5 Ways Inventory Control Software Can Help Your Business

Your inventory is your business. Managing your inventory levels can affect your profits and your customer service but it can be challenging to actually manage them properly.

What you need is inventory control software that's designed to actively manage your inventory levels and give you complete visibility and control.

Why?

The average cart abandonment is 69.99% with 26% of shoppers buying the item from another online retailer.

21% will abandon their cart and shop with another company if the item they're trying to buy is out of stock. Reducing stockouts or overstocking can reduce your inventory costs by 10%, so don’t let selling out or overstocking affect your business.

Inventory control software can help your business stay on top of your stock so you always know exactly what you have in stock, what you’ve sold, and what items you need to sell more of.

This post offers you five clear benefits to using an inventory control software solution that can use your data to automate and manage your inventory so you can better serve your customers and grow your business.

Table of Contents

• What is inventory control software

• How inventory control software can help

• Improved customer satisfaction

• Improved budgets and profit margins

• Improved visibility

• Improved stock updates and scalability

• Improved business efficiencies

• How Veeqo can transform your inventory control

What is inventory control software?

Inventory control software helps you to automate your inventory management so you can more efficiently monitor your stock, re-order items that are running low, manage customer demand, and stay ahead of your admin.

For example: If a product suddenly becomes popular it could rapidly sell out if you have that product in stock. However, if you have accurate and up-to-date inventory control, you will catch the spike in demand and order-in more stock to minimize the risk of stockouts or customer disappointment.

Using inventory control software such as Veeqo, you can scale your business thanks to improved visibility into your stock, customer demand, purchasing trends and really transform the customer experience.

How inventory control software can help

1. Improved customer satisfaction

When you have visibility into your stock flows and product trends, you ensure your business can meet customer demand.

Inventory control allows you to fine tune the amount of stock you have in your business based on relevant data so you don’t need to keep a lot of items in stock to keep your customers satisfied.

When you know how much stock you have or what current demand fluctuations look like, then you can plan more efficiently.

Customers won’t end up leaving your store frustrated because the item they wanted isn’t available, and you deliver exceptional service.

Inventory control helps you say goodbye to errors that cost you money and hello to smoother stock management.

You can use the data from your inventory control software to carefully manage how much of each item you need and you don’t disappoint your customers or your budgets. Which neatly introduces the next big benefit that comes with inventory control…

2. Improved budgets and profit margins

Running out of stock is expensive. It’s estimated that stockouts cost companies around $1 billion a year. It’s an expensive issue.

Having too much stock is also expensive. Excess inventory costs your business money because it takes up space, ties up your funds, and reduces your profit margins.

Inventory control software offers you more control over your stock. Using the right data and insights you can maintain a clear view over your inventory and carefully balance demand versus stock.

If you use the right solution with the right data you can actively manage your inventory levels.

One way to solve this is with Veeqo. This free inventory control software solution can manage your inventory levels across platforms like Amazon, eBay, Etsy and Shopify (plus many others) so you always know what you have in stock.

Using the Veeqo Demand Forecast Tool, you can analyze the trends in your inventory so you can predict what your future inventory will need. This means you will always have the right products in stock and you can really transform your profits and sales potential.

It helps you to restock your inventory as you need it and it uses average cost price with every received purchase order to give you accurate profit reporting.

With accurate profit reporting and tightly managed budgets thanks to inventory control, you can make more strategic financial and expansion plans.

3. Improved visibility

This is the golden thread that runs through all the benefits of a well-designed inventory control solution - visibility.

With the right solution, you gain clear visibility into your inventory levels across different locations and platforms which means your order fulfilment and stock management are seamless.

Real-time inventory visibility across multiple channels means you can fulfil orders and catch problems quickly. It really can change your relationship with your inventory.

It transforms from a complicated and murky process into an opportunity. An opportunity to delight your customers and to stay on top of your costs and products.

For example: If your inventory control isn’t up-to-date or you don’t have visibility into different stock levels, then you don’t know if an item is out of stock but reflecting as in-stock on your site. You also may find that items you have in stock are showing as out of stock. Both situations will cost you money (and customers).

4. Improved stock updates and scalability

It is time to ditch spreadsheets. It makes stock control painful and time-consuming and often this results in errors.

Technology makes life as a business owner so much easier by taking away painful manual processes with smart automation and intelligent data management.

You can use inventory control software to update your stock levels across all your locations in just one tap. It gives you multi-channel data for unified sales, inventory and fulfilment reports so you are always up-to-date and prepared and some solutions allow you to connect multiple warehouses so you can scale your inventory management as you grow.

Knowing where your stock sits, how much of it is available, how trends and demands are shaping stock flow, and how different products behave introduces a whole new level of control.

You can use this information to optimize your warehouse, your storefront, your customer service and find ingenious ways of selling slow stock.

For example: You may have several products that aren’t selling well and are taking up valuable space and costing you money. You can use your inventory control software to assess which products are struggling the most and create a bundle of products that complement one another and then sell these as a deal.

Veeqo’s virtual bundles make this easy. You can track the availability of products in your bundles to prevent overselling or stockouts.

Veeqo also does the manual calculations across multiple platforms, you can let the sales take care of themselves while you take care of the business.

5. Improved business efficiencies

All of these benefits add up to one big benefit - you can really improve your business. If you use the right inventory control software, you can tighten your financial bolts, optimize your stock levels, smooth over customer service delivery, reshape your stock visibility and build a really solid business foundation.

Combined, these benefits ensure you reduce the risks of spoilage, unnecessary storage costs, loss of sales, customer shrinkage, excess stock, poor inventory tracking, and poor cost-efficiencies.

It’s a smart way of keeping your costs tight and your operations even tighter.

How Veeqo can transform your inventory control

As we've mentioned, Veeqo is a free inventory control software solution owned by Amazon. No matter how big or small your business, using Veeqo to manage your inventory is free. Sign up and get control of your inventory today.

Getting started with a reliable inventory control solution isn’t complicated. Managing stock and all the variables around it…now, that’s complicated.

You can quickly and easily cut your costs, improve stock visibility, and regain control over your inventory with the right technology.

Get this right and you can create lasting connections with customers while taking control of your inventory.