All those who are associated with a business in the retail industry and are looking for remarkable growth in their business, in the year 2023 shall halt for a while and quickly go through this piece of information. It is not an easy job to sustain the retail business that too in this modern competitive environment when so many competitors are available. The need of today's ever-growing e-commerce industry needs modern software solutions, as they help your business operations run smoothly and efficiently.
In 2023, the need for a warehouse management software system is necessary for all businesses in the retail industry. This new technology helps to reduce human errors while enhancing productivity and simultaneously handling a large number of warehouse operations such as inventory receiving, management, labor, chain management, and more.
To run warehouse management successfully, a Warehouse Management System (WMS) is a must. It is software that is designed to ideally manage, optimize, and control all the processes in a warehouse. You can easily receive, store, and handle goods, bills, and reports simultaneously.
Key Warehouse Processes
There are 6 fundamental warehouse processes -
- Putaway and storage
- Shipping and
A closer look at Warehouse Management System
Every business is different and has different software requirements, so let’s have a look at the main modules of the WMS platforms and the different problems faced.
Inventory Management- It covers creating purchase orders, receiving and putaway, storage, and stock level control.
Order Management- It covers receiving/creating sales orders, picking, packing, shipping, returns, and invoicing.
Labour Management- It deals with scheduling payrolls, increasing performance, safety control, and overall cost estimation.
Financial Management and Reporting- You can monitor your business performance as WMS allows you to track and generate reports. Customizable metrics enable you to gain insights into profitable customers and best-selling products, while an automatic balance sheet supports multi-currency pricing and cost management. Furthermore, you can integrate with accounting platforms such as QuickBooks or Xero to do all of your accounting in one place.
Risk Management and Forecasting- For a successful company, risk analysis and comprehensive planning are a must. Modern software is used to create forecasts while looking into risks and disruptions.
What WMS providers can offer in 2023
Most of the WMS software providers offer a basic set of features like
- Providing real-time data streaming
- Picking and packing options
- Product tracking
- Warehouse layout planning
- Barcode and RFID scanners compatibility
- Inventory location recommendations
- Creating reports
- Customization opportunities
- Integration with ERP and other software
- On Cloud basis
- Billing and invoicing
Top-rated WMS providers in 2023
It majorly focuses on the manufacturing and distribution industry, providing small to medium size companies with an on-premise deployment type to manage inventory. You can go for a 14-day free trial before enrolling in the services. The primary focus is on the balance of usability as well as affordability. Fishbowl is a perfect value for your money but still is not an ideal option, as it does not support cross docking and also charges for every custom feature.
It focuses on the 3PL industry for medium to enterprise-size businesses with deployment types being on-premise and cloud. You can ask for a demo on request before enrolling in the services. It is best for fast shipping and this makes it a flexible WMS popular among 3PL operators. Sometimes this software is also not fully functional for retail store operations.
It also focuses on 3PL industries of any size, with a cloud deployment type, and offers free product tours for clients. It is an entirely cloud-based WMS designed for third-party logistics warehouses that can manage a large number of customers, processes as well as billing schedules. Although the platform is good, it still has some drawbacks, such as the lack of a cross-docking solution, poor forecasting options, and limited KPIs and metrics to assess daily performance and create full reports, as some clients have mentioned.
The focus is on the manufacturing and distribution industry for medium to enterprise-size businesses, with the deployment type being cloud-based. A free product tour is available for the clients and once they feel satisfied, they can proceed with this WMS provider. It is the best option for perishables while being a comprehensive solution for midsize or enterprise companies to handle the scope of ERP and WMS operations completely.
Formerly known as TradeGecko, this service is ideal for eCommerce. It focuses on small to medium-sized businesses in the eCommerce industry and can be deployed on the cloud. It also offers a 14-day free trial. It is a perfect and powerful eCommerce platform for wholesale as well as multichannel businesses having specialization in B2B sales.
Ideal WMS provider in 2023?
When so many WMS providers are available in the market it becomes difficult for retail business owners to decide on a perfect WMS provider. QuickBooks Commerce formerly TradeGecko is perfect for eCommerce, as it is a strong eCommerce platform that supports multichannel and wholesale businesses with specialization in B2B sales. This product is one of a kind, as it is a great piece of software for modern online businesses (any size).
What does QuickBooks Commerce offer?
The different features offered by QuickBooks Commerce for eCommerce platforms include:
- Demand forecasting and purchase order generation
- Customer insights, reports, and forecasting
- Multiple inventory control and inventory tracking features
- User-friendly interface
- Invoicing tools with built-in credit card payment options
- Multiple catalog options and price lists with discount options on an individual basis, multiple currencies, and support
- Integration with Amazon, ShipStation, WooCommece, Shopify, Magento, and other multichannel sales management.
**Although QuickBooks Commerce has many advantages still customers feel that it has a few drawbacks like limited language choices, imperfect dropdown menus, and inconvenient printing layouts.
Considerations for building Warehouse Management System in 2023
So, in 2023 if you are ready to implement WMS in your business to enhance performance while streamlining other activities in the warehouse to speed up operations while reducing errors then you must consider some factors. Choosing the best WMS provider is the biggest challenge, as it takes care of the software capability, functionality, pricing, and other factors like-
- Mobile readiness
- Flexibility & scalability
- UI and time necessary to educate staff
- Customization options with cost
- The capability of handling and managing other operation areas
- Desired integration options
It is worth mentioning that companies that do not use a WMS solution, see a return on investment within 6 to 12 months.
Best Warehouse Management System for your business in 2023
It is true that a WMS can support your business completely by making daily operations easy and quick. Your business can run efficiently and easily this year only if you decide on the best type of WMS solution for your business. There are 4 major types of WMS solutions but deciding the best solution for your business is completely your decision.
- Supply chain modules- It focuses on automating tasks like product cycles, inventory management, and material sourcing. The requirement here is to invest in supply chain planning apps that provide warehousing features.
- Cloud-based WMS- It is hosted on an individual or private server to provide complete security advantages for companies to handle higher-value inventories.
- Standalone WMS- It is a very typical type of on-premise system that is deployed on native hardware and the business network.
- Integrated with ERP (enterprise resourcing planning) systems- It covers all the warehouse management features while offering other ERP functions.
What to look for, in a Warehouse Management System?
There are so many retail companies that are looking for an ideal WMS that could help them to control and handle the day-to-day business works like inventory, sorting, shipping, and storing warehouse operations. So, for an ideal WMS, companies must look for some basic features such as:
- Inventory management
- Tracking capability
- Backups and Integration
- Order fulfillment
- Picking processes and auditing
- Analytics and Reporting
The above-mentioned features in Warehouse Management Software can certainly assure high efficiency and productivity.
Role of a user in WMS
User customization and their privileges within the system provide access to the features and functionalities. A user majorly plays two roles- Manager and Administrator. Managers can create and send invoices while scheduling pickups as well as viewing item details, status, and statistics. Managers can also create, update and delete items while administrators can manage every aspect of the software and can create or delete users as well.
Project Structure to develop an ideal Warehouse Management Software in 2023
Here are some of the key features to keep in mind when applying for the development of a WMS in 2023:
- Manage Dashboard - This is the homepage that a manager can see after logging in, giving a clear picture of the workflow. The main menu consists of contacts, orders, packages, invoices, items, reports, and integrations.
- Notifications - This is an up-to-date feature in the WMS, as it keeps the users updated. Users receive notifications and alerts from time to time about changes in shipping, invoice, back orders, inventory, and much more.
- Administrator Dashboard - This is the first home page that an administrator sees when they login to their account. The administrator gets a clear picture of the company that covers top-selling products, sales-stock summary, invoices, and orders shipped.
- Settings - This feature is available in the main menu of the administrator and shows different widgets like the user, location, items, inventory adjustment, configuration, and company profile. The user widget redirects you to the user’s page where you can see some changes like buying more users, adding a new user, and setting up a maximum number of users. The company profile widget will redirect you to a page where information about the company can be easily edited like company id, company name, number of users, company logo, company billing address, company shipping address, and much more.
Considerations for a Warehouse Management Solution in 2023
Some of the major features that you can consider for a WMS are-
- Bulk, pre-pack, and break pack
- Cycle and physical counting
- Directed putaway
- eCommerce integration
- carrier integration
- mobile device support
- multiple location support
- EDI support
- Order consolidation
- Receiving and returns
- Wave picking and distribution
- Real-time data
How WMS in 2023 can prove beneficial for your business
You must grab the opportunity in 2023 to start with a Warehouse Management Software for your retail business to see a sudden improvement in performance by managing risks while gaining better efficiency. You can find the best WNS solution for your business according to your requirements, as WMS can be highly beneficial. Before winding up, it is a must to quickly share some of the benefits of this software, as it will help you.
- Managing orders
- Improving labor productivity
- Faster inventory turnover
- Real-time syncing of inventory updates
- Increasing sales
- Data-driven decisions
A quick wrap-up of Warehouse Management Software
In 2020, the MHI Annual Industry Report stated that 20% of supply chain leaders believed that the digital supply chain is the present dominant model, while 80% felt that it would be the industry's dominant model within the next five years. So, here we are in 2023; it is the right time to invest in this technology to make your warehouse perform with maximum efficiency without a second thought.
If you are planning to develop warehouse management software for your business, you can get in touch with a trusted software development company. Offering top-notch solutions with the latest technologies, we deliver reliable and secure WMS with quick implementation and support.
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