Data analytics is more than a tool that enables retailers to connect with their customers on a day-to-day basis. The platform permits organizations to gather and assemble priceless consumer data to succeed in the long run. Whether you own a physical business or operate an online store, it is vital for an organization to oversee the incoming and outgoing of your products. As a result, retailers have a clear perspective on how to improve sales – as inventory drives revenue, profitability, and customer satisfaction. Yet retailers are losing an estimated 50 billion a year by not properly managing one of the greatest assets.
Since the boom of e-commerce, customers are unknowingly giving out personal information to retailers. And thus, allowing them to optimize their sales and modify their business model successfully. Computerized tracking systems have emerged as a key component of business strategies, increasing productivity and maintaining competitiveness.
Analytics and AI Solutions by Xpandretail
Regarding Inventory Management, data accumulated can simplify the process and generate more sales by offering products on the shelf at the right time. In recent years, retailers are looking for possible oversight through data analytics and AI solutions. Moreover, this allows the retailer to take quick action and understand, and simplify the supply chain and logistics.
Today the demand for inventory solutions continues to increase, and with the progression of technologies, retailers must introduce more sophisticated solutions. In other words, this influences the cost of the product and increases profitability. Customer data gathered from various digital touchpoints notifies the logistics department to gear up their stock. And thus, target demand and improve work efficiency and take actionable money-saving possibilities.
There are various benefits of inventory management software, which help reinforce sales and profits. For instance, accessing real-time data to keep track of inventory stocks in all the geographical locations, tracking and optimizing employees. Also, allowing an increase in return on investment, prevent overstocking and outages, and identifies and adjusts prices according to market supply. Inventory analytics helps retailers and brands to get a heads-up as it predicts emerging trends and behavior patterns to optimize customer purchase journeys, providing retailers with valuable knowledge through tracking customers’ previous purchases.
Data-Driven Technologies
With data-driven through sales, the retailer will be able to shape their product offering to meet consumers’ expectations. A decade ago retail employees used to count stocks manually which was time-consuming as well as a costly procedure. Inventory management facilitates cost-cutting, timely updates on the stocks and reduces human error. Today exploiting all the resources available is the key to survival; retailers must integrate inventory management systems with other departments which will enable the retailer to maximize profit. Companies can no longer ignore such systems, as their growing prevalence rises to the forefront of the retail world. From executing business operations to simply streamlining your processes, inventory management software can help you on a number of levels.
Inventory precision is affected by the flow of inventory in and out of the stores, websites, and warehouses. For a clear picture of your inventory availability, these important channels must be consolidated across the organization to increase profitability. Automation and real-time data improve accuracy and reduce manual errors. Tracking process such as purchasing, selling, and delivering automatically enables retailers to have an update on quantities, statuses and location. In addition, retailers can gain insights into revenue as soon as the activity takes place.
Inventory Management Systems
Proper inventory control involves meeting customer demands to maximize the organization’s revenue. An inventory management system helps retailers to analyze products, vendors, and categories to purchase strategically. Also, it allows for analyzing the average cost for negotiation with vendors and priced properly to preserve more margins.
Nevertheless, inventory return is a critical matrix that needs to be traced to avoid excessive inventory by using auto replenishment capability. The software solutions trigger alerts when stocks fall below a certain level, allowing the purchasing team to optimize supplies and meet demands.
Fortunately, retailer analytics in inventory management has empowered retailers with the automated receiving system in place which requires very little interaction from personnel, allowing them to focus on other things. Leveraging this power has enabled retailers with real-time inventory visibility and availability, so customers can buy, pick up and return however they prefer and allows the retailers to get the product out of the supply chain and into the hands of the customers by meeting operational challenges and building customer satisfaction.
Business Technology Manager – Xpandretail