If you are selling physical products, having a reliable online inventory management system is essential to running a profitable ecommerce store.
When your inventory is not managed properly, you can lose money, customers, opportunities, and possibly your whole business.
We have worked with thousands of small business owners over the last 10 years, and we noticed that many of them do not have a system for managing their inventories. Furthermore, their inventories are not in sync between their sales channels and QuickBooks.
Keeping inventory up-to-date for one selling channel is challenging enough; how do you keep inventory up-to-date with multiple selling channels?
Manual data entry (the default for many small business owners) is inherently problematic because customers can order from you 24/7. Unless you paying someone to hand-enter orders for you around the clock, you will always be behind in your book-keeping.
The 5 Traps of Manual Online Inventory Management
If you don’t have an automated system for keeping your inventory up-to-date on all your selling channels, as well as your QuickBooks accounts, here are traps that you can fall into:
One way to compensate for the lack of proper inventory management, is overstock. Overstocking ties up your cash, leads to higher than necessary fees for renting space, chaos on the workfloor among workers. If your products have a shelf-life, you might also lose products if they deteriorate.
This is especially common when you have low inventory and you sell on multiple channels. If your inventory is not updated regularly you may oversell, leading to refunds and unhappy customers. Consider all the money and effort you invested in attracting a paying customer, who now needs a refund. Overselling is not only a drain on your resources, but it can also hurt your business’ reputation.
#3: Lack of scalability
Whether your challenge is overstocking or over-selling, you cannot scale if you don’t have a system for managing your inventory.
How can you scale when your current volume of orders is already overwhelming your business infrastructure and tying up your cash?
If you want to double your sales year-round, or get ready for the busy holiday season, you need to have an automated system for managing your inventory so that you can process and ship orders on time.
#4: Poor Business Decisions
It is impossible to make good business decisions if your inventory is not up-to-date. First, you don’t have data on how much of each of your products you are selling, and you cannot allocate your cash to manage your inventory accordingly.
Second, if you are busy dealing with the consequences of poor online inventory management (manual data entry, processing refunds, cash flow issues) you will not have the bandwidth to consider new business opportunities, create new products, or train your staff better.
# 5: Low Customer Reviews and Seller Ratings
Imagine getting a one-star review for your product on Amazon because the customer got the wrong item. It happens all the time, and improper inventory management is one reason that merchants ship the wrong items.
Improper inventory management can also lead to damaged or spoiled items and late shipments. Over time, these errors add up to project a poor company image.
Customers who were initially excited to purchase from you are now expecting refunds and may leave a bad review, and discourage their friends from buying from you.
Poor online inventory management ties up your capital, reduces your profit margins, leads to poor customer satisfaction, and hurts your company’s image
Given the competition in the e-commerce space, having an automated system to manage your inventory across all your selling channels is essential to stay in business and increase your revenue.
Is Connex the Right Tool For You To Expand Your Business to Multichannel Ecommerce?
Most of our customers sell on multiple e-commerce channels. For example, Woocommerce, Shopify, Magento, and ShipStation, just to name a few.
They want to grow their business, and they also value the peace of mind from knowing their books are always up to date and they can serve their customers.
Why Our Customers Choose Sync with Connex
- Developed specifically e-commerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple e-commerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, ShipStation and ShippingEasy.
How can you decide whether Connex is right for your business?
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?