduce customer service calls by 50% by proactively managing customer expectations.
In the next section, we will introduce readers to few recommended Magento extensions that help to amplify the functionality of an online retail store.
1. Magento Store Locator Extension
Create a Store Locator page with this extension. Integrated with Google Maps, the extension supports Google Street View and displays directions to reach a shop. Activate location searchability through their radius recognition AI by city name or ZIP code. Display working time of the stores and filter the stores by product type and facilities. The integration allows for the showcasing of reviews on Facebook.
2. Barcode Management Magento 1.0.0
Retailers and distributors should use the Barcode Management extension to handle inventory sales records. All the product information such as SKUs, suppliers’ info, availability, and stock detail is encoded within the barcode. The barcode is either manually or automatically generated. Multiple barcodes can be created per SKU, and they are configurable with different patterns. All the barcode history is visible at one centralized place.
3. Web POS
Experience smooth UI/UX checkout with this native POS app. Integrated with the retail store, the consumers can create an account or purchase as a guest, or put the cart on hold for purchasing later. There is the feature of apply coupons and custom discounts. The Web POS extension integrates well with other extensions such as Store Credit Program, Reward Points and Gift Card.
4. QuickBooks Online Integration
Simplify the task of managing an endless number of invoices on QuickBooks by integrating it with Magento, and managing the invoicing process directly on the ecommerce platform. The extension integrates with Default Magento 1 and QuickBooks Online. Synchronize all the data in Magento with QuickBooks using OAuth keys. All the customer data and products info from Magento can be directly integrated with QuickBooks without additional setup.
5. Affiliate Plus Standard
The extension is the first Pro Affiliate Extension on the market since 2010, and it is trusted by over 7,000 customers and enterprises worldwide. Retailers can create affiliate programs based on the software, provide tools for partner affiliates, recruit affiliates, track performance and establish a payout method. The software is #1 on Magento Connect, #1 Reviewed in Press and #1 Recommended by Developers.
Endnote
Magento is the ideal CMS to create and automate the complete inventory management process. It gives ecommerce sellers the ideal platform to manage product demand and supply, stocks and warehouse inventory. The best way to start if you need help is to Hire Magento developer in India who can help you with the integration process of these extensions to boost the functionality of your eCommerce store.
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