Magento 2.3 isn’t new to you. Right? The recent release of Magento 2.3 version has brought a new solution for inventory management: MSI. We all know that Magento development services offers great support for inventory management, warehouses, drop shippers, and stores.
Magento stores fall into two different types of inventory management according to the number of locations or sources for your business:
1. Single-Source: merchants manage orders in a single location. Merchants may have multiple sites and they can sell products from single catalog, inventory, and location.
2. Multi-Source: merchants manage inventory and complete orders through multiple locations. This is also called Multi-Sourcing. The merchants have one website or a multiple websites to fulfill the orders.
What exactly does Multi-source inventory functionality for Magento 2 mean?
This term includes Magento’s ability to connect multiple inventory sources to your ecommerce stores. This term offers a lot of opportunities for improvements to the Magento functionality to connect multiple inventory sources to your online ecommerce store. Magento ecommerce store owners can also link multiple stores as well as warehouse or a physical store
This blog post will talk about a few words to say about Magento 2 Multi Source Inventory (MSI):
Multi Source Inventory (MSI) is an awesome feature of Magento 2.3.0 version. It offers excellent support to the merchants for controlling their single or multi-channel inventories and sales channels. It is specifically designed to help Magento store owners manage their multi sources of inventory from the Magento 2 admin panel. It also improves your Magento inventory management irrespective of the location of the warehouse or your customers, the types of products you sell, and sales channels used.
Until now, ecommerce store owners found it challenging to manage multi-source inventory from a single website. So, managing inventory with multiple channels becomes easier. Magento ecommerce store owners can sell their products in multiple countries. Hence, it is a powerful tool to manage inventory in multisource with Magento store.
Magento 2 Multi Source Inventory (MSI) for ecommerce
It is said that MSI is the new brand inventory management solution for improving your store’s inventory. It helps you expand your website by adding stocks and sources, updating the quantities, and increasing new sales channels. It reduces the negative impact on checkout performance and reduces the abandonment rate of your website.
Ecommerce merchants using MSI can now:
- Assign products and their quantities to stores, warehouses, and factories.
- Track inventory at multiple sources.
- Set rules for controlling and managing the inventory sources.
- Integration with third-party inventory systems.
Multi-Source Inventory is available for Magento 2.30 Commerce and Open Source merchants in the form of a Core Bundled Extension. MSI helps the merchants to improve the operational workflows with inventory management across multiple sources. Developing sophisticated omnichannel strategies and delivering amazing shopping experiences is easier than before.
Benefits of Magento 2 MSI
- Enhance your physical store locations and manage them efficiently
- Increase the store’s efficiently
- Enhance customers’ shopping experiences
- Improve the checkout process
- Manage drop shipping with ease
- Grow traffic and make profits
Magento 2 Multi Source Inventory Concepts
To understanding Magento 2 Multi Source Inventory more clearly, let’s explore a few major concepts:
1. Magento 2 MSI Sources: Sources represent the physical locations along with the stocks placed and products stored. The locations may be warehouses, or distribution centers.
2. Magento 2 MSI Stocks: Stocks are used to map the sales channel for inventory representation. They offer a virtual product inventory representation to keep a track of the available stock and source locations.
3. Magento 2 MSI Sales Channels: Sales Channels are associated with the stocks and allow you to represent your inventory.
4. Magento 2 MSI Salable Quantity: It involves the total virtual product inventory that can be sold online. Once you link the sources to stocks, the number of products would be specified according to the sales channel.
5. Magento 2 MSI Partial Shipment and Drop Shipping: Magento 2 Multi Source Inventory extension allows ecommerce store owners to ship the orders partially. The orders can be spilt and drop shipping partner can be chosen for faster delivery.
Related – How to Reduce Magento Development Cost
What’s next for MSI?
It is a great product for Magento 2 stores to get accurate inventory details and streamline drop shipping for all the orders. Magento ecommerce website owners will be benefited greatly with this amazing product. What are you waiting for? Talk to our expert Magento ecommerce developers to fuel your business growth.