Maintaining correct, up-to-date inventory across multiple channels and supply chain segments is a huge challenge for most retailers, wholesalers, and distributors. The process can be tricky because inventory isn’t stored in a single place in the supply chain. It is spread over several segments in the chain like the warehouse, shipment trucks, and the store shelf.
Over the years, the internet and IoT-enabled devices have changed the way people research and buy products. Around 81% of shoppers look up the products and prices online before they proceed to make a purchase. This makes it essential for businesses to ensure that the information is available to the customer at all times.
While most shoppers first look at the prices, the second element they research about a product is their availability in the store from where they want to make the purchase. This brings up the difference between businesses that show the inventory in their stores and hence have a considerable advantage over those that don’t.
Businesses that turn a blind eye to inventory management often miss out on crucial cost-saving opportunities. The only way to stay ahead of the competition is to keep inventory visible by adopting the right technology. Implementing tools like barcodes, radio frequency identification (RFID), and other inventory tracking systems can help you get visibility in real-time, across multiple sales channels. By linking this information to your online platforms, you can ensure that valuable inventory information is accessible to your customers.
Why Inventory Visibility is Crucial for your Business?
In an age where consumers research everything about a product online before making a purchase, the need for inventory visibility cannot be stressed enough. Inventory visibility is key to meeting and exceeding consumer expectations.
How Inventory Visibility Helps?
Enhancing overall productivity
With better real-time visibility, you know exactly where the product is in the chain, making it easier and faster to track. It becomes easier to track anomalies and prevent disruptions, eventually leading to a more productive workforce.
Create better customer experiences
A good relationship with customers goes a long way. Inventory visibility allows you to fulfill your promises to customers on time and also predict how the inventory is moving so you can be ready to meet customer demands at all times.
Track and maintain inventory levels
With an accurate view of your inventory levels, you can meet peak demands and avoid lost sales due to a deficit.
Meet customer demands head-on
Keep an eye on every product in your inventory across disparate systems and silos to ensure your customers get what they need when they look for it.
Better response to market trends
With a real-time view of your inventory levels and market trends, you can make better decisions about increasing or decreasing the production of certain products. It allows you to move a product faster than your competition, giving you a profitable edge.
Find more answers to your inventory management woes with Monitor Pro. Get the visibility you need to grow your business.
