October 1, 2023

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Inventory Management Extensions for Magento 2

Inventory management extensions for Magento store owners are invaluable resources that help them track product quantities accurately, making business more manageable.

Automated purchasing systems help save both money and warehouse space by automatically purchasing just enough product to avoid overstocking or selling out prematurely. They also offer comprehensive reports and analytics to enable optimized inventory control and order fulfillment.

Multi-Warehouse Inventory

Inventory control across multiple warehouses is an integral aspect of e-commerce and often requires careful tracking and management in order to avoid incurring extra fees, such as shipping and handling charges for orders shipping from multiple locations.

Effective multi-warehouse inventory management will ensure adequate stock levels at each warehouse location. Transparent systems allow clear insight into any stock transfers necessary. This eliminates ambiguity about current stocks, order classifications, completion logic or movement needs between locations while giving you full control to move stock quickly for prompt order fulfillment.

Assuming your stock in New York is running low and demand in California is increasing rapidly, you can easily transfer stock between warehouses to meet local demand with ease. Notifications alerting you when any product’s stock in any warehouse drops low can allow for rapid replenishment without risking out-of-stock situations – particularly useful when dealing with high demand seasonal products! Cloud-based multiple warehouse inventory management systems also reduce shipping rates considerably!

Multi-Source Inventory

Magento 2’s Multi-Source Inventory (MSI) feature allows you to connect multiple sources and leverage search selection algorithm in order to maximize delivery efficiency. In order to enable it, a source must first be established – be it warehouses, physical stores, distribution centers or drop shippers or even your home!

This feature enables you to oversee product quantities per source. This information will appear both in your backend and frontend as a Sources tab, while salable quantities by each source can also be monitored to trigger low stock notifications.

To create a new source, visit Stores > Inventory > Sources -> Add Source. Each source can be linked with one particular website; multiple stocks may exist on one particular source though each website can have only one source assigned at any one time. A Magento development agency can assist in setting up and configuring functionality suited for your specific requirements.

Inventory Planner

Inventory Planner is sales forecasting software designed to assist ecommerce and multichannel retailers in anticipating future demand, and ordering inventory according to it. Licensed on a Software-as-a-Service model, licensing for this solution begins at $120 per month for up to 1,000 replenishable variants or SKUs.

Establishing accurate inventory management processes is crucial for any store, and especially crucial when operating an E-Commerce or Direct to Consumer brand with multiple warehouses around the globe.

Accurate inventory data empowers your team to confidently issue orders without worry over out-of-stock issues or other mishaps that could damage revenue streams. An inventory management extension can assist with back sales lists, low stock alerts and historic stock reports to keep your business growing profitably while onboarding new employees easily and tracking their work to ensure nothing slips through the cracks.

Order Management

Order management processes are essential in maintaining accurate stock counts across channels, and avoiding oversell or undersell issues. Automation helps achieve this, as it decreases costs, errors, intelligence reporting and insights while simultaneously increasing intelligence reporting capabilities and insights.

Process transparency ensures all parties understand where an order stands in its lifecycle, helping reduce customer and sales team frustration as well as pinpoint problems or mitigate missteps, helping scalability from purchase through delivery.

Order management solutions that leverage automation can streamline, automate and even eliminate manual tasks to speed fulfillment times and increase customer satisfaction. They can also improve scalability to accommodate spikes in demand without increasing labor costs or manually adding orders; furthermore they enable real-time inventory monitoring, replenishment and low stock notifications to avoid out-of-stock situations – features which enable retailers to set individual stock levels and allocations per warehouse location.