Whether you own a sporting goods store, a furniture store, or a clothing store, you are probably familiar with the difficulties associated with inventory control. Keeping track of sales in-store and online can be difficult at times, but it is necessary in order to maximize profits.
Your life (and the lives of your employees) will be made easier if you have a product catalog management system. When used in conjunction with inventory management systems, modern digital product catalogs can seamlessly integrate with digital inventory control systems to provide real-time information. This means that you will be able to not only track your sales by channel, but you will also be able to improve your financial reporting and increase the profitability of your business.
You can improve your financial reporting and projections if you keep track of your sales.
Consider the scenario in which you sell sporting goods both in-store and online. Customer’s may notice a limited supply of merchandise when they walk into your physical store, which may be due to a lack of merchandise that meets their specific needs, styles, sizes, colors, and so on. Purchase decisions can be influenced by their initial impression of perceived scarcity.
A product catalog automation Software that keeps track of your available inventory and displays it to your online customers can achieve the same result, which is especially important in today’s supply-constrained marketplace. Using your catalog to generate sales when your store is experiencing difficulties as a result of global supply chain issues can help you turn a stressful situation into a sales opportunity.
To encourage interested customers to purchase your products, integrate your inventory management system with a product catalog.
Maintain control over your inventory and communicate with all parties involved.
Combining a product catalog with an inventory management system isn’t just for the purpose of increasing sales. When merchandise is flying off the shelves, whether in a warehouse or in your showroom, you’ll know exactly when to place an order for more stock.
As an example, if an item has been sitting unused for months, your reports can alert you when it’s time to offer a close-out special on that item. If you suspect that highly desirable items are “walking out the door” as a result of shoplifting, you can take immediate action to prevent further losses from occurring.
As you approach the next tax filing deadline, being able to track online and in-store sales as well as returns, shrinkage, and upcoming deliveries, among other key metrics, can help you improve your financial projections and streamline your efforts.
Make use of insights to expedite checkouts and even cross-sell and upsell to customers.
Your customers won’t have to deal with the inconvenient problem of trying to check out when a product in their digital cart suddenly becomes unavailable when your sales and stock data are in sync with each other. Furthermore, they will not be tempted to abandon their shopping carts entirely.
While shopping, they will only have the option to add products that are currently in stock, making the checkout process faster and more efficient for them.
A further advantage of using a InDesign Product catalog software is the ability to target specific customers with relevant inventory if you keep track of data from interactions with loyal customers. You can send an email to a customer who has recently purchased a kayak in-store to inform them of an online sale on kayak paddles. If you prefer, hand a receipt that includes a coupon for an accessory that is currently in stock on your website to a fashionista who is paying at the register. She can then order additional inventory from the comfort of her own home.
In addition to the usual holiday season pressures, retailers will face additional challenges this year, including supply chain difficulties, inflationary pressures, and increased customer demand. Ability to connect a e-Commerce PIM software with real-time inventory management software controls and other ecommerce services may be the solution – and opportunity – they are looking for.
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