The rise of e-commerce in recent years has revolutionized the marketplace in just about every type of retail business there is. The Internet is giving small businesses the ability to compete with mammoth national corporations, and many smart entrepreneurs have been taking advantage and building great small businesses that provide for their families.
One of the most popular e-commerce platforms for these types of small businesses is Magento. This excellent open source option allows businesses to establish a web presence, as well as display products and actually accept orders. Of course, the best part about Magento is that it is extremely user friendly, which is what has made it such a popular option.
While it is a great start for the front of your e-commerce store, Magento is not equipped to handle many of the back-end processes that you are going to want to manage. In order to create a complete business model, you also need to implement some additional ERP software.
When you combine an outstanding ERP solution like FiO ERP, you will add these capabilities to your already strong Magento storefront:
Magento is a great option for displaying products and taking orders, but that is pretty much where it stops. If you want to avoid fulfilling all of your orders manually, you are going to need to add another option. That is where an ERP solution comes into play.
Your ERP solution will be able to take the orders from your Magento storefront and route them to the appropriate fulfillment center or dropship vendor. This will ensure that your orders are filled quickly, without having you in the middle clogging up the process.
Supply Chain Management
Another capability that your ERP solution can bring to the table is the ability to manage your supply chain. This will allow you to make sure that you always have the right amount of inventory in stock. The software will constantly monitor your inventory levels and automatically reorder more when those levels drop below certain par values.
If you are using myFiO ERP, you will have the added benefit of being able to track sales and inventory in real-time, ensuring that all of your inventory details are accurate up to that very second.
Customer Relationship Management
There is much more to a successful e-commerce business than simply taking orders online. In order to keep those orders flowing, you need to be actively engaging new leads and receiving feedback from recent customers.
Integrating an ERP solution with Magento will allow you to establish a sales funnel and track leads as they move through it. You will also be able to follow up with recent customers, as well as former customers that have not reordered recently.
Finance & Accounting
Another critical component of running a successful e-commerce business is making sure that you are profitable. Using an ERP solution in conjunction with Magento will allow you to track your profitability on each and every item sold. You will also be able to track all of your important financial numbers quickly and easily.