Inventory management is a vital aspect of eCommerce businesses, and failing to do so can cause drastic effects for any online store. Recent studies show that more than 60% of online stores struggle to manage their inventory appropriately, thus facing significant consequences. The problem is consistent for the BigCommerce stores because of which many store owners look for an expert BigCommerce development company to overcome the challenge.
Thankfully, there is various third-party inventory management software to help you manage the inventory for efficient operations of your online store. So if you are running a BigCommerce store, it is not necessary to hire BigCommerce experts for solutions to encounter the challenges involved in inventory management. Today, we will find out the market trends for inventory management software and its significance for your BigCommerce store.
What are inventory management software and its major features?
The purpose of inventory management is to have the right stock of goods at the right place and at the right time. You can call it a set of activities meant to track and maintain the stock for optimum performance of your business. Don’t confuse inventory management with inventory control because these terms are different.
You can say that inventory control is a part of inventory management itself. It has become a vital aspect for manufacturers, warehouses, suppliers, and eCommerce businesses, and millions of dollars are exhausted for it every year. All these parties need to supply, store and fulfill the ordered goods, so they need to track their inventory carefully.
If you own a BigCommerce store, inventory management software eliminates the requirement to hire BigCommerce expert or BigCommerce development company for such requirements. Below are some of the major features to seek in the inventory management software you wish to use for your business.
It allows you to gain visibility on the current stocks with real-time data. Thus enabling you to save time, and avoid disruptions and overselling.
A good inventory management software will help you enable automatic reordering of the stock when your store is facing an inventory shortage.
Purchase order management
It helps to make the process of purchase ordering a breeze.
Such software helps plan the inventory in the best manner so that your business doesn’t face issues like shortages or overstocks of products.
It helps you forecast the future demand for the products constituting your inventory.
Management of suppliers
As your business needs to deal with multiple suppliers to maintain inventories, such software can help you manage them for optimum stocks.
What are the current market trends for Inventory management software?
The eCommerce industry is witnessing a widespread use of inventory management software because of increasing demands by customers. People who are not satisfied with the existing solutions are choosing custom solutions. They can hire options like Shopify experts, SaaS experts, or a BigCommerce development company to come up with custom solutions. Below are some stats that will help you determine the growing influence of IMS solutions.
The rise in the Domestic Inventory Management
According to recent surveys, there is around 25% growth in the number of warehouses in the United States. With an increasing number of warehouses, the demand for inventory management solutions is also witnessing a sharp rise.
Increase in Investments for Inventory Operations Technology
A study by Brihaspati infotech reveals that more than 60% of online retailers invest in inventory management solutions. Businesses are paying more attention to automating the inventory management processes using the latest technologies.
Increasing focus on Shipping Costs and Speed
The present-day customers don’t wish to wait for days to get their orders delivered. We can expect a rise in demand for IMS software in the coming years. The focus of the eCommerce companies is shifting to optimize order packing and dispatching. It is because it helps to withstand the expectations of modern customers.
Warehouse Management is becoming a Necessary Investment
There is a significant rise in demand for solutions that can help in efficient warehouse management. According to Statista, more than 50% of warehouse owners wish to invest in better warehouse management technologies and the number is expected to rise with time.
There is a rapid growth in Click and Collect concept
We have observed the growing focus on in-store fulfillment in the past year. You can expect this trend to rise in the coming years due to problems that persist with deliveries for online orders. Surprisingly, there are a growing number of Millenials and Gen Xers who are banking on this concept as well.
More focus on improving efficiency with Item Level Tagging
It is yet another noticeable trend that you can expect to rise in the coming years. The growing demand for solutions that enable item-level tagging is putting constant challenges on the software development industry. Recent research shows that retailers are preferring item-level tagging due to its ability to bring efficiency in inventory accuracy.
These were some insights into the trends in the eCommerce management software market. If your Bigcommerce store needs a good inventory management solution, you should look for a reputed BigCommerce development company today.