Using Magento Inventory Management to Improve Order Processing Efficiency

Without an inventory management system, monitoring the movement of goods is inconvenient and time-consuming. Manually filling in Excel tables is tedious and increases the risk of errors. In Magento, by default, there is no possibility to plan stocks. You will have to use spreadsheets or external platforms, which is inconvenient to manage.

Therefore, automating the inventory management process is not a wish but a necessity. Magento stock management extension is exactly what you need. Mirasvit company (find out by following the link developed this extension to improve and facilitate your product management processes.

What features will you get with Magento 2 Inventory Management & Planner Extension?

Inventory Planner seamlessly integrates with Magento. 

This extension automatically gathers all the essential information, enabling it to generate accurate forecasts based on the collected data. This means that with the module, you’ll consistently stay informed about the remaining stock in your warehouse and easily track the quantity of goods that still require procurement.

Another advantage is the automatic update feature. Anytime changes are made, the data is instantly refreshed, guaranteeing that you have the latest and most accurate information at your fingertips.

The main purpose of the module is to allow the store admin to not only understand the low stock condition (trailing indicator), but also flip the game by giving dynamic stock projection (leading indicator) based on the actual sales performance. A powerful concept.”

Here are the main features you will get with Magento 2 Inventory Management & Planner Extension from Mirasvit – check out:

The extension provides a range of helpful information for effective inventory management. This includes data like:

  •  number of stocks 
  •  excess amount of goods
  •  number of days until sale
  • how quickly items are selling
  • the last sale date
  • the total sales for the previous seven, thirty, and ninety days
  • additionally, it gives insights into the overall number of sales
  • the current balance in the warehouse
  • the cost and price of products
  • the quantity to refill
  • the replenishment date
  • the time it takes to fulfill orders
  • the number of days remaining for available stock. 

This comprehensive set of data assists in making informed decisions for your business.

You’ll know about your product stock levels with the Magento 2 Inventory Management & Planner Extension. This extension ensures that you stay well-informed, preventing any confusion about the quantity of products, even accounting for reserved items.

The extension is organized into three main sections: Inventory, Replenishment, and Overstock. This systematic grouping of data avoids clutter on a single page, making it easier to manage your stock effectively.

You can easily tailor these pages by adding or removing columns in the table to your liking. Arrange the columns in the most convenient order, prioritizing the display of crucial data that matters most to you. 

Possible risks with ineffective inventory management

  • You may run out of goods. This risk is very high if there is no clear picture of how many products you have in stock.
  •  This will lead to the following risk: customers may switch to competitors. If you do not offer the client what he wants in time, he will find an alternative from competitors. And, most likely, will remain their client.
  •  An excess of products in the warehouse is also wrong. When purchasing, you must find a new place to store the products, which is an additional cost and limitation.
  •  Unmarked goods are easy to lose. It will be necessary to write off the goods, which will also hurt profits.
  •  Dissatisfied customers. If management does not know which products are available or out of stock, it will be challenging to make sales. Such delays and misunderstandings will cause dissatisfaction with the service on the part of customers.

Let’s summarize what problems you will solve together with the extension from Mirasvit:

  • You will provide the highest possible level of customer service and, at the same time, minimize costs related to product storage.
  • Effective inventory management:
    • You will stock goods promptly, according to demand.
    •  You can determine the maximum and minimum stock levels that should be kept in the warehouse.
    •   Avoid overstocking.
  •  Reducing the number of errors. Calculations are made automatically, so mistakes are excluded.
  •   Cost reduction. The automatic inventory management system allows timely replenishment of stocks. You will avoid shortage or accumulation of goods. This, in turn, will help reduce procurement and storage costs.
  •   You will always have analytics of key performance indicators of inventory management. Without analytics, it is impossible to trade successfully. Without analytics, you will not be able to make any forecasts; that is, you will be deprived of understanding the market demand.
  •   With the help of the inventory management module, you can evaluate performance indicators by product, group of goods, store, or entire direction. Inventory management affects all key financial indicators and will benefit the store.