Inventory Matching/Reconciliation is one of the major components if you are a part of B2B. This is due to the high demand for the stock of products.
What Is Inventory Reconciliation?
Inventory reconciliation is the process of management of the inventory. In this process, the store owner makes sure about the physical inventory of the store.
With the help of the concept, the store owner can find the discrepancies in the inventory.
Why is Inventory Reconciliation important in B2B?
In this competitive era business owner need to be sure about inventory requirements. They need to be certain about ‘What they need’ and ‘What they have’.
Thus, this concept can allow the B2B owner about the stock needs.
How is Inventory Reconciliation Helpful in B2B?
The inventory management can revolutionize the store on B2B. The major benefit of reconciliation is-
- Real-Time Inventory- The store owner and customer in B2B must be assured that the quantity of product on the store is accurate.
Thus, reconciliation of inventory can act as a great tool for the attainment of accuracy.
- Re-ordering Time- The store owner will know what is exact time of re-ordering a product before it gets out of stock.
- Better Sales Management- The stock owner can know the exact report about the sales of the product.
They can get information about the product being sold. This is quite an important component if the store is on B2B.
- Inventory Management on Multiple locations- The stock of various products are present in multiple locations in a b2b structure.
Thus, inventory reconciliation can help in such places to manage the products on the locations.
How To Implement Inventory Reconciliation In B2B?
Being a B2B store owner it is important to know as to how to implement the reconciliation of inventory on the store. So, it let know how the store owner can adapt the concept-
Pre-Order and Backorder Management
Pre-Ordering and Back-Ordering is one of the major concept of inventory reconciliation in the B2B market.
With the help of Pre-Order, the B2b Customer can order those products which are yet to launch in the market. Thus, this is meant to generate sales, create a buzz about the product and acquire the customer in a large amount.
However, the backorder feature will allow the B2B customer to order the products which are ‘Out Of Stock’ due to high demand. This functionality plays a vital role in case of the holiday season.
Thus, if you are a B2B vendor then it becomes quite important to have an e-commerce framework to implement both the functionalities. To achieve the functionality store can use the following plugins-
Order ManagementIn a B2B market structure along with inventory management, order management also comes in the role. So, the B2B store owner can allow its customer to trace down the orders post-purchase.
This helps in building a great business relationship. As now the customer can remain to assure about the order delivery. So, for this, the Opencart Order Tracking can be Bulk Order Quote be a perfect solution.
If you are a B2B owner then it’s important for you to provide the B2B customer with varied purchase options. As the customer doesn’t have a standardize purchase pattern.
Purchase Order Management can play a vital role in such a scenario. Wherein the store owner can manage the Supplier, Quotation, and Purchase Order Records.
Thus, helping in the reconciliation of the inventory on the bases of Purchase Orders of the store.
To implement the functionality on store one can use the following plugins-
The B2B store owner can even give its seller the functionality of Request for Quote. Thus, allow the seller to quote for the product as per their choice by implementing the following plugin-
So, all for the Inventory Matching/Reconciliation will streamline transaction in B2B, for further queries contact us on http://webkul.uvdesk.com/.