In 2017, there will be a total changing of order management, creating new trends for Inventory Management in 2017. In E-commerce, to be effective, order management will continue to require significant enterprise system enablement, innovative orchestration algorithms, and tight integration across platforms. E-commerce platforms will also join the change, for example Magento release new patch for Magento 2 extensions to keep up to date with the new trends... Now, let's see what are the big trends for Inventory Management in 2017.
The development of Inventory Management in E-commerce
Business is now online-oriented, there are more and more digital customers buying online. Global retail E-commerce is estimated to be $1300 billion in 2017. To be more efficient, inventory management becomes more viable in digital. E-commerce platforms such as Magento 2, bring out multiple inventory management methods, for example Magento 2 Order Management and Magento Purchase Order. Now merchants have full access to work with order fulfillment, barcode inventory or other purchase management.
This type of dynamics order management will require end-to-end visibility, collaboration across fulfillment processes, real-time data automation among different companies, and integration among multiple systems. That's why this convergence of processes and systems need to rely on digital technology.
Innovative and New Retail Technology
Online merchants are utilizing innovative technology in their stores, including of artificial intelligence and augmented reality.
While artificial intelligence could help produce more advanced technologies to improve the efficiency of the supply chain, augmented reality technologies could help retailers optimize inventory management.
Collaboration, automation and integration
Collaboration is one of the most fundamental. Sale channels and inventory management, as well as order management need to collaborate with each other. All of these systems must work together to create a flawless supply chain process.
Data automation is also important. The system must be able to work automatically, and in the same organization. In inventory management, the process must first be implemented from a source like barcode scanner, to an order fulfillment process and warehouse management.
Barcode Management is one of the most important part in Inventory Management, the barcode system makes Inventory system flow smooth. We recommend both version of Barcode Management extension for Magento: Magento 1/Magento 2
Integration will give real time visibility into data movement for system so that inventory, order and shipping data can be shared automatically as orders are processed.
The latest trend in inventory management is always the use of data analytics. Digital technology helps make the use of advanced analytics easier. A company will have access and visibility into more useful data about the efficiency of inventory management.These analytical insights can help automatically identify best practice improvements. It can also help predict what actions that a business needs to make.
Here is the infographic of Big trends of Inventory Management in 2017.