Magento is one of the most powerful and widely used eCommerce platforms worldwide. However, having a robust platform is no guarantee that your eCommerce store will be a success. After all, there are various things that one needs to manage simultaneously, including handling customer queries, managing the inventory, implementing marketing strategies, and more.
But there’s nothing to worry about as we are here to make things easier for you. In this article, we will list several management tools, including Magento inventory management software, that will streamline your store’s management. We will discuss the tool’s working, benefits, and drawbacks (if any). After reading this comprehensive guide, we can assure you that managing your store will become an effortless exercise.
Let's dive in and simplify your life!
Key Benefits of Using Management Software for Magento
Before we list the tools, let us understand how Magento management software helps merchants. For starters, such software is designed to make your life easier by seamlessly connecting with different parts of your store. For example, the software help manage inventory, keep track of orders, optimise the website’s performance, and manages the website security.
Automate Precision and Reduce Human Errors
Even for a small store, tasks such as updating inventory, managing orders, replying to customer queries, and tracking shipment can be quite a hassle. Management software automates critical tasks, thereby freeing up valuable resources which can be used elsewhere. For example, developing new strategies, product research, and sending personalised messages to customers.
Additionally, the data can be linked with other systems such as CRM, ERP, or PoS. This paves the way for a more efficient and effective business operation. Overall, use of a Magento management software guarantees higher efficiency and fewer errors. In a business context, a minor error can lead to financial losses and reputational damage. For any store, large or small, recovering from such a setback can be a challenge.
Prevent Over-Stocking and Stockouts
To understand this point, let us refer to a 2021 Adobe Report. In October 2021, users saw a staggering two billion "out of stock" messages online. It means, eCommerce owners lost out on two billion sales. Of course, some of the customers would have come back once the products were restocked. Even after considering these users, we can assume that at least 1 to 1.5 billion sales opportunities were not realised.
Overstocking and understocking are equally dangerous for a business. For instance, when you have too many items in your warehouse, it translates to tied up capital. From a store owner’s perspective, this money could have been better used elsewhere. On the other hand, stockouts not only harm your brand’s reputation but also frustrate customers who are willing to complete a purchase.
But with a Magento retail management software, store owners no longer need to worry about manually checking up on inventory every now and then. Instead, such a management tool provides a centralised view of the store’s inventory. It helps the store admin keep a track of the inventory, identify items for reorder, and pinpoint those needing a sales boost.
Boost Functionality
When we talk about functionality, it is difficult to cover the topic in a few paragraphs. The reason is that ‘functionality’ is quite a wide term and encompasses numerous aspects. For example, simply enhancing the product comparison process can be described as boosting the store’s functionality. Overall, improved functionality translates to heightened user engagement and increases gross sales.
Consistency Across Channels
Nowadays, eCommerce is all about the omnichannel experience. A store which fails to provide a consistent experience across all channels cannot enjoy long-term success. By using Magento management tools, store owners can benefit from a well-organised and uniform product data system across all sales/marketing channels. This plays a vital role in boosting your omnichannel strategy.
Improve User Experience
Various Magento tools aid in optimising the website, including the navigation, user interface, and checkout process. Such tools help users navigate the website with considerable ease. This is likely to positively influence their purchase intention. In comparison, if users spend a lot of time finding the required products/information, they are least likely to complete the purchase.
Top 7 Must-Have Magento Management Software Suggested by Experts
Now, let us turn our attention towards the tools.
1. Magento Live Chat Extension
When shopping inside a store, visitors can easily ask the salesperson for help. For example, if they cannot find their size or the required product, all they need to do is ask the nearest salesperson. That’s it and their concern is addressed. When it comes to online shopping, asking the salesperson is not a possibility. After all, there’s no salesperson at hand.
The only solution is to contact the store using the email, call, or live support option. Unfortunately, the problem is that most online stores have a poor customer support process. For the users, it is like navigating a complex maze. Naturally, the inability to contact the support team leads to frustration among the users. Eventually, this leads to cart abandonment, denting the store’s sales.
This is where the WhatsApp Chat for Magento 2 by FME Extensions into play. This Magento 2 tool integrates WhatsApp Chat functionality into your online store. It's like having a team of support agents ready to tackle different areas such as sales, finance, or product development. Moreover, merchants can set each agent's weekly schedule, add holidays with a custom message, and monitor customer chats from the backend dashboard.
2. Magento Point of Sale System
The key to success in eCommerce is to have a robust omnichannel strategy. If users have an inconsistent experience across online, physical, or mobile channels, their trust in your store will erode. The modern user expects the same experience, regardless of the contact point. After all, this helps them transition between multiple channels seamlessly and without losing the purpose behind the interaction.
In most cases, online shoppers finalise a product online. However, they are unlikely to complete the purchase unless they have felt the product physically. For this, they turn to in-store shopping. The real challenge for online store owners is that the shopper does not want to lose the perks of online shopping, like better prices or a more extensive selection.
In such a scenario, we recommend the Magestore Point of Sale (POS) System . The best way to describe it is that it is like a magic wand for stores that have an omnichannel strategy. With the Magestore POS, you can let customers switch smoothly between your online and offline stores, which gives them the best of both shopping worlds.
So, what exactly can it do?
This tool lets you integrate your online store with the traditional brick and mortar store. You may be wondering what is so special about it, right? Well, this tool provides connectivity in real-time. As soon as the customer completes a purchase in the store, the same is reflected in the online database. It ensures there are no discrepancies within the data.
The synchronisation process encompasses product data, customer details, orders, and inventory to help your store safeguard against issues like stock outs or overselling. Thanks to Progressive Web App (PWA) technology, the POS system operates seamlessly on web browsers and various mobile devices. The POS generates real-time reports which enhances decision-making quality.
3. Magento 2 Pre Order Extension – A Leading Magento Inventory Management Software
Configuring the pre-order feature in Magento 2 is a great way to enhance sales and increase user engagement with the store. This feature allows users to order products in advance, usually at a discount. In other words, the product is not officially launched, but users can order it. The user will be amongst the first ones to receive it as soon as the product is made available.
This feature offers multiple benefits to the store owners. First, it allows store owners to assess a product’s demand. For example, if 100 people pre-ordered the product, they can extrapolate the data to predict overall demand. Secondly, they can avoid overstocking and understocking. Instead of ordering large amounts, the store owner can base the decision on number of pre-orders.
Check Out: “How to Create & Sell Pre Orders in Magento 2?”
This brings us to the Pre Order for Magento 2 by FME Extensions . This tool allows admins to create pre-orders effortlessly. Besides this, the tool offers much more advanced functionality by showcasing availability dates, using countdown timers , and allowing custom messages for pre-order products. Apart from this, the pre-order feature can be added to a single, grouped, or bundled products.
You also might like: Top 9 Magento 2 Product Labels Extensions (2023 Updated)
4. Magento 2 Auto Currency Switcher
If your store caters to a geographically diverse audience, then you need to be aware of the common issues your users may face. For starters, when browsing the website, they may see product prices in a foreign currency. It would force them to convert the amount to their local currency, which can be a real hassle. On top of it, this is a perfect example of poor user experience.
Instead of forcing users to open a new tab and look for a reliable currency converter website, list product prices in their local currency. FME Auto Currency Switcher for Magento in as a tried and tested solution to address this challenge. This Magento 2 extension tackles the issue by automatically converting product prices to the local currency.
You don’t need to worry about the accuracy of the conversions either. After all, the main selling point of this extension by FME is accuracy and reliability. First, it utilises reliable databases like Maxmind to pinpoint customer location accurately. Secondly, it taps into APIs of leading currency converters and rounds prices post-conversion. This ensures consistency in the pricing strategy.
5. Magento 2 Improved Sorting Extension
When viewing your product catalog, it is imperative that users can find the relevant product quickly and without any hassle. The Magento 2 Improved Sorting by FME Extensions
allows users to sort products using 14 different sorting options (shown below). It is impossible to miss out or overlook the desired product with so many sorting options available.
As the image shows, users can select options such as best seller, top-rated, and new arrival, and most viewed. Since customers can easily tailor the search according to their unique requirements, their overall experience and satisfaction are quite high. In turn, they are likely to reward the online store with positive word of mouth and repeat purchases. After all, they have little reason to turn to a competitor.
These sorting options go beyond the basics, which cover factors like review count, stock quantity, and items in the wishlist . Additionally, this extension gives the store owner the ability to enable/disable sorting options based on the store requirement. Apart from it, the merchant can decide whether to apply the sorting options across the category pages, search pages, or both.
6. Magento 2 Order Archive
Based on our experience with clients across the world, one of the most common causes behind lost sales and poor store performance is a cluttered order grid. Most store owners do not clear the grid, resulting in every single order being displayed. This can be quite overwhelming and alarming. Store admins may overlook key details since the order grid is full of unnecessary information.
To declutter the order grid, the best option is to use the Magento 2 Order Archive Extension by FME. This tool allows merchants to archive that are not needed. For example, completed, cancelled, or paused orders can be archived and viewed separately from the main order grid. While these orders remain stored and accessible, they won't clutter your primary order grid.
7. Order Import Export for Magento 2
When exporting or importing data, there’s always a risk of things going wrong. For example, the exported data may contain incomplete information, or the imported data is not compatible with the new system. Imagine all the effort going to waste after spending hours trying to complete the process. But don’t worry as we are here to make things easier for you with Order Import Export for Magento 2 by FME Extensions.
This extension allows Magento 2 merchants to export and import large volumes of order data in popular formats such as CSV or XML. The best thing about this extension is the ability to apply filters. This ensures that the store owner only imports or exports data that is tailored to their specific needs. Keep tabs on your data with features like import history viewing, error fixing, and queue management.
Conclusion
This concludes our article on must-have Magento tools, including Magento inventory management software. These tools ensure you stay ahead of the curve and enjoy long-term success. If you require any customisations or an additional tool which caters to your unique requirements, reach out to FME’s support team . Our experts will get back to you promptly. Thank You.
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