E-commerce firms are looking for ways to boost the efficiency of order management with technology, as the volume of business rises exponentially.
FREMONT, CA: E-commerce companies prioritize customer satisfaction, which can be essentially driven with enhanced services, and that's where order management plays a vital role. Once etailers receive orders through web browsers or smartphone apps, they accept and process the request, preparing it for dispatch and delivery. How efficiently and quickly an e-commerce company handles its orders has several impacts on its business outcomes. Better management of orders can aid quicker delivery to consumers, allowing for better customer experience. Not just that, it will also prevent customers from shifting loyalties to other online platforms. When clubbed with real-time controls, online retailers can expect improved performance as well. Here are a few ways in which order management can be improved, giving companies better business growth opportunities.
• Planning and Allocating Resources
As the first step towards optimization, companies need to allocate budget and create a roadmap for better management of orders. According to the segment in which an e-commerce company deals in, the approach to order management might vary. Thus, companies must first realize the importance of order management and look forward to investing sufficiently in solutions, technologies, and skills that can streamline order management.
• Picking the Right Third-Party Service Provider
Vendors offering order management software solutions in the market try to portray themselves as the best among the lot. However, there are a lot of factors that every e-commerce company must consider before opting for a particular service provider. While certain solutions might align very well with particular online retailers, others might not prove beneficial enough. Some of the key areas that come under order management are warehouse management, transportation management, inventory management, and demand planning. While comprehensive order management solutions are a good idea on paper, companies must assess their efficiency through customer testimonials before investing in one.
• Stepping Up with Technology
Incorporating technologies into order management gives companies a significant edge. Through vendor-provided solutions, it becomes easier for online retailers to access, afford, and implement advanced technology. Being proponents of digital technology themselves, e-commerce platforms must understand the value of advanced technologies in driving higher efficiency into order management. AI-backed solutions have many benefits for companies in the competitive online business ecosystem. With AI and analytics, companies can get insights into customer data. Better ideas regarding customer sentiments and behavior make intelligent inventory planning, which is central to the smooth handling of orders, a reality. When a solution helps predict the buying behavior of customers, the company can facilitate timely procurement.
• Letting Automation Take Charge
The higher the levels of automation in order management, the higher are the chances of meeting targets in lesser time, with lower costs. Through machine learning, systems are trained to automate tasks so that customers can enjoy faster services. From entering an order to expediting the process accurately, automation can handle everything. When the system is supplemented with analytics capabilities, even decision-making becomes automated. Overall, time of cycle for end-to-end order management reduces when a solution is backed with automation.
• Tracking and Visibility of Supply Chain
One way through which e-commerce companies can enhance order management is through the introduction of tracking and visibility features. Order tracking capabilities give companies the power to view the order management process in a centralized manner. Every individual order can be tracked, and organizations can access information about it in real-time through dashboards. Such visibility empowers companies to improve order management through better control over the supply chain. Companies can have a comprehensive idea about delays, shortfalls, and losses which can be overcome in subsequent cycles.
• Harmonizing Management through IoT
Inventory management, which involves maintenance of stocks in warehouses, is an important aspect of order management. Only when a company's storage facility has sufficient stock, it can achieve faster order processing and subsequently, expedite delivery. The improvement in IoT has brought about significant advantages for e-commerce firms when it comes to inventory management and shipment tracking. Smart sensors, high-speed networks, and integrated technologies are driving the adoption of IoT. For automated inventory management, companies can install sensors to product trays. Whenever the level of products falls below the sensor defined levels, the connected systems generate alerts and notify the concerned personnel regarding the same. Thus, IoT enables harmonized and automated maintenance of inventories, ensuring that companies do not have to keep checking vast facilities manually.
• Customizable and Collaborative Functionalities
Order management involves several inter-related functions that have to be undertaken in a streamlined manner to ensure proper outcomes. Software solutions for order management that help involved teams in collaborating well are essential. Depending on the organization's approach, an order management platform should be able to customize the processes and integrate them for better visibility and control through dashboards. Every activity in the workflow should be well-defined and designed in a way that ensures maximum operational efficiency. A self-sufficient network of engines that can run with high degrees of smoothness and minimum human interference can make order management effortless. Well-orchestrated activities simplify predictive planning and ensure a frictionless experience for the enterprise as well as the customers.
While the back-end becomes technologically advanced, customer-facing aspects are becoming simpler and optimized. Leveraging a combination of innovative and smart technologies, e-commerce companies can make order management across all existing mediums effortless while pulling down operational cost and losses due to mismanagement. Although zero-touch order management might seem unviable to most e-commerce companies today, it will become the norm in the next few years. Order management vendors are continually upgrading their offerings. Online sellers can subscribe to the latest, most innovative order management solutions to power-efficient order processing and handling.