In the field of e-commerce, stock management software has emerged as dependable tool for digital entrepreneurs to rely on. A number of key players in the segment are constantly upgrading their offerings, resulting is a growing diversity of software options for inventory management. Some service providers are even customising software to suit business- specific needs, leading to online retail players becoming selective about stock management software they choose.
In such a scenario, let us throw light upon some stock management software trends that will impact and influence stock management in the coming days.IoT for smart stock management:
The Internet of Things (IoT) is essentially a network of interconnected devices facilitating exchange of data on a large scale. In inventory management, IoT will cut down inventory tracking and monitoring efforts to a quarter of the original manual effort. IoT will help you monitor stock and replenishment levels from single to multiple locations on a real time basis, increasing visibility across value chains like manufacturing, distribution, retail stores, etc.RFID to become rampant:
Radio Frequency Identification devices (RFID) contain microchips that emit/receive radio waves. Employees can carry handheld devices that will connect with the chip to retrieve location, quantity or other related data. RFID is used extensively for:
Preventing over or under stocking.
Quality control of perishable goods.
Locating empty bin locations or near stock-out situations.Cloud storage:
E-Commerce companies are switching their stock management processes to cloud-based systems offering flexibility at affordable pricing. This can be distributed across all devices with varying screen sizes for uniform inventory management capabilities. This enables cost efficiency and operational swiftness.Analytics for efficiency:
With the tremendous growth of Omni-channel and Multi-channel retail, there is a demand for analytics that covers multiple warehouse locations and SKUs. Analytics combined with cloud technology and Enterprise Resource Planning (ERP) will help enterprises to access inventory data. It will allow businesses to have insights on:
Damage controlEnterprise mobility:
Enterprise mobility will help employees collect, analyse and take necessary measures in stock management with the help of mobile applications. Wearable technologies customised for warehouse management and SCM (Supply Chain Management) will dominate this area.The Amazon advantage:
Stock Management Software is undergoing a sea of change, with results that are often not predictable by business owners. The best thing to do is to remain open to these new possibilities to gain competitive edge. Meanwhile, you can partner with Amazon to start your venture at an initial stage. Our customised services do not require significant investment but give access to a global market. You can register
as a seller our seller portal, you can decide on your stock management strategy as you scale up.