Accurate Inventory Data can Make or Break Sales
The importance of maintaining accurate inventory data
Having accurate inventory data on hand can make or break the success of your sales. It is essential to keep these figures updated in order to maximize potential profits. For a retailer to stay competitive today, accurate inventory data from suppliers is necessary. This is due to the fact that consumers need reliable information when it comes to making purchasing decisions. Likewise, retailers need the same data in order to meet customer expectations.
Why does having an accurate inventory matter?
BOPIS (buy-online pick up in-store) or BOPUS is becoming more popular among customers who check out a retailer's website, see something they desire; find out that the item is available in a nearby store. As a result, they may opt for this purchase option. Customers who show up and find your product is unavailable will be disheartened and take their money to a competitor. They won't bother to wait for it or come back, expecting you to deliver it in-store.
Lost customers mean missed opportunities. If you don't have the products and services they need, your clients will go to another store. It's essential to make sure that all of the customer's needs are met to keep them happy and returning..
If a customer orders something online and it's not available when they get notified about it, then you've likely just missed out on a potential sale. It's essential to ensure that all of your products are in stock and ready to ship so as to not lose any customers.
Accurate inventory count can be a major draw for customers. If a retailer has an up-to-date list of items in stock, it can lead to consumers visiting their store and picking up the item they need. Furthermore, they may end up buying something else too while they're there. When shopping online, if a retailer doesn't have the product that a customer wants, they risk losing their entire purchase. However, if you can fulfill the order as promised to your customers, you will retain their loyalty and likely see them back in the future for repeat purchases.
The need for accurate and up-to-date inventory data across different channels is particularly essential when a retailer sells in multiple places like physical stores, e-commerce platforms, social media sites, and Amazon. This ensures that customers have access to the right product information at any given time.
The need for inventory accuracy for suppliers and retailers
Suppliers should be able to quickly & accurately transmit inventory details to retailers, who in turn must be able to showcase it on their websites. This streamlines the entire process & ensures that both vendors and customers have accurate product information at all times. Retailers must carefully manage inventory counts to meet customer demands in various channels. If a retailer has four items in store, 10 in the warehouse plus an additional 50 stocked by suppliers for dropshipping, their system should be able to reflect the accurate inventory count accurately and efficiently.
It is essential to have precise inventory data. If customers are made aware of out-of-stock items beforehand, they are less likely to be disgruntled in the end. Thus, accurate inventory information is paramount and has a direct impact on customer satisfaction.
Customers can be forgiving if you don't meet their expectations, but there's a chance they won't come back. If your service fails to fulfill customers' inventory needs, it is likely that they will move on, maybe even for good.