The world has already shifted towards the digital era, and everything is just a single click away from us. If you still have a brick-and-mortar store, switching to an online eCommerce shop is a great idea. Before switching to a digital store, you should know that inventory tracking will be the most challenging task for you.
Don’t be afraid, and do not change your mind. OrderCircle provides you with the best software to manage inventory, that will assist you to manage your entire inventory through automation and softwares.
These B2B inventory software helps you track all your inventory, regardless of where the sales are coming from. Improper tracking of goods or missing out on any sale can cause you to lose count of the products in the stock, and it causes you all sorts of problems. However, having the best inventory software can assist you in tackling these challenges. So, here in this blog, we will cover the meaning and things to consider before choosing B2B inventory software.
What Is Inventory Management Software?
If you still think inventory management is manual stocktakes or excel spreadsheets, you should know it is not. The term “inventory” could be used to express various things. In simple terms, inventory is something on which an organization relies to generate sales and make it successful. Inventory management software is a product/tool used to improve efficiency, track sales, save time & money, and give valuable insights which assist you in increasing the overall success of your business.
Inventory management is a very tedious and time-consuming process for many business people. However, selecting the right inventory management software could assist you in dealing with such stress and headaches. Whether it is an eCommerce website, a supermarket, or a brick & mortar store, there is a need to monitor the inventory.
OrderCircle provides you with the best software to manage inventory that is designed for tracking the stock through a complete supply chain which consists of ordering and production of fulfillment, warehousing, and shipping & movement of the stocks. Inventory management software must have all the features mentioned below per the organization’s needs.
- Inventory optimization and tracking capabilities
- Orders and invoicing
- Customer relationship management
- Reporting tools
- Warehouse management
- Price lists
- Batch tracking
- Demand forecasting
- Integrations with business software include accounting, 3PL, shipping, POS, eCommerce, manufacturing, etc.
Things to Consider Before Choosing B2B Inventory Software
Before picking a digital solution for your business, start with the baseline. Every business has unique needs and different approaches to successful online selling and marketing. Here are some crucial mentions you must keep in mind before choosing B2B ecommerce software for your business.
Designed with B2B Digital Commerce in Mind
Manufacturers, distributors, and wholesalers already understand how different their industries are from B2C eCommerce. The top vendors of B2B eCommerce platforms are aware of this. Their products are designed from the ground up for the needs of B2B vendors. This means they support selling the same SKU in numerous units and feature EDI and punchout catalog integration. B2B sales are based on long-term relationships rather than the one-time deals that characterize B2C sales. Maintaining these relationships requires having a 360-degree perspective of each customer and transaction. Either your eCommerce platform should include a CRM component, or it should be simple to interface with any popular CRM programs.
Personalized Pricing and Catalogs
Prices are negotiated in B2B on a contract-by-contract basis. Customers should be able to see customized products and the agreed-upon prices when they sign in. Any pre-set shipping choices should be considered throughout the checkout process. Your B2B eCommerce platform must enable you to check credit and extend terms instantly.
For example, Lightspeed is cloud-based inventory management software designed to fill the needs of both mortar & brick and eCommerce inventory demands. It provides you with industry-specific pricing options and in-store purchases. This software is designed in such a way that it can show different prices for different customers based on their data.
While choosing an eCommerce platform, ensure it must be designed to grow your business. Your online stores do not have massive traffic yet, but it is crucial to keep the infrastructure to handle the sudden increase in demand as your business might attract new customers in the upcoming time. OrderCircle offers you the best B2B Inventory software that will maintain and maximize the performance and speed of your business even during a sudden peak period.
User Defined Roles and Authorities
In a B2C transaction, the customer examines your product, chooses to purchase it, and pulls out their credit card to finalize the deal. Ideally, B2B sales would be that easy. Numerous decision-makers and buyers with varying levels of purchasing authority are involved in many B2B transactions. Look for an eCommerce system that enables the user to specify the roles, responsibilities, and purchasing authorities that correspond to how their organization conducts business if this describes your clients.
While choosing the best inventory software for your organization, keep your objective and potential customers in mind. Research thoroughly the availability of the solution partners to integrate the SaaS product with your existing infrastructure. Always remember that your eCommerce solution is not an island, and there is a high need to integrate the payment gateways, 3PL, PIM, CRM, ERP, and other solutions.
Also, remember that the functions and core objectives of two businesses are different, and no two B2Binventory software would work the same. If you want to increase ROI, choose software that can be:-
- Easy to customize
- Integrate seamlessly with the current model
- Can provide you with the majority of features
OrderCircle provides you with the best software to manage inventory to manage your business hassle-free. They provide services like inventory management, invoice management, a B2B eCommerce portal, and many more. These revolutionary products are one-stop solutions for small, mid, and large businesses.