Inventory plays an increasingly important role for businesses in today’s omnichannel market. Good management of this factor will help businesses easily balance inventory. At that time, the manager will calculate the appropriate amount of goods to supply to customers when needed without affecting the investment capital of the business. This is a task that is both expensive and requires a great deal of technology investment because if operated traditionally, the risks and errors are very high. Modern technologies have provided many solutions to help businesses do this quickly, easily, and economically, one of which is the Magento 2 platform. Magento is a world-leading eCommerce solution. In addition to store creation support features, it also offers extensions to help retailers with multiple sales channels run their business more seamlessly. In this article, we would like to give detail about how Magento 2 inventory management can help control multiple stocks.
Overview of Magento 2 inventory management
Magento has two separate versions, Magento Open Source and Magento Commerce. Each product has its advantages and disadvantages and is suitable for different types of businesses. While Open Source is a free downloadable version, Commerce is a paid version. Many retailers build their websites using Magento because they will receive support for multiple stores in the same system. Magento 2 inventory management is a prominent feature of this solution, providing management support for businesses about stock products and detailed information about the warehouse. In addition, it also manages the process of shipping or returning goods if there is a need.
Inventory management for Magento stores will help retailers with one-to-many stores, warehouses, pick-up and delivery locations control sales quantities and process shipments to fulfill orders. Merchants will track the flow of goods across all sales channels and locations. Ensure the right warehouse is in the right place at any time, at the right cost. To use this feature, users need to purchase a license and use the integrated inventory management module. Businesses can use Magento 2 inventory management software that is tailored to their own business needs. Besides, the support of the development team will be responsible for the distribution and installation of the solution to ensure users have a working system immediately, in the shortest time possible.
How Magento 2 inventory management helps you control multiple stocks?
Centralize data on multiple sales channels
To manage inventory across multiple sales channels, it is important for business managers to have support for connecting data between channels. Stocks data, delivery history and many other factors will be managed on the same system, thereby sellers will easily update inventory data and communicate with stakeholders to make timely and precise decisions. The centralized data feature in the Magento 2 inventory management extension is an essential support for businesses to do this work. POS (point-of-sale) systems for Magento stores that get this feature will have a fast processing speed, which is important for retail businesses, serving a large number of customers every day. Customers who come to buy goods do not have to spend too much time waiting in line to buy or not have to worry about finding the products they need. For online shoppers, it’s easier for them to get more information about the shipping process of their goods. If the brand leaves a good impression on a customer, it may get a loyal customer in the future, an invaluable source of profits for business managers.
Synchronize data across multiple stocks
Data synchronization is different from data centralization. Data synchronization helps the Magento omnichannel store to collect buyer data across sales channels. The data collected is mainly customer data, purchase history, and consumer trends updates. What retailers need to be concerned about is that this data can help them make accurate calculations for inventory. The customer data will show managers which products are most searched by consumers, and which products are most purchased, and from there they will update their inventory. Purchasing decisions to stock and stock out and accompanying marketing strategies to sell off a lot of excess products in stock will help businesses maximize sales and profits. Real-time synchronization across multiple stocks will keep the data up to date. Assuming a business can have both a physical store and an online store, synchronization will help keep the inventory easily visible on the system. With an online sales channel, this can be shown directly to the buyer; with a brick-and-stone store, the seller will easily inform customers about this situation. This factor is especially important when selling during festivals or for products in a seasonal market.
Give access to report and analysis data on a system
The Magento 2 inventory management solution provides reports and data analysis on one system to make controlling multiple stocks easier. For this feature, the retailer will have an overview of the business situation of the business, see which sales channels are attracting customers and selling the most, and which sales channels are performing poorly, thereby they will have timely remedial methods. Detailed reports and analysis can help warehouses manage products more closely and limit risks to businesses.
ConnectPOS is a point-of-sale system that integrates tightly with Magento. This solution is suitable for multi-channel Magento stores because it has extremely effective management features. With the order management feature, the carts will be accepted and allow the buyer to choose the appropriate pick-up method. When it comes to inventory management, it has its own solution, Multi-Source Inventory (MSI), which is very supportive. Along with that, the centralized data feature will help retailers easily manage multiple stocks on the same system. The number of goods will always be updated and displayed; the product status is also known so users can proactively come up with business situations to limit risks. What’s more, ConnectPOS also supports detailed reporting and analytics solutions that help managers make accurate store-wide purchasing, marketing and distribution decisions, increasing sales significantly.
Magento 2 inventory management is an essential feature for retailers today in controlling multiple stocks. The advanced facilities it provides are great so that a store that is operating in a physical location can scale through sales sites. Existing omnichannel stores can also be upgraded with extensions, plugins, and themes. These tools will assist you in many aspects of your business such as marketing, customer service, shipping and payments, checkout or order management, reporting, and analytics. Contact us if you need help connecting to Magento.