E-commerce is the ultimate future of all business interactions. A major part of the traditional business domain has transformed itself to the online domain. In a traditional business area, the whole concept of logistics is all about available stocks. In other words, it concerned about stock availability and renewal time to time. E-commerce has got entirely new avenues to deal. The traditional stock concept or logistical support is out-of-date for a digitized network of an online ecosystem. No doubt, the whole idea of inventory management in e-commerce has witnessed dramatic change. The importance of detailed insights into e-commerce inventory management is predominant. Unlock Insights Solution provides crucial insights which are indispensable in inventory management for any e-commerce segment. Those vital insights are readily available on inventory dashboard for e-commerce.
1. Understanding Average Age of Inventory
Details of Inventory division gives a better picture of the dynamic interactions of a business model. For a vibrant domain such as e-commerce, the age of inventory provides an overview of the business transactions happening now and then. It is challenging to have an opinion on the inventory management looking at daily transactions via e-commerce site or app. Thus, inventory dashboard for e-commerce gives a vivid picture of the average age of inventory and subsequently help in strategizing with the parameter Cost of Goods Sold.
2. Depicting Accuracy of the Inventory
There are so many e-commerce start-ups, making the domain a tightly competitive one. Truly, there is a minimal margin of error as it is directly linked to the sales values. Hence accuracy of the inventory is something which can never be ignored or neglected. A traditional method of checking the accuracy of inventory is tiresome work. Besides, it also requires huge manual labor. Comprehensive data from inventory dashboard for e-commerce gives a better understanding of various micro segments in the inventory. Additionally, any brand manager can set or strategize with the data obtained and progress with a more target oriented approach.
3. Optimizing the Inventory for e-commerce
Every business is benefited from inventory optimization. There is no denying the fact that smooth functioning of the supply chain is a significant boost to the bottom line of any chain. E-commerce domain provides unique opportunities to integrate the available solutions in best interests of the supply chain. But the practical solutions are widely dependent on data insights, where Unlock Insights Solution can be path breaking for any e-commerce set up, giving benefits in the longer run.
4. Minimizing the Order Returns
Understanding the taste and choice of people or keeping track with the trends in essential for any running business. For traditional business, the responsibility of reducing the stock remain. Apparently, warehouse rent and other expenditures are taken into concern. The domain of e-commerce is slightly different from this. Firstly, e-commerce domain is yet to reach a long-term profit-making model. Thus, it has become almost compulsory to reduce order returns for any e-commerce set up. One cannot ignore the case of digital branding. Any refusals or returns reduces the market value of any product in the e-commerce domain. Manually it is indeed impossible to keep a track on order returns or the probability. Thus, to reduce order returns, opting for crucial data insights is of supreme significance to any e-commerce set up.
5. Reduce the Overhead Costs
In any e-commerce set up, there are ample examples of overhead costs or hidden costs which have a major impact on the revenue. Most of these overhead costs are tough to point out or to gauge in logistical terms. To understand the expenditure and further strategize, data insights obtained from Unlock Insights Solution is a safe bet.
Nevertheless, inventory forms a substantial chunk of any e-commerce set up and optimizing the inventory management is the only feasible way ahead for any e-commerce domain. Unlock Insights solution provides vital inputs on customer acceptance and buying behavior.