Advantages of Deploying an Effective Online Order Management System
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The order management system (OMS) was developed by catalog companies for handling orders, items, and customers.
In the last few years, order management systems (OMS), which are also called ERPs or CRMs, have evolved based on technological advancements and changed consumer expectations. Those who use only the store and catalog model cannot survive. These additional channels include e-commerce websites, customer service centers, and marketplace sites.
A successful retailer must deliver an optimal and secure customer experience across all channels. Effective OMS management allows retailers to provide accurate information and fulfill orders via multiple channels.
What Is An Order Management System?
In its most fundamental form, it is software that manages your day to day business operations and customer relations. More precisely, a system that automates your ecommerce order entry, fulfilment, shipping, and sales tracking. It can automatically update all related databases and can streamline your order process — from order initiation to invoicing and payment posting automatically without human intervention. It basically helps you save time and money.
What Your OMS Must Have
- Inventory Management
An inventory management system should allow for the management of stock items easily through the divisions or departments ( web, store, catalog). For each SKU, vendor, and purchase orders should be easily added and viewed. An order management system makes it easy to add and maintain item styles, kit components, and personalization templates. Additional functions include accurate updating of all inventory aspects when changes and orders appeared. These updates must occur in real-time to ensure that order fulfilment is efficient and error-free.
- Order Processing
An Order Management system makes it easier than ever for a user to manage and process orders. OMS should ideally integrate into most e-commerce software so that orders can be handled without errors. Customer information should be visible to customer services agents, allowing them to input new information into the system. Discounts or promotional information should be applied when an order places via the website, marketplace, or phone. Anyhow, order fulfilment must be seamless, regardless of the source, to ensure accurate and timely order fulfilment.
- Secure Payment Processing
Nowadays, there are more data breaches than ever, so protecting your customer data is crucial. A retailer order management software should encrypt confidential customer information through payment tokenization. It is critical to assure compliance with the latest Payment Application Data Security Standard (PA-DSS). In addition to providing secure payment options for customers, an OMS should also offer gift cards, credit cards, checks, and invoices. Integration with major payment processors is a must, as many customers are reluctant to enter credit card information directly on a website.
- Reporting Capabilities that include Data Control
Managing your data is paramount to the success of any retail business as so many activities are happening at the same time. It can be time-consuming to manually enter information such as pricing, customer details, etc. Technology enables effective order management systems to upload thousands of rows of data instantly. Reporting gives a retailer in-depth knowledge of marketing campaigns, warehouse productivity, and more. By using barometers, users and managers can see order and income information in real-time. Additional order management applications should include the capability for users to pull bulk reports on orders, inventory, accounting, customers, and campaigns. The system must be user-friendly, flexible, and able to be customized to individual retailers’ needs.
- Financial Transactions
The Order Management System should integrate with major financial systems, such as Microsoft Dynamics GP and Peachtree. It should also be equipped with the necessary accounting tools to manage financial data efficiently. Functionality associated with General Ledger integration and Accounts Receivable is essential. Additional financial transactions, including authorizing credit cards, managing customer refunds, reconciling purchase orders, and more, should also be available.
A well-designed OMS has powerful marketing features that can help you manage promotions and other customer data effectively. An OMS must facilitate source code, campaign, and price list creation. Managing and segmenting each promotion this way ensures efficient management and effective marketing. The tool also lets them manage their campaigns and track sales. The user also needs to extract customer information, including order amounts, date, and source codes, as this is particularly important in marketing for promotional targeting.
- Real-Time Multi-Channel Commerce
Using real-time Commerce, every channel can instantly receive information about orders and inventory. Updates from your sites, your call center, and marketplaces such as Amazon should flow straight into the OMS. The software should integrate into third-party e-commerce solutions to accept real-time orders. POS Systems should offer an efficient remote selling experience with real-time communication to order management software. It is relevant to businesses that have both online and traditional retail stores. It is critical that the POS system be user-friendly, well-secured, and has reliable components.
The bottom line is that success in any multi-channel organization now requires a customer relationship management system (CRM) that integrates effectively. The backend software must accurately transfer orders from online to the front end. A call center representative should be proficient in taking orders over the phone and through catalogs.
The bottom line-
Keeping all of this in mind, it becomes clear that the success and profitability of a business depend on a unified commerce system. When a retailer is unable to integrate all their commerce systems ( brick-and-mortar, website, marketplace, contact center) to an OMS, they cannot provide their customers with an optimized, real-time experience. The customer may purchase from a company that offers a mediocre experience. If a shopper receives a disappointing experience, he or she will most likely not return to become a loyal customer.
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