Why Small Online Businesses Can Manage Their Inventory Effectively


Small businesses make up the majority of the transactions. Since the internet has enabled trade easily through online platforms and marketplaces, opportunities have spurred rapidly and small businesses that place their products online need to enhance their inventory management.

It Leaves A Bad Impression On The Customers
Imagine having a really successful product listing on any e-commerce platform. However, if you suffer from a stock-out, customers will immediately look for an alternative. If you had managed your inventory wisely and created a reorder point strategy with the correct safety stock analysis. You would not have to face this issue of disappointing your customers.

Make Your Life Less Hectic
Running the daily operations of a business is already hectic as it is, then why grow the burden even more with a poorly managed inventory? Essentially, you would want to hold as little inventory as you can while maintaining sales. Inventory audits would be a disaster if you carried them out manually, and simply maintaining an excel sheet can create discrepancies between actual sales and inventory on-hand. This is because by the time you identify the mistake, it might already be too late.

Operate On Multiple Channels? Work Smarter
If your products are listed on more than one eCommerce platform then you can make your life easier by integrating them on to a single platform. All your sales data, and product listings from eBay, Amazon, or Walmart can be viewed easily.

Evaluate Stock
A lot of unsold stock in the inventory needs to be evaluated. This can be done through the moving average method through the formula for Moving Average Rate = (Available qty in Stock*Average Rate) + (Incoming Stock*Incoming Rate) / (Available qty in Stock + Incoming Stock). This formula helps a business understand how much money it has tied-up in its inventory and is a vital calculation for an inventory-based business. This can be instantly calculated if inventory data is available in real-time.


ERP Gold is a cloud-based inventory management system that aims to help small businesses in performing efficiently through the many features it offers like:
  • Multi-Channel inventory management
  • QR code and barcode scanning
  • Easy data synchronization
  • Product-wise profit report
  • Inventory valuation movement

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