When a customer places an order online, the last thing they want to hear is that the item is out of stock. Almost half of the purchases consumers intend to make are lost to retailers when stockouts occur. A typical retailer loses about 4% of its overall sales due to abandoned purchases.
An inventory management system goes beyond knowing how much of something you have on hand; it is a system that tracks and organizes goods from a supplier to the manufacturing process and finally into the customer’s hands.
The customer experience is directly affected by inadequate inventory management. Businesses cannot effectively plan and execute customer orders without knowing their inventory status in real-time.
Four out of five small businesses manage their inventory manually or do not manage it at all, according to a recent report.
Manual, paper-based inventory practices lead to:
- Reporting inventory in an unreliable and time-consuming manner
- Overstock in one location, while out of stock in another, due to inefficient inventory management
- Excess, obsolete and slow-moving inventory is written off as a result of inaccurate planning
- An unnecessarily high cost of goods sold (COGS)
- A stockout leads to customers going to the competition instead of buying from you
- Tracking and tracing the product from supplier to customer is not possible
Automating Inventory Management with CRM Software -CRM Runner
Automation of manual inventory management processes and improving forecasting and utilization of inventory can improve inventory management across these four areas:
- It is possible to categorize the inventory using different tabs.
- Upon reaching a certain threshold, an auto alert will remind you to place an order.
- Maintain an accurate inventory and non-inventory list.
- Refunds, exchanges, and returns can be handled with the help of RMAs.
- Drag and drop the columns to customize the look.
- When items are sent from suppliers to your warehouse, the system automatically updates the inventory stock.
- As well as serial numbers, pictures, descriptions, prices, stock numbers, and more, CRM Runner captures and verifies information about products and services.
- By using the search bar on the website, you can find products by their names or descriptions.
- SKUs and serial numbers help you keep track of your products.
- Set the warranty for products and items.
What you can do with Dynamic Fields In Inventory Management Platform CRM Runner?
With our intuitive and inventory features, you can accurately manage stock levels at different locations, schedule timely procurement, record frequent stock transactions, and analyze stock movement patterns. CRM Runner allows you to manage threshold quantities of stock and maintain product quality.