10 Ways to Utilize Magento Inventory Management to Grow Your Business
Everyone starts out with a small business, but over time you want it to grow and flourish. Growth comes in many forms, from more customers to more stock and inventory, to more locations for brick and mortar stores and more international accessibility for online stores. Of course, a strong business ethics is an important part of fostering growth in your company, but you can’t ignore useful technological tools, too. One tool that is becoming more and more widely used amongst small to medium business owners is the Magento Inventory Management system. This inventory management system is gaining popularity for sure, but what exactly is it and how does it work to grow your business? We’ll run through these questions and more so you can ensure you’re making the best possible decision on inventory management tools and software for your unique business.
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What is Magento Inventory Management?
Magento is an eCommerce platform that supports online stores for businesses. It is also an extension that can be added on to other platforms to help you manage an already existing online store, both on the platform and behind the scenes with stock and inventory management. This software extension has a far reach when it comes to managing a whole business online and offline, and is especially useful for improving customer experience. Of course, when customers are happy it’s only a matter of time before their contentment with you and your business translates to some serious growth. Next, well check out just how you can utilize Magento Inventory Management to get things moving and poise your business for serious growth.
10 Ways to Utilize Inventory Management for Business Growth
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1. Integrate With Other Extensions
One of the downsides of Magento on its own is that it’s basic inventory features are not always enough for growing businesses. This means that you need something that has the ability to grow with you over time, accommodating all the changes your business will go through. Magento attempts to make up for this problem by being able to integrate with other extensions so that you get Magento’s features, plus more. When looking through integrations and finding what to work with, ensure that these extra extensions have the features you need. evaluate your current business needs and ask yourself the following questions:
- Do I need low inventory notifications?
- Can this extension integrate with drop shippers?
- Did this extension get good reviews from real customers?
- Does this extension do everything I need it to do?
This should help when choosing what extensions to add to your Magento management system.
2. Inventory Updates in Real-Time
Magento offers you real-time inventory updates so you always know how much of your products are in stock at all times. This is especially useful for communing with customers because you can avoid the pitfalls of promising products that actually aren’t in stock, long waits for deliveries due to incorrect stock levels, and more. If you have a ballpark idea of how much inventory you have at a given time, it may be useful, but you can still run into some serious problems if your idea is ever wrong. With real-time updates, you’re always in the know.
3. Drop Shipping
Drop shipping is a useful process that allows you to offload order fulfillment to your supplier instead of having to keep the stock yourself in a warehouse. This can cut down on some high costs while also effectively cutting out the middleman of warehouse inventory. You save money, your products are safe, and your customers get their goods on time, upping their satisfaction and loyalty to your business. This process may sound simple, but it can make a big difference. Of course, drop shipping is not unique to Magento, but it certainly earns the system a point.
4. Endless Aisle Use
Real-time inventory updates and drop shipping can come together for something known as an ‘endless aisle” in which your products and inventory never run out. While this may sound impossible and even a little magical, it comes from a perfect storm of tools working together. A combination of streamlined drop shipping with your supplier and real-time updates, your products are always automatically ordered when they get low or the last item has been sold. With orders happening so quickly, you always have stock coming in, which means your customer always get their product without having to know any of the background work. In short, you create your own “endless aisle.”
5. Centralized Inventory Management
Remember how we mentioned that Magento’s inventory was a little too basic for a growing business? This drawback comes back around with the idea of centralizing your inventory data. If you have a single small store either on or offline, you may be able to have Magento’s centralized inventory work for you. For all other businesses, it’s not really the best idea. While you want to your inventory data to be in one place so that it’s easily accessible, this can also mean that you can access your data from multiple places. It’s centralized but in a very different way. Some data should be in your point-of-sale (POS) system as well as on other channels you may have like Amazon and eBay where you sell. Proper inventory management should be able to handle this and more, so keep that in mind as you are choosing your system.
6. Warehouse Management
Multi-location inventory management is important for a growing business because you may soon have multiple warehouses to house your increasing inventory. Warehouse management means that you can split your inventory depending on store locations, products, websites, and more. This helps your business grow because you’re keeping things organized and easily accessible no matter where orders and needs are coming from.
7. Custom Inventory Attributes
Magento allows you to set custom inventory attributes for all your products. This feature also offers pre-defined inventory values by default, which means you’ll need to change them manually if you want to set your custom values for each and every product. It’s tedious, yes, but can be useful in the long run.
8. Attribute Updates
For some inventory attributes, you can do mass attribute updates. This means that for certain inventory parameters like minimum and maximum quantity in a shopping cart and backorders, you can update everything at once. This remedies the need for manual custom changes for some aspects, which can be perfect for smaller businesses that have smaller inventories to wrangle.
9. Low-stock Inventory Tracking
When different products in your inventory begin to drop in stock, this feature will alert you so that you can order more and keep things more or less stable. When you have items that sell out quickly, you can keep a special watch on them so that your customers never have to worry about getting the “sold out” message. When you track low-stock inventory across all your warehouses, you can really stay on top of your inventory and please customers as well.
10. Price Management
Finally, Magento can help with price management for your products. Usually, knowing how much to price your items can be tricky. You have to look at the market at large, view supply and demand trends, and see what your competitors are doing. All this can become hard to keep track of, which is where Magento comes in. With this feature, you can remove some of the headaches of competition.
Finale Inventory and Inventory Management: The Best Choice
As shown, Magento comes with many advantages on its own for inventory management for small businesses. However, if you want your business to grow at all, Magento needs a lot of extra help. With this in mind, you might want to consider what Finale has to offer in terms of inventory management software tools and features.
Like Magento, Finale Inventory offers plenty of solutions. From integrations and warehouse management to useful tools and practices like barcode scanners, powerful reporting engines, inventory control, drop shipping, centralized inventory, inventory tracking, and much more all in cloud-based management software. It’s all about solutions to help make your business run smoothly and to keep your inventory well managed and up to date. Unlike Magento, Finale does not come with the same issues of low space, manual data entry, or basic function. On its own, Finale is a high tech software option that offers you advanced tools and features all for an amazing price. You’ll never have to worry about running out of space, paying large fees for simple upgrades, or having to input or customize certain data manually with Finale. The software is smooth, the functions are seamless, and you can access everything you need to from all your devices. Magento may work for some, but if you want all the advantages of Magento plus more, and none of the drawbacks, Finale is the best choice.
In short, Finale Inventory is a company with growth in mind, which is why they offer all of Magento’s features plus more. You can start your free trial today and see how well Finale manages your business needs and fosters growth for the near future.
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