Online retail and wholesale companies are experiencing enormous growth these days, thanks to the next-gen digital sales channels and advanced marketing techniques. With the ecommerce sales progressively increasing, finding an efficient way to manage warehouses, inventory and stock levels becomes a challenging task.
Real-time information on inventory and stock levels is crucial to ecommerce businesses. According to a research conducted by GS1 US, the average inventory accuracy for retail operations in the US accounts for only 63%. That is to say, over a third of inventory and stock is maintained inaccurately, inevitably leading to slow inventory replenishment, frequent stockouts, and delays in delivery. All of these things affects the satisfaction and loyalty of customers, which ultimately results in lost sales. That is the obvious reason why sellers consider adopting new software tools that would help them take care of inventory tracking and management processes.
As the leading ecommerce platform, Magento surely provides default functionality to manage the products for sale. However, most of the time it fails to address the needs of bigger stores. It is especially relevant when the inventory is kept in multiple warehouses that might be spread in different locations all over the world. To ensure advanced Magento inventory management, having a specialized extension in place is must for forward-thinking retailers.
Magento multi warehouse extension is one of the proven tools designed to help ecommerce businesses manage inventory more effectively. Let’s take a closer look on what the solution has to offer to meet the inventory management needs.
Multi-location Inventory for Magento: Features overview
Multi-location Inventory for Magento embraces the most important aspects of managing inventory that resides in multiple locations. Intuitive and easy-to-use, the extension provides for a range of mission-critical capabilities that can be divided into the following groups:
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Using Multi-location inventory, you can easily split your inventory between several standalone websites within one Magento installation. With a website considered as an equivalent to a warehouse, you will be able to assign particular products or product groups to each website and manage them separately. Thus, the extension provides a flexible way to balance stock levels for any webstore depending on your needs.
Inventory attributes management
Custom inventory attributes can be set for all the products you sell. However, the extension also offers pre-defined inventory values by default. In case several websites have default values, the system unites their inventory levels into one. So, products ordered from any of these websites will be automatically deducted from the initial default value.
Mass attribute update
Supporting the mass attribute update feature, the module allows changing inventory parameters in bulk with a couple of clicks. These parameters include, for instance, minimum and maximum quantity allowed in a shopping cart, backorders, and many others.
Low-stock inventory tracking
Multi-location inventory mitigates the risk of stockouts by enabling real-time tracking of low-stock items. You can view a detailed report with products that will likely be sold out soon on a website level. Low-stock data on all warehouses at once can be displayed as well. It makes it easy to forecast your supply needs with no involvement of complex predictive algorithms.
Specialized Magento extensions like Multi-location Inventory from Aitoc take Magento inventory management to a whole new level. This module allows not only to streamline the routine process of maintaining inventory, but also significantly increase its overall efficiency. Taking into account the issues larger stores face, it helps to take full control over the inventory distributed across different locations from a single platform. So, if you are looking for an end-to-end solution to enhance your ecommerce inventory management, upgrade your store with Multi-location Inventory for Magento. For more information, please visit Aitoc’s website.