Order Management System for E-Commerce
In e-commerce, the retailer and the customer share a common goal: to get the product as quickly and reliably as possible from customer order entry to customer porch. Businesses must have an effective and scalable order management system to do this, which will keep up with what the company wants to meet current customer demands and competition. But, don’t worry as Jumix can help you with this!
The only thing that is more valuable to online buyers than time is money, demonstrated by the fact that 70 per cent of shoppers will be searching for a product elsewhere rather than waiting for backorders for any amount of time, but 87 per cent of customers are able to wait for free shipping for two days or more. Good order management requires a detailed understanding of the needs of your customers and your own capacity to effectively and profitably produce the product.
However, order management goes beyond distribution times and cost of shipping. For managing a fluid system, the ability to accurately monitor inventory through all channels is crucial. 46% of inventory mismanagement is often accounted for by human error. Statista reports that 25% more retailers and distributors have invested in improved warehouse management technologies to address these problems from 2016 to 2017.
Finally, the delivery and collection of payments should be centralised through all points of contact. A thorough, linked solution is offered by a powerful OMS.
What is OMS?
Sales, orders, inventory, and fulfilment are monitored by an order management system. It also helps the entities, practices, and collaborations required to make their way to consumers for goods. One centralised location to handle orders from all distribution channels is provided by an efficient OMS. You can monitor customer details and interactions with a single order management system, view your accounting data, configure your retail point-of-sale system and upgrade your warehouse inventory — all from one system. You can also use the knowledge gathered to use business intelligence methods to enhance your business processes, like your supply chain management, with the right tools. A strong order management system can also make it possible to provide a smoother customer experience as it makes it easier for the user to get notifications about their order status.
Functions of an Order Management System for Ecommerce
Most importantly, if you’re selling through a marketplace like Amazon or eBay, the order management system would allow you to handle all aspects of your orders, even if it’s omnichannel. You can easily track and monitor orders placed on the phone, in-store and, most importantly, on your website.
As their number one challenge, a whopping 43 per cent of retailers rate inventory management. This is because time and benefit losses are compounded without the correct processes in place.
It can be a challenge to monitor the inventory and inventory levels through several warehouses. Using practices such as item-level labelling, RFID technology and automated inventory, an order management system will simplify this process.
In the last five years, the number of warehouses has risen by around 7 per cent. This makes it simpler for distributors to exploit 3PL or even just use warehouse space around regions. The game name is Pace. The best way to ensure quick and reliable distribution is to provide inventory in close proximity to your clients. Your order management system will assist you with the right shipping labels by submitting orders to be packed and delivered.
As e-commerce continues to grow and break down barriers internationally, employing the right framework for handling purchase orders is even more critical. Managing orders is an inherently complex operation. It is not only important for business survival and quality to choose the correct order management system, but it is also an often-overlooked field where you can get some quick wins.
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