How can inventory management software help sellers with an effective merchandising strategy?

You may have come across a number of articles discussing dark sides of bad inventory management. But if you know what is inventory management, you would know that mismanagement may often happen.

Thanks to the advent of cloud-based solution and inventory management software!

Such software is helping retail business owners an ability to sync their multiple warehouse product information at one place, allowing them to quickly access and manage their stock requirements in real-time.

Inventory management software is proving to be a life-saver for many sellers in their back-end operations, yet, not many know such technology can help in the front-end too.

Confused?

Most of the sellers spend hundreds and thousands of dollars behind their merchandising strategies to attract for their stores; however, only few may prove to be successful.

Apart from offering a smooth stock flow, cloud-based inventory management software is allowing sellers with multiple opportunities to run successful merchandising tactics for their stores.

Let me tell you how?

1- Identify products that are in demand

Products that you make visible in your store will determine the engagement level and sales order for your business.

Instead of depending on costly marketing software or blindly offering products may waste capital and take the time to show up results.

How can it enhance your merchandising strategy?

Always focus on products that are sure to sell!

With inventory management software, sellers can gain instant access to all their stock information across their multiple stores making it easy analyze demand of products and enhance their offerings in their merchandising strategies over time.

For instance:

You have multiple stores across different platforms. However, running the same merchandizing strategy for all your stores, may not attract the same results.

Offering an ability to track product performance in real-time, you can test different strategies across all your stores, making it easy and quick to focus more on the fast selling products.

2- Align product information across multiple platforms

Not being able to update correct product information in your merchandising strategies can create confusions and delay in fulfilling customer’s orders.

Manually keeping a track on stock requirements and updating listing information for each product in your merchandising strategies can be time-taking and lead to costly stock scenarios.

How can it enhance your merchandising strategy?

Real-time inventory updates for your multiple stores!

Syncing your inventory at one place- inventory management software will allow you to instantly gain access to your product performance from anywhere, anytime. This way, you can avoid miscommunications in your merchandising strategies.

For instance: Dealing with multiple products in your merchandising strategy across your multiple stores may consume more time and lead to wrong information; if stock levels are not updated in- time.

Inventory management software will ensure stock-levels are auto-updated after a sale is made. With accurate stock levels in real-time, you can ensure that you always offer correct product information in your merchandising strategies.

3- Forecast seasonal requirements

Dealing with seasonal products and yet not being able to fulfil orders in-time can risk the chances of losing potential customers, especially when they need your product the most.

Without having a system to track and analyze product performance during holidays, can lead to sudden inventory costs in order to ensure every customer’s orders are processed during those rush days.

How can it enhance your merchandising strategy?

Accurate stock-availability, the key to successful seasonal strategy!

Allowing an ability to secure product performance history in real-time- an inventory management software will allow you make informed decisions in your seasonal merchandising strategies.

For instance: Instead of blindly targeting products in your seasonal merchandising strategies, why not focus on the ones that can help you perform well, especially during holidays.

Cloud-based inventory management software will ensure every transaction is recorded, which in turn, makes it easy to analyze customer’s demand for your products over time and forecast requirements for upcoming holidays.

4- Do multivariate testing

Offering the same product and layout in your promotional strategies may not create an excitement among shoppers to engage with your store.

Having inventory tracking software, you can analyse your product demands in any given situations.

How can it enhance your merchandising strategy?

Experimenting with great product mixes and layout will ensure a comprehensive outcome!

With an ability to track your product situations in real-time, quickly take smart decisions and settle with the combination that works best.

For instance: You may offer the best product line, however, the way you present them in your merchandising strategies will determine its results.

Having a system to track product performance, will make it easy to experiment with only those successful ones that are already doing well.

5- Access to important metrics

Spending hundreds of dollars on your merchandising strategies without measuring performance for each can lead to waste of time, effort, and costs.

Having an ability to analyze key performance indicators, will make it easy to perform methods that can improve results.

How can it enhance your merchandising strategy?

Data is the backbone for a successful business growth!

Offering opportunities to generate inventory performance report, you can immediately take actions and ensure full-proof merchandising strategies for your retail business.

For instance: You may be experimenting with different products in your merchandising strategies, however, not tracking performance for each of them can hamper growth opportunities.

Inventory management software, will auto-generate reports on important metrics that includes your best-selling products, slow-selling products across all your stores, which you can confidently offer in your merchandising strategies.

Wrapping up

As a seller, you can convert your merchandising page into multiple selling opportunities that include cross-sell, upsell, and downsell; as well as, create a category structure based on how customers browse.

By improving merchandising strategies, you will automatically improve sales and profitability!

Godspeed!!