Imagine you run a growing ecommerce business, selling across multiple platforms like Amazon, Shopify, and eBay. Orders are rolling in — but keeping track of inventory and order fulfillment across all these channels is becoming a logistical nightmare.
Instead of drowning in spreadsheets, try a multichannel order management system. This system centralizes inventory data storage and automates order processing to keep all your records in sync. Fulfill orders accurately and efficiently, no matter how many channels you’re working with.
Keep reading to learn more about multichannel order management and the top software solutions in this space. Or, scroll to the bottom to see how Fishbowl can help.
Multichannel order management: An overview
If customers can buy your products through multiple avenues — such as your website, online marketplaces, and retail stores — then you’ve got a multichannel business. The term “multichannel” refers to any business activity that functions through multiple systems, or channels. Multichannel marketing (e.g., through a combination of social media and print ads) is another good example.
Keeping up with orders across many different platforms isn’t easy. Multichannel order management helps you manage ecommerce orders using a single system, synchronizing inventory, ensuring smooth fulfillment, and avoiding the mess of manual tracking.
Multichannel vs. omnichannel order management
Multichannel and omnichannel strategies sound similar, but they take different approaches to sales and fulfillment. Multichannel order management organizes sales across different platforms but treats them separately, often with different fulfillment methods for each platform. An ecommerce order might ship from a warehouse, while a retail store fulfills in-person purchases from its own stock.
On the other hand, omnichannel order management fully integrates all your sales channels to create a seamless customer experience. A customer could buy online and pick up in-store or return an online purchase at a physical location without any friction between touchpoints.
Many businesses choose multichannel over omnichannel order management because it’s simpler to implement and manage. With a multichannel approach, you can scale efficiently while tailoring fulfillment processes to each channel.
Common challenges of multichannel order management
Managing orders across multiple sales channels opens the door to more revenue — but it also complicates operations. Without the right systems in place, your business might struggle with these three common challenges:
- Inventory discrepancies: Selling across multiple platforms means inventory constantly fluctuates. If stock levels don’t update in real time, you risk overselling, stockouts, or holding excess inventory that ties up cash flow.
- Order processing delays: Juggling orders from different channels manually or with disconnected systems slows down the order fulfillment process. It might also lead to shipping mistakes that frustrate customers who expect fast, accurate deliveries.
- Complex data management: More sales channels mean more data to track, from orders and returns to customer preferences and fulfillment costs. Sorting through this information can become overwhelming, making it harder to optimize operations.
6 benefits of multichannel order management
The right multichannel order management strategy can help you avoid or overcome the above challenges — and also bring about other benefits. Here are six ways efficient multichannel order management transforms your business:
- Improved inventory visibility: The best multichannel order management software tracks your ecommerce inventory with precision in real time. As a result, you see exactly what stock is available and achieve better inventory control.
- Faster order fulfillment: Optimal multichannel order management streamlines order processing. Your team can fulfill ecommerce orders more quickly and accurately, no matter which channels customers use to shop — which leads to happier customers and better reviews.
- Reduced operational costs: With an efficient multichannel strategy, you can automate time-consuming tasks like inventory tracking, order processing, and reporting. This streamlines workflows and minimizes costly errors, ultimately boosting your bottom line.
- Enhanced customer experience: Multichannel operations allow customers to place orders through all their favorite platforms. This level of convenience means they can shop whenever and wherever they want, leading to repeat business.
- Better data analytics: Centralizing data from all sales channels gives you clear insights into how your business operates, from inventory levels to customer preferences. With this information, you can make smarter decisions to optimize operations and boost sales.
- Boosted scalability: As your business grows, a robust multichannel order management system allows you to easily add new sales channels or locations. Operations can scale without creating chaos.
7 features of an effective multichannel solution
Multichannel order management systems (OMSs) are designed to streamline your operations, no matter how many sales channels you’re working with. But what should you look for in a multichannel OMS? To get the most out of your investment, prioritize these key features.
1. Automated inventory management
Choose a solution that automatically updates stock levels in real time across all channels. This helps you maintain accurate inventory levels and keep listings up to date. As a result, your customers enjoy a smoother shopping experience — and you avoid inventory headaches.
2. Inventory planning features
In addition to real-time stock updates, the best multichannel order management solutions offer robust inventory planning tools. These features help you forecast demand and optimize reorder points so you have the right products available through all channels.
3. Centralized order processing
A good multichannel OMS consolidates orders from every platform into a single system so you can process them more efficiently. By centralizing all orders, it eliminates the need for manual tracking across multiple systems, reducing errors and speeding up fulfillment.
4. Intuitive ecommerce integrations
The right system integrates seamlessly with the ecommerce platforms your business relies on. Without these integrations, you risk operational hiccups like order delays, and customers might have inconsistent experiences across different channels.
5. Advanced reporting and analytics
Selling across multiple channels means you have more data to analyze, and the best multichannel OMSs make tracking and interpreting that data easy. With detailed reports on sales trends and inventory levels, you can make data-driven decisions that support profitability and growth.
6. Accounting integrations
Accounting can get tricky when selling through multiple channels. It’s harder to keep up with revenue, returns, and other financial details — plus, each platform may have different transaction fees and tax rules. To keep your books accurate, look for an OMS that consolidates all this data and integrates with accounting tools like QuickBooks.
7. Scalability and flexibility
As your business grows, you need a system that scales with you. A flexible multichannel OMS can easily accommodate new sales channels, warehouses, product lines, and more, helping you adapt without adding unnecessary complexity.
4 multichannel order management strategies
Once you choose an OMS with the key features above, you can streamline multichannel order management with these strategies:
- Automate where possible: Automation is key to improving efficiency and reducing errors. By automating different aspects of operations, like inventory updates and reporting, you save time and ensure accuracy across all sales channels. This frees up your team to focus on higher-value activities, like delivering a great customer experience.
- Train your staff: The multichannel approach requires teams to be versatile and well-versed in managing orders, inventory, and customer support across different platforms. Provide adequate training to make sure staff can handle the unique challenges of each channel and satisfy customers, regardless of where their orders originate.
- Evaluate performance across channels: Multichannel strategies are almost always smart — they reach a broader audience and increase sales opportunities. But at the same time, you should regularly assess each sales channel’s performance to identify its strengths and weaknesses. This helps you decide which channels to continue investing in and optimize your strategy for long-term growth.
- Adapt systems as you grow: Your multichannel needs will expand alongside your business growth. What worked when you had only a few platforms might not be sufficient as you scale. An OMS should be flexible enough to handle more sales channels and higher order volumes.
3 multichannel order management systems
Which multichannel OMS should you go with? Here are three solid choices for businesses of varying sizes:
1. Fishbowl
Fishbowl stands out as an excellent choice for small to mid-sized multichannel businesses. Its software offers real-time inventory updates, automated order processing features, and seamless QuickBooks integration. Fishbowl also integrates with ecommerce platforms like Amazon, Shopify, eBay, Walmart, and more — meaning all of your fulfillment needs are covered.
2. Veeqo
Veeqo is known for its multichannel sales integration features, shipping and inventory management, and advanced reporting features. Its user-friendly interface and strong shipping options make it a good fit for businesses that need to manage multiple sales platforms. However, Veeqo can be on the pricier side for smaller businesses.
3. Brightpearl
Brightpearl offers real-time inventory management and order processing capabilities. It’s a great option for retail and wholesale businesses, with powerful reporting capabilities and workflow automation. But its advanced features may make the learning curve steep for some businesses.
Seamless selling across every channel with Fishbowl
Fishbowl’s powerful order management software integrates seamlessly with the most popular ecommerce platforms, shipping solutions, CRMs, and accounting tools. Plus, with Fishbowl Commerce Suite, you can gain better visibility into all your ecommerce operations and optimize your multichannel strategy with ease.
Ready to streamline your multichannel order management and boost efficiency? Schedule a demo today.