How To Choose Your Inventory Software

Jared Ward, Founder and CEO of Luminous, a supply chain and inventory management platform, aims to help modern ecommerce businesses select the right inventory software.

The Problem: Choosing Between Over-Implementing and Under-Implementing

Jared highlights a common challenge faced by ecommerce businesses: selecting software that's either too complex (over-implementing) or too basic (under-implementing) for their current needs. Both scenarios lead to wasted resources and hinder growth.

The Solution: Finding the Right Balance

Proposing a framework to help businesses find the ideal balance, he presents a graph with complexity on the Y-axis and time/business growth on the X-axis. Ideally, businesses should implement processes and software that correspond with their growth trajectory.

Under-Implementation: A Bridal Boutique Example

Jared uses the example of a bridal boutique that mistakenly implemented basic inventory software designed for their initial needs. However, as the business grew and adopted a multi-channel ecommerce model, the software became insufficient, leading to  inventory syncing issues, inaccurate forecasting, and an inability to manage multiple stores.

Over-Implementation: The High Cost of a Big ERP

He cautions against the perils of over-implementing by introducing a large Enterprise Resource Planning (ERP) system. These systems are expensive and complex,  often exceeding the needs of a growing ecommerce business. He uses the example of a company that implemented SAP to gain transfer order visibility but ended up with a cumbersome and time-consuming process.

The Luminous Approach: Scaling with Minimal Friction

Jared emphasizes that Luminous aims to  avoid these pitfalls.  Their goal is to  provide the features and functionalities businesses need as they scale,  without introducing unnecessary complexity. They achieve this by focusing on:

1. Modular Implementation: Implementing features incrementally, based on a company's specific needs.
2. Minimizing Friction: Designing features that are user-friendly and don't disrupt existing workflows.
3. Monetization Tied to Growth: Only charging businesses as they experience the benefits of the implemented features.

Jared promises to explore different ecommerce business archetypes and  provide tools to assess the cost-effectiveness of implementing new features or software in his future content.

Feeling overwhelmed by software choices and unsure of the right fit for your growing e-commerce business? Watch Jared Ward's full video on YouTube for a deeper dive into navigating the inventory software landscape!

Scale Seamlessly with Luminous

Choosing the right inventory software can make or break your e-commerce growth. Luminous helps e-commerce businesses avoid over-implementing or under-implementing with:

• Scalable Solutions: Grow your business without clunky software slowing you down.
• Streamlined Operations: Free up time and resources by simplifying inventory management.
• Transparent Supply Chain: Gain clear visibility and avoid stockouts.

Book a demo with Luminous today and see how we can help you ind the perfect software fit for your evolving needs and scale your e-commerce business with ease.