In India, the market for e-commerce business is on a growing spree. According to the latest speculations, the growth of e-commerce business is expected to reach USD 350 Billion by 2030. To properly control this monumental operation, every e-commerce business will need advanced inventory management software to keep an organized warehouse management, supply chain control, and most importantly accurate and error-free delivery to the customers.
Importance of Inventory Management Software in India for E-commerce Business
Do you know what is the most essential component for having a stabilized e-commerce business? Having a well-controlled and established inventory management. Hence, this section will be all about how inventory management and e-commerce businesses work hand-in-hand through warehouse inventory management software.
With the massive boost of digitalization in India, the boom in internet and smartphone penetration is no surprise. Numbers speak, the growth of internet connections in 2021 has increased to 830 million with 55% in urban areas, out of which 97% were wireless.
To make matters brighter than ever, one of the recent reports suggested that India’s digital sector is expected to rise to USD 1 trillion by 2030.
So, this is self-explanatory that, the growth of internet users and rising income gradually fuels up the e-commerce business in the country.
Here are a few more stats on the growth of the e-commerce market in India in the next couple of years.
- The Indian online grocery market is forecasted to reach USD 26.93 billion by 2027 with a CAGR of 33%.
- B2C e-commerce is growing at a CAGR of 8.68% and is expected to reach USD 100 billion by 2030.
- The Indian e-commerce sector will be worth USD 188 billion by 2025.
- In the 2021 festive season, Indian e-commerce platforms grossed USD 9.2 billion an increase of 23% compared to 2020.
These terrific numbers will only rise in the coming years and thus, a more focused observation on inventory management however turned out to be an essential factor.
Systematic inventory control requires a well-planned strategy. Strategizing inventory management has become essential for e-commerce businesses as this enables the use of inventory management software in India.
The application of warehouse management software comes heavily under the strategizing of inventory management. Moreover, managers over the years have realized the necessity of automation instead of manual data-keeping thus from advanced tracking to assured customer satisfaction, everything has become a possibility with inventory management software.
Let us go in-depth with the benefits or the importance of warehouse management software in India for e-commerce businesses
- Real-time tracking – The primary purpose for selecting software for inventory management is to track the inventory in real-time. An integrated warehouse and inventory management system can track the location and movement of the materials within the production system. It reduces inventory costs and with timely delivery due to systematic tracking results in a better customer relationship.
- Accurate reading – Another significant reason for implementing these systems in e-commerce business is to get overall sales data of the inventory system. This sales data shows a clearer picture to the retailers and estimates the right time to bring in the right products and reduce the chances of dead stock for a lengthy timeframe.
- Improved business planning – Using warehouse management software in India centralizes the data, thus ensuring an optimized strategy for business planning. The insights reflect the customer preferences and choices, and make the retailers aware of their supplies for better business.
- Reduce overselling of stocks – Overselling is a deadly challenge for all e-commerce businesses. Improper tracking of the inventory materials ends up with overstocking or understocking of the inventory. Warehouse management software in India tracks the inventory products informs about the quantity available and notifies the management for ordering. This way, the business can prevent overstocking or understocking of the inventory thus saving space and cost for the business.
How Inventory Software Impacts Customer Satisfaction in E-commerce.
Using warehouse inventory management software monitors product availability, determines purchase schedules, and cycles out outdated and unsold products. Product availability is one way to ensure customer satisfaction through inventory management software. The impact of inventory management on customer satisfaction helps to design efficient inventory management software.
- Fulfillment period – Accurate inventory management lowers the time to fulfill orders. Using inventory management software for analyzing sales can keep your popular items in stock and can able to fulfill any customer orders instantly. Additionally one can figure out the type of orders that are on demand during occasions and can keep a limited quantity of those products to control the inventory costs and ensure a positive reputation by quick filling of special orders.
- Returns – Using advanced warehouse management software can elevate customer satisfaction through product returns. It can quickly accept returned products due to damage and can proceed with a replacement product quickly, keeping the customer happy. The inventory management system also keeps a note of the availability of the extra products in the inventory for possible chances of product replacements.
- Pricing – Well-designed warehouse management software can help you reduce the time, products spend on your shelves. This decreases inventory costs since you don’t have to carry extra inventory for extended periods. As a result, you can pass on these savings to your clients in the form of lower pricing.
- Stock – Good warehouse and inventory management software keeps an update of the available items in the warehouse. Good customer service means informing the customers of the stock availability or unavailability. This way, you can improve the image of your company and score an extra point on customer retention.
Why WrkPlan is Considered the Best Inventory Software for E-Commerce
WrkPlan is a cloud based ERP software in India with integrated inventory management software to withstand several inventory challenges of a business. There are multiple reasons why organizations should opt for WrkPlan.
Firstly, it is cloud-based. WrkPlan system is cloud-based, which means that it is accessible from a laptop, desktop, or mobile. Considering the current scenario post covid, this is an essential feature to have.
Secondly, the easy interface of the cloud ERP system makes it easy for the user to understand its functionalities and get on with the operations. Moreover, the interface is user-friendly, making it operational for all levels of individuals.
Thirdly, WrkPlan is hosted in AWS which ensures a higher level of data security provided by AWS. It keeps the information safeguarded and removes the threat of data loss or any other malware attacks.
Fourthly, WrkPlan is highly scalable. Businesses that are likely to expand could benefit from WrkPlan because of its ability to scale up or down accordingly.
Here are the following inventory management features of WrkPlan.
- WrkPlan’s inventory management software can track multiple warehouses. It can ensure that the products, warehouse space, stock counts, and other details are well-managed and function for inventory control.
- With advanced data reports, WrkPlan can structure essential insights on inventory management, enabling important business decisions.
- Stock rotation is an essential feature of WrkPlan. The inventory management software uses stock rotation methods like FIFO and FEFO to control overstocking and reduce inventory costs for the business.
- Wrkplan’s inventory software can generate several inventory reports for the business. Stock Ledger, stock in-out, stock Valuation, warehouse-wise item status, stock aging report, dispatch register, item price list, and PO list with details, among many others, are some of the essential inventory reports.
The E-commerce business is at a stage where the whole business graph is on a roll and could only rise higher and higher. If you cannot handle the rising speed, you can only miss the glowing opportunity that your peers will happily grab.
For an e-commerce business, a significant function is to handle the inventory. Thus, implementing inventory management software like WrkPlan can get the job done for you. With its easy interface and multiple features, it can offer a long list of inventory solutions to businesses.
To learn more about Wrkplan and its inventory functions, sign up for a free ERP demo today. You can also call 1-800-120-2449 to get connected with their representatives.