Hi, everybody, Seth David here from the world famous Nerd Enterprises, Inc.
I'm partnering with QuickBooks to bring you a spectrum of videos
covering topics that will show you how to run your business
more efficiently, more effectively and with greater accuracy.
Today, we're going to talk about inventory management
and how you can better manage your inventory with the right tools.
Before we continue. Don't forget to bang that like button.
And if you're new to the channel, hit that subscribe button.
We'd really appreciate it.
If you're in ecommerce, then you're probably pretty familiar
with how tedious and time consuming tracking inventory can be.
Today we're diving into how cloud based inventory management
can make your life as an ecommerce business much easier.
We'll show you how the right inventory management system can help you
grow effectively and efficiently while tracking things more accurately.
And if you like to read, check the link in the description for the article below.
First things first.
What is cloud based inventory management,
inventory management is time consuming, frustrating and essential.
A good cloud based inventory management seamlessly tracks
inventory, both coming in and going out of your business.
Real time updates help you avoid many of the issues
that come up with traditional methods of measuring inventory,
such as manual mistakes or inaccurate forecasting.
Let's go over the benefits of switching to cloud based inventory management.
The main benefit of cloud based
inventory management systems is instant stock level updates.
Cloud based inventory management systems
continuously update stock levels in real time.
So you always know exactly how much stock you have on hand.
This helps you to determine first when it's time to reorder inventory.
Knowing your inventory levels at any
given time helps you to stay on top of each stock replenishment.
Having a good grasp of your inventory levels
helps to make sure that you don't oversell stock across your channels.
Second, the best stock level to accommodate lead time when reordering.
This helps to keep customers happy and ensure you don't run out of stock.
And lastly, which inventory is moving and which isn't.
This helps you eliminate products that are weighing your business down.
Having a high level view of your inventory levels can help you avoid stock outs,
overstocking and dead stock.
Another key benefit of cloud based inventory management is error reduction.
Since information is updated instantly, there's no risk of duplication,
missed sales orders or incorrect information.
This means less time
spent on problem solving, and that means increased profitability.
With cloud based inventory management, you can also benefit
from improved efficiency.
The right system can help you automate
almost all aspects of the inventory and ordet management process.
You can log into the system
with your phone or tablet and generate stock reports, complete
audits, perform stock takes and access stock movement history.
A few of the tasks automation can take over include inventory
tracking, tracking order fulfillment, updating stock levels, alerting
you when you've reached the reorder point and submitting purchase orders for you.
With cloud based inventory management, you can be assured that your business data
is safe and secure.
The service provider takes full responsibility
and constantly updates the software to avoid cyberattacks.
In addition, all the data is consistently
updated in real time and securely stored in the cloud.
So you don't have to go in and back up the data on your own.
Last but not least, the best cloud based management systems feature built
in reporting in analytics
forecasting is one of the trickier aspects of running an ecommerce business.
The software can analyze your sales and inventory data and create
automated reports so you can make informed business decisions such as which
products are selling and making a profit and which products need to go.
If you're thinking of
making the switch, QuickBooks, commerce might be the solution for you.
This cloud based inventory management software is designed specifically
for multichannel e-commerce businesses, and we'll help you streamline
workflows and make informed decisions with QuickBooks.
Commerce, you can enjoy all the benefits mentioned earlier and manage all the sales
channels, including Amazon, eBay, Shopify and other top e-commerce sites,
all in one platform.
Get started today to see how cloud based
inventory management can help your business grow.
If you found this video helpful, don't forget to bang that like button
and let us know in the comments below if you have any questions.
We have more great content just like this.
So make sure you subscribe so you don't miss something really good.