Navigating through different inventory management applications can be tedious, complicated and time consuming. To help you save some time, we have researched different choices and collected what we believe are the most relevant functionalities, tools and best practices.
One of the most important challenges of conducting your wholesale company is managing your stock. As you’re getting inventory from several sources and then reselling it to your retail customers, you will need to have access to accurate records of what you have in stock, so you can determine exactly what you will need to predict, arrange and evaluate based on informed decisions.
Wholesale operations are especially different than retail activities or patterns. Wholesale customers have a tendency to lean towards purchasing in bulk; whereas retail customers manage differently. This difference creates some sharp contrasts when it comes to managing inventory as every one of these is related to another business model.
What’s wholesale management system?
Wholesale order management refers to any business process associated with orders placed by wholesale customers. Some of the key facets of order management might revolve around the synchronization of your orders with the stock in real life; hence the importance of having the ability to monitor, track and make end-to-end workflows for your continuing sales orders.
Wholesale management system is the practice of purchasing the stocks in the buyers and then selling them to the clients but that’s a fraction from what’s required nowadays to master this craft. ConnectPOS inventory management applications for example offers a full array of integrated functionalities and components to assist managers tame the many complicated operations:
- Customer order management, such as discount guidelines
- Wholesale goods catalog maintenance
- Revenue orders mechanically connected to PO’s
- Lock and unlock prices
- Client account status and evaluation
- Real time open-to-sell (OTS)
- Vendor management applications and stock status reporting
- Agent and sales representative productivity reporting, such as commissions direction
- Automated invoicing, such as credit alarms
How can you manage wholesale stock?
Inventory management is one of the biggest challenges of conducting a wholesale company. As a distributor, you are likely to dealing with huge variety of stock and it is critical that this inventory is managed as efficiently as possible. Failure to do this will hurt the company in the long term.
So, lets dive into see how you can track, monitor and fuel your total productivity in 5 simple steps. Yes, 5 easy moves which could give could result in a tenfold ROI:
Hint no: 1- Use the Most Current Retail Technologies
It’s the correct time for both B2B and B2C industry to move beyond primitive spreadsheets and manual inventory management practices. There are loads of smart W software tools available on the marketplace that can allow you to scale your retail or retail operations, increase overall efficiency, across channel actions and enable you to harness collective intelligence in very user-friendly ways.
The important advantage of this new generation of retail software solutions is they’re geared towards helping companies become leaner and more nimble. They supply inventory management capabilities which are user-centric that helps its adopters to boost the whole customer experience whilst providing them with more freedom to place orders, track shipments throughout the value chain; let alone helping them focus on the whole customer travel, engagement and general satisfaction.
While acquisition costs of a complex of 3.0 ERP systems may appear high at first glance, the yield on the initial investment is tenfold greater. The yearly cost you are going to be paying is minimal in comparison to the rewards or benefits you’d reap in the long run.
Hint no: 2- Team Work and Collective Intelligence
Inventory management is a collaborative effort by all stakeholders and employees within the organization. It only works when everybody understands what is required and which best practices or procedures must be implemented in the retail chain and ecosystem.
If you are an owner of a retail or a wholesale operation, you want to cultivate an organizational culture that exerts collaborative intelligence, communication, empowerment and leadership throughout the spectrum. Consequently, you want a wholesale management system like ConnectPOS that was developed to exploit teamwork efficiency, system thinking and data sharing in seamless fashion.
Hint no: 3- Replenishment Automation & Predictive Management
When your inventory starts to deplete, you will have to replenish your supply accordingly. Do not wait for conventional stock counts or manual inventory audits to find out when to take an action. Replenishing your merchandise needs to be a preemptive measure that’s based on information driven indexes, notifications or metrics.
Smart inventory management means increasing operational efficiency and reducing bottlenecks on your retail or wholesale organization.
If you automate the stock tasks, it gives your employees plenty of time to focus on other critical areas of optimization. In this way, you will significantly add more value to your virtuous circles.
Hint no: 4- Smart Inventory Planning and Orders
Because you’re doing wholesale business, you’re ordering products in bulk–since you are selling or transferring big volume orders. As result, you want to keep your stock at bay with your stock requirements, traffic or thresholds.
In order, to keep the inventory at the perfect level, you want a Warehouse inventory management software that’s smart enough to allow you to monitor your stock levels based on tangible and quantifiable parameters. This helps you monitor and track the stock in line with the pent-up demand, seasonal or user trends on-time, on budget and on-target.
Hint no: 5-Allocation of Products
It’s crucial to allocate the ideal amount of each product to every point of sale or distribution centre. Goods which move quickly in 1 location may not always sell well in other geographic locations. Retail business cycles, customer behaviour trends and changing purchasing patterns at every retail store area are crucial elements of good contingency planning and forecasting.
Once more, the simplest method is to rely on a clever wholesale stock system that give you real-time details regarding the stock status from the big picture till the last SKU; hence, the value of good business intelligence tools. Having the ideal dashboards is mission essential otherwise it’ll not be easy for your management staff to make informed decisions.
Whether you are an apparel, jewelry, footwear, sporting goods, department store, home decor or specialty distributor, ConnectPOS Wholesale Inventory System will surely help you ramp-up significantly your game strategy and expansion plans.
ConnectPOS Inventory Management solution is extremely comprehensive as it has a fully loaded tool cupboard inventory management, warehousing, and buying capabilities that streamlines supply-chain procedures, reduces costs, and improves profit margins. As a result of its built-in real time demand planning tools, you’ll have more artillery to deal with most daunting challenges; since you’ll have an end-to-end visibility over the whole landscape and product life cycle.
Last but not least, what you really have to step-up your business operations would be to employ a intelligent ERP system which knows how to mirror your stock workflow, improve your overall efficiency; and largely knows how to interpret your requirements, management procedures, preferences and environment in the most intuitive way. That is what sets ConnectPOS apart from the rest of prepackaged, pre-bundled products offered through third party vendors and stores.