Tag: E-Commerce

Managing Stock Systematically In E-Commerce

What Is The Process Of Stock Management In Online Stores?

E-commerce is the latest trend in the business sector to enhance the closeness of the global market. Entrepreneurs are developing new ways and offers technical guides to improvise e-commerce into sustainable and profitable business units. The stock (สต๊อก, which is a term in Thai) in e-commerce business needs to be managed skillfully and strategically to avoid negligence. The online stock product system (ระบบจัดการสต๊อกสินค้า, term in Thai) helps business units to manage the size and type of stocks and inventory efficiently. Moreover, the wrong choice for tock management can lead to an incredible downfall and colossal loss.

Basic Needs For Online Management Of Stocks

Managing inventory is a complex challenge in an e-commerce unit; therefore, it is essential to be comfortable with the online inventory management system. Some of the necessities to be taken care of are:

· Record Every Movement

The owner should systematically manage every inventory movement personally or through any trustworthy source to monitor stock-in and stock-out constantly.

· Monitoring End Of Stock, Dead Stock, And Buffer Stock

The system should offer prior notice before the stock ultimately gets out to ensure restoring of them timely. Moreover, management of buffer and dead stocks is also essential. Dead stocks are present in the warehouse but are no longer in demand in the market. Buffer stocks refer to special reserves in case of demand and supply chain uncertainty.

· Adding Multiple SKUs

The Stock Keeping Unit is the identification code that helps classify and organize products based on color, size, and other details.

· Real-Time Monitoring Of Supply Chain

The stock’s production, management and delivery should be monitored precisely to avoid any loss in business. Once any product is ordered online, it should be processed for billing and subtracted from the available stock number. Moreover, owners will be able to track these details from anywhere at any time to be particular about the stock handling in the supply chain.

· Accurate Acceptance Of Ordered Stock

Timely alerts before stock-out helps the owner to order the precise quantity of the different stocks needed to run the business. The various products are restored in different quantities depending upon the demand of it in the e-commerce segment. The stock management system should accurately check every received product and update the stock details to avoid miscommunication.

· Offer Customer Services

There are chances of errors in the online handling of diverse stocks. The contact details should be automatically displayed on the screen in case of errors or complaints.

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Retailers and E-Commerce Companies Overwhelmingly Say Trump’s Tariffs Bad for Business

Last week, President Trump deepened his trade war with China by further imposing 10{69d371dc3a7215af1cf70e657e96c7414241106804c5daaddb02eee3606ab22c} tariffs on $200 billion worth of consumer goods.  This $200 billion comes on top of $50 billion worth of tariff beginning last June.  These tariffs are meant to pressure Beijing to change its trade practices that Trump sees as unfair, including the theft of intellectual property that has been hurting businesses in the United States.  Beijing has denied these claims by the Trump administration and is fighting back imposing its own taxes on $60 worth of products of the United States.

Trump’s new tariffs

The administration’s new tariffs are believed to increase the costs for U.S. consumers.  Businesses will also be affected, including both e-commerce and retail companies that have increasingly taken advantage of cheaper assembly and manufacturing costs in China.  Retailers caution the new tariffs on goods from Chinese will boomerang back and harm U.S. families and workers.   Over 300 retailers, including:

  • Walmart;
  • Gap;
  • Target;
  • Kohl’s;
  • Macy’s.

Signed a letter opposing these tariffs.  In a press release, National Retail Federation CEO stated these latest tariffs will cause many working Americans and their households to soon wonder why their shopping bills are higher and why their budgets are stretched.

Survey

To find out how employees in both e-commerce and retail feel, users were surveyed who works in the industry.  From 19th of September through the 25th, these workers were asked to answer “yes” or “no” to the following question:

Are tariffs on goods from China good for business?’

Out of over 1500 employees asked, 81.2{69d371dc3a7215af1cf70e657e96c7414241106804c5daaddb02eee3606ab22c} of them replied “No”.

35 retail and e-commerce

The employees of 35 businesses to a part in this survey including those from:

  • Macy’s;
  • Target;
  • Kohl’s;
  • Amazon;
  • eBay;
  • Apple;
  • Wayfair;
  • Nike;
  • Overstock;
  • Gap;
  • Costco;
  • Nordstrom

Broken down responses

The most survey taken from the top four U.S. companies – Amazon, Apple, eBay, and Walmart said that tariffs will not be good for business.  Walmart/Jet employees heavily leaned towards this sentiment with more than 83{69d371dc3a7215af1cf70e657e96c7414241106804c5daaddb02eee3606ab22c}

Get Professional E-Commerce Features, Enterprise Features, And Payment Processing Features With Orderwave

Over the years, the personal computer changed the business landscape dramatically, and we wanted to guide our customers in both choosing the right technological path, as well as setting up the right software and processes to transform their businesses. Orderwave is an order management software aiming at simplifying everyday business operations Every merchant wants to turn first-time customers into loyal consumers, but as the world of e-commerce continues to become more and more competitive, it is essential to give your business every kind of advantage to continue to stay at the top. We offer professional features that guarantee your stay at the top;

E-commerce Features

E-commerce is a business model providing new ways for companies of all sizes to create new relationships and extended relational operations through the electronic network (internet). With Orderwave, our strategic team came up with the following services that integrate your plans with success;

Shopping Cart Integration:

Our shopping cart utilizes a powerful template and content system, allowing you to take control of your shopping cart. Our built-in HTML editor allows you to edit your site, making your business more marketable to customers.

Powerful Customer Service Features:

Track customer history using Orderwave’s unified communication application that provides a quick verdict to issues with threaded email correspondence and consolidated customer communications.

1-2 Page Checkout:

We developed a simple 1-2 page checkout that simplifies placement of orders, checks on order status, tracking, requests RMAs, update continuity, upsells and multi-pay.

Enterprise Features

The following list of Enterprise features extend and enhance Orderwave’s achievement and performance, allowing us to focus on your orders so you can focus on your business;

Distributed Order Management:

We coordinate incoming orders originating from your e-commerce site, third-party marketplaces, and more to support multi-channel e-commerce.

Secure, Stable And Reliable:

Your data resides in a highly redundant data center, which employs numerous environmental and safety controls.

Unlimited Inventory SKUs:

With us, you can develop new products and refine existing versions without fear of hitting a limit. We utilize the intuitive import tool to quickly and accurately ingest a large number of new items.

Integration With Corporate Systems:

Orderwave is flexible enough to accommodate a combination of a variety of corporate systems; from ERPs, e-commerce platforms, CRM, and more

High Volume Of Orders:

Orderwave is automated to increase efficiency for your warehouse personnel and provide quality service regardless the order volume.

Payment Processing Features

Orderwave mingles about all  the major payment gateways; payment is one less thing for you to worry about;

Scheduled Billing & Multi-Payment Plans:

We give you the freedom to manage your payment processes. Orderwave boasts an intuitive user interface for governing multi-payment plans, free-trial and delayed billing plans.

Merchant Load-Balancing:

We modify your merchant accounts by card-type, order-type, date range, and industry classification, henceforth speeding up financial transactions.

Virtual Terminal:

Enjoy an easy-to-use, guided and virtual terminal that communicates to all of your gateways by providing capture and refund transactions in real-time to keep your customers happy.

Detailed Transaction Logging:

Our system database records the details of every transaction your account generates, providing comprehensive transaction reports at a component level henceforth allowing a comfortable view of information even about every sales order processing software activity.