If you’re in the fashion industry or thinking about starting an apparel business, you picked a great business venture. The fashion industry’s worth promises to reach $1.7 trillion in 2022 and that number will most likely just keep growing thanks to how easy online shopping has become.
In this modern age, buying clothes is easier than ever thanks to the internet, but if you truly want to harness the benefits of modern technology, you need to start using some advanced tools as well. For those in the fashion industry, an apparel PLM tool is an excellent solution. Below are listed some of the benefits this tool provides.
It makes inventory easier and more efficient
If you don’t have your inventory even in a franchise, you don’t have anything, and the products you sell can make or break your business. This is why you need to manage all of your inventory but also your designs, materials, suppliers, and costs. But that’s hard to do by yourself, which is where the apparel PLM tool comes in.
Here are some of the features that will make your inventory management not only easier but more efficient as well:
- Multi-channel inventory tracking. Knowing what inventory you have at all times is extremely important. This tool gives you insight into your inventory across multiple sales channels, warehouses, divisions, and suppliers. And this is all done in real-time.
- Intuitive replenishment. Selling out a popular product can be damaging to your profits, especially if you have long restocking times. But with this tool, you’ll always have access to a replenishment chart that will help you know what to keep in stock.
- Smart forecasting. The apparel PLM tool is equipped with machine learning and has very convenient replenishment and forecasting dashboards. You will have data that shows unit sales, quantity sales, and your estimated revenue.
Your accounting is simplified and more accurate
Learning how to manage money in business is extremely important, and even just one small mistake when doing your accounting can be disastrous. All of your books need to be up to date and without any errors.
However, this is easier said than done. While you can always hire an accountant, that isn’t a cheap option, which is why as much as 64% of business owners do their own bookkeeping. Alternatively, you can simply use the accounting feature of your apparel PLM tool.
For example, if you offer your products to a worldwide market, you should accept the local currencies of the countries your customers are from. With this feature, you can easily balance sheets and generate income statements, regardless of what currency your customers use.
Moreover, thanks to your apparel PLM tool, you’ll have instant access to very powerful accounting and reporting tools with just a few clicks. This will allow you to pull out data whenever you need it to make important business decisions.
Finally, keep in mind that data is more than just a bunch of numbers. It’s a representation of your business successes. And it’s best if you can have that visual representation shown in a way that best suits your needs. Your apparel PLM software will make it simple for you to obtain this using personalized layouts and reports.
Managing sales becomes a breeze
Tracking your sales activity is something every business owner needs to be familiar with, but it’s much easier if you let a tool do it. And there’s no need to get a dedicated tool because your apparel PLM tool will have one integrated.
Some features you can expect include:
- Order entry tools. If you’re looking for a way to improve your accuracy and on-time delivery, this feature will be very welcome. Not only does it help with order entry, but it also does approvals, invoicing allocation, and backorder processing.
- Accept payments from your customers. There is a built-in feature that allows you to accept and process all credit card payments without installing any additional integrations. You will be able to charge credit cards upon checkout, on file, or even via an email payment link.
- Multi-channel sales management. If you’re looking to connect to a popular B2B or a B2C sales channel, you’ll be happy to know that your apparel PLM tool will come with built-in integration for the most popular channels. This includes Amazon, Shopify, eBay, Dropbox, Etsy, and more.
Final thoughts
Thanks to modern tools and software, businesses can be more efficient than ever before. And while there are some tools that businesses of all sizes and niches can and should use, there are also some that are industry-specific and built with a specific niche in mind. If you’re in the fashion business, an apparel PLM tool needs to be a part of your everyday business routine.