Nutritional Supplements Inventory Management
As the years progress, people have been becoming more aware and proactive about their health. This makes the supplements industry a big one and still growing. According to a report by Grand View Research, the global dietary supplements market is expected to reach $272.4 billion by 2028, at an annual growth rate of 8.6% from 2021 to 2028. Two major growth factors in the supplements industry have resulted in more entrepreneurs looking to enter a very profitable business selling supplements online and offline.
Continually Growing Nutritional Supplements Industry
A growing aging population has to continue spending in areas such as memory enhancement and joint strengthening, as they are in the pursuit of a pain-free and enjoyable life in their senior years. The second primary driver is the increased consumer awareness for preventative health care due to all the information available online, on TV and in magazines.
Since supplements are purchased on an ongoing basis, the need for supplements inventory management is great. With so many brands, blends and materials, nutritional supplement inventory management becomes a challenge.
Prudent sellers thinking about entering this market would be well served getting an inventory management solution in place at an early stage, as keeping track of supplements becomes challenging in a hurry.
Finale Inventory makes it easier to sell supplements online by offering supplement inventory management software to keep your business up and running and productive at all times.
Finale is a great inventory system to partner with to give you the best options for your company. We can help you manage your inventory so that you don't have to deal with overstocking or overselling your products. We also help with keeping your warehouses or other storage locations organized. Finale can take the confusion out of inventory levels to help diminish holding costs.
Our supplement inventory management software helps your business by:
E-Commerce Management for Selling Supplements Online
When selling supplements online in numerous marketplaces, it's become challenging to track your inventory. With Finale's cloud-based solution, you can reduce the complexity of selling on multiple channels, such as:
With our e-commerce inventory management solution, you can keep track of your inventory in one location. With cloud-based software, everyone in your warehouse will be able to get a real-time view of all of your stock counts on any device with internet access. With our solution, you won't have to manually update your stock. If a sale is made, Finale will automatically update your inventory levels across all your selling platforms with minutes.
Since the supplements industry is such a large one, there are a lot of things you have to keep up with. Finale automatically calculates reorder points using information you've added to your system. This makes for faster and more informed purchasing decisions. When your stock quantities are low, Finale will send you an alert saying that you need to submit a purchase order.
With Finale, we will always keep you updated on what your company needs, and when you're handling so many products, that's critical data to have. Finale Inventory can work with you to keep your information updated and correct, which makes us a great choice.
Because the supplements business has an incredibly wide range of combinations and many different products, keeping track of each one can be difficult.
Finale has a kitting and product bundling process to make selling supplements on the web simpler. The process of kitting involves taking separate yet related items and doing the following to create a single unit:
With Finale, you receive updates about your inventory as you remove stock for the purpose of creating a special kit. If a customer were to order a supplement bundle, inventory is automatically subtracted from each product once they order the kit.
If your business assembles its own products, Finale makes it easier to track inventory levels for your finished goods and any individual components, as well. In the supplements industry, there are tons of material and product combinations, and using our kitting process can help you stay on top of everything that goes through your warehouse.
Lot and Batch ID Tracking
Finale's lot ID tracking method makes it possible for you to efficiently track and create the products in your warehouse.
With advanced features such as automatic barcode learning and product lookup tables, having a mobile barcode inventory solution can help quicken operations. With Finale software, you can store information about every lot and where it moves. Using a mobile barcode scanner helps you keep up with your lots and easily trace their movement for the easiest management possible.
Track your per-stock units from beginning to end to make your work easier and less stressful. Anytime you wish to access your business's lot ID information, you can find the information about each of your products in an archive that the software permanently stores.
Finale's system can support various methods for importing information for assigning lot IDs, including:
- Manual entry
- Bulk import from Excel
- Mobile barcode scanners
Our barcode solutions help eliminate errors and save you valuable time. With this lot ID tracking system, you can manage your products and combinations with ease.
Brick and Mortar Support
If your business operates with a physical storefront, Finale has an awesome feature for you. Our point of sales (POS) integrations can help your team manage your supplements inventory at the following:
- Brick and mortar stores
- Trade shows
- Physical sale places
If you want to track your inventory across all of your sales channels in one streamlined place, our POS software for supplement businesses can help.
Finale can support your business in multiple locations. This means when a customer makes a purchase at your store, our software tracks that transaction for both your online and offline channels.
We proudly partner with many different businesses to optimize our POS system and make it the best for you. Our key integrations include:
These integrations allow for greater efficiency when it comes to tracking your inventory. As a transaction goes through, Finale keeps track of the inventory and updates other selling channels like eBay and Walmart. This functionality helps prevent your business from overselling.
Finale Inventory's Builds module is a handy tool for any business that manufactures supplements sold online. Builds makes it easy to craft final products.
If your company is looking to track your finished goods without the hassle and price of an enterprise resource planning (ERP) system, this feature will be great for you. We have specialized capabilities for those that need to fulfill orders, like distributors and manufacturers.
To create a product, your business needs to track every inventory item. Finale allows you to craft a bill of materials (BOM). A BOM is similar to a shopping list and has all the information about what materials and how much of them your company needs to purchase.
Finale has the capability to automatically deduct the items you use to create a final product from your inventory list. It also sends out an alert so your team knows exactly when they need to submit a reorder or when there are not enough materials to complete a product order. This helps your business stay on top of inventory levels so you can continue selling supplements online with ease.
Serial numbers and lot IDs help your business to trace each finished item. Finale software stores the build, and you can access all relevant information when you need it. You have additional flexibility when you work with Finale because you can use systems that are either build-to-order or build-to-stock.
Best Practices for Selling Supplements Online
When you're selling supplements online, follow these tips:
- Get familiar with government guidelines: The U.S. Food and Drug Administration (FDA) regulates dietary supplements. Before selling online, it's important to familiarize yourself with their guidelines to ensure you are within your rights. By ignoring FDA rules, you put your business at risk.
- Identify your target audience: When you sell supplements online, identifying your target audience and their pain points is crucial. You have to cater your online presence to the people you are selling products to. You'll want to position your business online to cater to your market.
- Make sure your site is user-friendly: One of the cornerstones of online selling is user experience. If your website is hard to navigate or looks unprofessional, users will click off your page and explore other options. A high-quality website will set your business apart from the competition.
- Consider a mobile-first design: In addition to having a great website, you must also make sure that the site is mobile-friendly. Prioritize a mobile-first site design that is responsive for your visitors. With nearly 70% of web traffic coming from mobile devices, it is crucial to put mobile user experience first.
- Add security: Anytime you sell a product online, you have to consider security. One of the advantages of selling on major third-party sites is that they have already built trust with their users. Add extra security to your own site with an SSL certificate that protects online communications.
- Include high-quality photos: A great website is nothing without high-quality images. Having product photos is very important for online sales. You want your customers to know what they are getting. A picture is worth a thousand words, so let your website speak for itself.
- Create an effective fulfillment plan: Before selling online, you should have an effective fulfillment plan sorted out. All supplement fulfillment services rely on an established process of getting orders in the hands of their customers. This helps build trust and credibility with your customers so they'll come back to order more. Use Finale's suite of features for order management to streamline the process.
- Design a sales strategy: Every e-commerce supplement business knows that a sales strategy is essential for attracting new customers. Establish goals and objectives for your sales team and monitor their progress.
- Use social media to your advantage: Social media is an incredible tool for e-commerce. Remember that your business does not need to be on every platform. Choose networks that your target audience is on and tailor your brand to each channel.
Schedule a Live Demo of Finale Inventory
Move on from spreadsheets and give your supplements business a boost with Finale Inventory. Track your materials and inventory with real-time data to grow your business and keep customers happy. Accurate records give you the view of your company's stock you need to prevent overselling and meet your customers' needs.
Want to see Finale in action? Request a live demo today!