According to Statista, global retail sales totalled approximately $23.74 trillion USD in 2020 and are projected to reach $31.7 trillion USD by 2025. That’s a lot of buying and selling of goods, but more importantly, it represents a lot of inventory, a massive amount of inventory. All that inventory has to be managed, and the best way to do this is by using software that’s designed for the job. If you’re a retailer looking to upgrade your system, you should take a look at Cin7. There are many reasons to consider Cin7, but one of the most important is its flexibility — its ability to be adapted to fit your company’s needs while operating within your digital network.
What is retail inventory management?
Inventory management entails determining the quantity of goods or materials a company needs to have on hand to satisfy customer demand. For retail businesses, this is a more complicated process than it is for manufacturing ones. Which is why the software that retailers choose for managing their inventory needs to be able to perform at a high level. In other words, the software has to have the ability to be configured so that it can perform increasingly complex operations. Let’s take a look at the main ways retailers can benefit from inventory management software that has advanced configuration options.
The ability to customize the number of staff who can use the system
Inventory management software usually puts limits on the number of staff who can access the system. This is fine for smaller retailers, but for larger ones that may have multiple outlets, flexibility is key. Cin7 offers a Small Business Plan that gives access to two users, and an Advanced Plan that allows up to eight. But our software can increase that number to whatever your company needs. We call this our Enterprise Plan.
Keeping oversight on stock when using 3PL and being able to handle multiple EDI systems
Third-party logistics (3PL) basically means outsourcing. It’s when a retailer hires another company – a third party – to take care of its fulfillment. The business arrangement may even extend to warehousing. 3PL is especially useful for retailers that sell on multiple online and offline channels. Since manually tracking your inventory on numerous 3PL platforms and outlets is an enormous challenge, it’s important to have software that can do the job. Cin7 has a specific 3PL management feature that helps you administer your inventory stored in any third-party locations from your device. It not only helps you in optimizing your inventory but also speeds up the administrative tasks.
Electronic data interchange (EDI) is the process by which information stored in a computer system is electronically transferred to another computer system. EDI converts the information into a standardized format that can be read by different computer systems.
With the help of EDI, organizations can talk to each other over a standardized set of communication protocols. This helps avoid any inaccuracies that may arise while communicating via non-standardized formats.
Integrated warehouse management
Warehousing is one of the most complicated parts of a retail business. Sometimes a business handles products that need to be stored in different conditions within one space; other times the quantity of goods and size of the business calls for several of these holding areas, which could be in completely different locations. For instance, when a grocery store organizes its warehousing, the food has to be kept at specific temperature and humidity levels. Cin7’s inventory management system can organize all of that. For businesses that have multiple storage locations to oversee, Cin7 can be configured to keep track of the inventory in each one, giving you complete oversight.
Dedicated support and implementation
Cin7’s inventory management system and its Advanced Configuration Plan come with full support. We offer strong customer service to answer any questions you have and resolve any software issues you encounter. This kind of care can be the difference between having your inventory management system run OK and having it run really well.
The main aim of an ecommerce retailer is to provide quality goods on time. If either of these things don’t happen, the business is likely to get a bad reputation and could lose its customers. A reliable inventory management system can prevent this from happening. It will make sure your items are delivered when promised, and it will prevent any out-of-date items from being sent out in the first place. With customer reviews being a mainstay of online sales, having a software system that can organize your business processes to ensure happy customers will not only keep them coming back to you, it will attract new ones.
Cin7’s advanced configuration for its inventory management system can be of great benefit to any business owner, but it is especially helpful for retailers. Its compartmentalized framework of features, which allows you to select only those you need, and the ability to have these features work together and within your computer network, can increase your profits and improve your customer satisfaction. If you want to know more about Cin7’s Advanced Configuration Plan, call one of our experts today and request a consultation.