The eCommerce industry has been gaining immense success, notably after the pandemic knocked in the world. People have already transformed their brick & mortar store into eCommerce stores. If you still didn’t do so, you’re missing to serve a vast audience. Having an online presence is the basic requirement for any business’s success today.
When it comes to an eCommerce store, you must cautiously take each step to set up your online entity. However, one of the important considerations should be a powerful and easy-to-understand order management system (OMS).
An optimized and feature-rich OMS will assist in achieving the business goals rapidly. Hence, select the best-in-class OMS that can scale for unexpected demand and satisfy customer necessitates across channels. Additionally, it should adapt to emerging methods and offer a high pace at a low cost.
Firstly, let’s begin with its meaning.
What is Order Management System?
A software system that automates order handling and strengthens order management efficiency is known as an order management system (OMS). This system mainly assists retailers with inventory and order issues from the retail store outlet until the products are delivered to customers.
Order management systems (OMS) digitize and incorporate the order journey at every stage. It necessitates a significant amount of effort and resources, as well as suitable systems and software capable of handling item orders precisely and promptly.
As per the recent reports of Bloomberg, the order or inventory management software market is anticipated to grow at a rapid pace of USD 2.56 Billion by 2029. It clearly signifies the usage of OMS and inventory software in the upcoming online marketplace.
With that, we should proceed further to discuss why to use an order management system;
Why should you use an Order Management System?
There can be n number of causes for using it for any business. But the main benefits or reasons that you should consider for your eCommerce store are as follows:
- Reduced errors
- Faster inventory updates
- Optimized order turnaround
- Lower expenses
- Better customer experience
- Simplify order fulfillments
These reasons can be enough to prove its significance for your online store. But apart from these, you should also consider some key aspects while picking the best pick the best OMS.
5 Aspects to look for when you are selecting OMS for an eCommerce store
1. Real-Time Tracking Solutions
Real-time inventory management is a software-assisted process of recording sales and purchases. It makes an accurate picture of what’s happening with inventory, allowing your company to reply instantly to supply chain requirements.
An effective tracking solution can put things in place without any lengthy procedures. Remember to choose real-time inventory tracking that can be incredibly beneficial and assists you in making right and confident decisions.
For proper inventory management that minimizes human error, you must have real-time info about the stock levels throughout every channel. Moreover, this solution also enhances the customer experience with more transparency and offers information related to deliveries.
2. Benefits of Omnichannel
The omnichannel order management system allows controlling inventory, customer orders, eCommerce returns, and records across multiple sales channels. Be it physical stores, websites, social media, and online marketplaces, omnichannel can streamline the process proficiently.
The omnichannel OMS is the root of authenticity for inventory accessibility for multi-channel vendors. It also serves as a single warehouse for all orders captured across various trade channels.
3. Cloud-Based OMS
The modern and equipped method of order management is cloud-based OMS, which stores everything within a secure online database. Such systems are designed to be quickly accessible from anywhere in the world (only with permission). However, it can be combined with other solutions to simplify a large portion of the order management process.
You can automate various phases of order processing using a cloud-based OMS, reducing the need to manually access and update order details. It lessens the chance of error and encourages the organizational efficiency of your eCommerce business.
Consider going for trustworthy OMS software. This can be better understood with reviews, ratings, and recommendations. Make a thorough research of all the OMS in the market.
A credible one should have all the required features and has benefitted other businesses. Thus, select the one that should be the best-in-breed, performance-driven, and budget-friendly system.
5. Security Compliance
To win consumer trust, your business that supports online payment transactions needs full-proof security features. The consumer’s payment information is substantially more secure when there is a powerful series of PCI compliance placed.
Choose the OMS that keeps the customer’s data, such as credit card details, passwords, and other sensitive details, masked and encrypted. It should protect these data from unauthorized users and hacking practices.
Thereby, take into account the above-mentioned major aspects while picking the right OMS. Still, there have some common queries that people have related to OMS.
Let’s answer the most frequently asked questions of you, guys.
FAQs About Order Management System (OMS)
1. Is it essential to spend on OMS software?
- Yes, investing in an appropriate OMS would eventually be a blessing in disguise. It would help your store organize the order process from the very initial step till delivery. And we have aforementioned some of the strong reasons to use it.
2. Can this order management system be integrated with any other prevailing systems?
- Usually, most businesses already use accounting or warehouse management platforms. However, if you want to switch to the new one, ensure that it has pre-built integrations and data migration functionality. Unifying the new OMS with the prevailing one can be done by IT professionals.
3. How much does OMS cost?
- The cost of any software depends upon the features, functionalities, and plan you choose. There are plenty of budget-friendly OMS in the market. It offers basic to customized solutions in line with your business needs. However, the basic plan of OMS can start from $100/month (approx.)
4. Does an OMS require IT assistance?
- This is a tricky question, though. Well, some order management systems are straightforward to set up, while others can be challenging. The variety of features and integrations requested typically determines the complexity of a system. Moreover, if you feel that it needs to be explained, you can connect with your service provider.
5. Does OMS assist in achieving the business objectives?
- Of course, it streamlines the order process and manages the inventory & warehousing tasks. Order fulfillment, stock level, and warehousing are all aspects of any business that need to be taken care of. And with OMS, you can avail service which handles multiple sales channels on its own. Therefore, OMS makes businesses accomplish the order goals.
When selecting one, there are several facets to examine. Before you scrutinize, consider what you actually need from it. Then, perform research to find a platform that offers exactly what you demand.
After merging your business operations with an OMS, you’ll have a clear picture of what’s heading on in your company. Furthermore, you will be competent to track and predict sales volume correctly.
There are myriad OMS options available, and if you have a printing business, you can get the print order management solution. Just ensure to have your business demands evident while finalizing the one.
Get your OMS software and boost your order operations now!