Apparel management software is the tool that can take your small business to the next level. Due to the increasing volume of orders, you’ll be unable to perform without automatization, and apparel software for small business ventures will give you that automatization.
The worldwide apparel market revenue is expected to rise to almost 2 trillion by 2026, which would be extremely difficult to accomplish if everyone used Excel and Google Sheets. Using apparel management software will help you address many of the production and planning obstacles that will begin to appear as your business expands.
Importance of Inventory Management for Small Businesses
The goal of inventory management is to make sure that your company runs as efficiently as possible. No matter how well your products sell, it won’t matter if you can’t get them out the door and to the right consumers in a timely manner.
Businesses of all sizes must keep track of their inventory to control expenses and make sure they have a sufficient supply of goods to satisfy client demand. Effective management of inventory can save your small business money and increase cash flow by using effective inventory management.
By properly managing your inventory, you can make sure you have the right products in the right quantities on hand, prevent product outages, and free up cash from holding onto the extra stock. Additionally, you must make sure that your products are sold quickly to prevent spoilage, obsolescence, or spending excessive amounts of money on inventory that is just taking up space in your stockroom or warehouse.
Benefits of Using Software For Apparel Business
Businesses use apparel inventory management software solutions not only to keep track of everything and perform inventory costs but also to help create work orders and other crucial business-related documentation.
A spreadsheet may be sufficient for very small enterprises to handle inventory, but because warehouse inventory management is challenging, most organizations will benefit from using more sophisticated software.
Here are some of the most important benefits of apparel software for small business ventures :
- Better organization
Inventory management tools help organize your apparel business on a foundational level, making company operations and processes more smooth and effective. If your warehouse is in disarray, the front office will also become chaotic. By effectively managing your inventory, you can stop wasting your time putting out fires and instead concentrate on high-priority but non-urgent tasks that will help your business expand.
Centralizing your inventory management system with apparel software for small business ventures is especially important if you sell through multiple channels, such as brick-and-mortar stores, Etsy, Amazon, or directly to customers.
- Improved productivity
If you want to get more out of your team, give them the tools and resources they need to do their jobs effectively.
Effective inventory management leads to a workforce that is more productive and efficient. Thanks to apparel inventory management software, your employees will spend less time resolving wrong orders or scouring the warehouse for the right product.
- Improved order accuracy
Did you know that the average US retail business has an inventory accuracy of only 63%? Inventory management software improves the accuracy of your filled orders and reduces the chances that you’ll ship the incorrect items to the wrong client or submit an incorrect order to the wrong supplier.
Consider using apparel management software that generates barcodes and SKUs for each item and allows employees to use tablets or smartphones to scan products so that they can verify they have the correct item.
- Prevents shortages
When a company runs out of a product, it cannot fulfill sales orders, which results in lost sales and leaves the business rushing to replenish the inventory. However, by overcorrecting, you run the risk of ordering too many goods, which would lead to overstocking.
According to statistics, eliminating overstocks and stockouts can decrease the overall cost of inventory by up to 10%, which is a sizable sum of money for any business. Inventory management software assists small business owners and retail managers in reducing human error, determining current inventory levels, and identifying what is required to meet customer demand.
- Prevents overstocking
Not only does surplus inventory take up valuable warehouse space, but it also reduces the cash reserves required for products with a higher priority. Apparel software for small business ventures keeps track of what you have and helps you predict what you need, making overstocking much less likely.
Inventory management tools can help your staff analyze past trends and create a business plan for the future. When you utilize prior sales to forecast how much inventory you’re going to require each quarter, you’ll decrease your chances of overstocking significantly.
- Saves time
Manual data entry and form filling take up a lot of time for employees. Fortunately, many of the apparel software choices available today automate these business processes, reducing inventory errors, saving your staff time, and allowing them to focus on other, more important duties.
To maximize time savings, make sure to select a software solution with a variety of automation features. The program should maintain vital information like inventory turnover ratio and automatically complete documents for you. It should also keep track of sales estimates and notify you when inventory levels are low.
- Increased customer satisfaction
The fashion retail industry is constantly changing and customer expectations continue rising. Almost 35% of companies have accidentally sold a product that was out of stock, resulting in a late shipment of an order. The takeaway is simple – inability to meet customer expectations as a result of poor inventory visibility eventually results in lower customer satisfaction.
Happy customers are repeat customers and effective inventory management is the best way to ensure this. Your clients will trust you to meet their demands if you consistently complete requests promptly and precisely. As a result, you’ll increase the number of loyal customers who will support your business’s future development.
ApparelMagic is one of the top apparel inventory management solutions available these days. Whether you are a large wholesale corporation or a small retail business, this apparel ERP can help you manage finished products, customers, sales, vendors, and other areas of your company more easily. Here are just a few of its most important features and benefits you should know about:
- ApparelMagic is a cloud-based solution, which means you can access it from any location. Larger teams can benefit from it because they can access the same data from several devices.
- It offers a wealth of analytical information that you can use to create and modify your sales and marketing strategies as needed.
- The software can be integrated with other well-known programs like ShipStation, Shopify, QuickBooks Online, etc.
- Customers can use a variety of customer service tools, including phone assistance, live chat, email help, and forums.
- It’s also worth mentioning that the company offers a wide range of training – webinars, documentation, and live online training – to make the implementation and use of their software smooth and efficient.
The Bottom Line
Apparel software contains tools that give you insights into your performance and features particular to the fashion industry. It helps apparel businesses track things or parts across the supply chain management —from the entire production process, through storage, and sale.
Before choosing the best apparel software for small business ventures, take some time to learn about your company’s inventory tracking needs. For instance, a B2B company might require a system with more accounting or assembly tools, whereas small businesses like retail outlets often use a simpler inventory system, frequently one linked with point-of-sale (POS) software.