Table of Contents
Introduction
In the fast-paced world of eCommerce, staying ahead of the curve means mastering the art of inventory management. Synchronising stock availability with growing sales trends isn’t just a best practice—it’s a necessity. Imagine the horror of an eager customer clicking “buy” only to discover their desired product is out of stock. In this game of milliseconds and mouse clicks, such a mishap can tarnish your brand’s reputation faster than you can say “restock.”
Today’s customers are spoiled for choice, with alternatives just a few searches away. So, how do you keep them hooked on your brand? By keeping an eye on stock levels, customer reviews, pricing strategies, and real-time tracking. This is where our channel intelligence steps in as a robust stock availability management tool that provides real-time updates and forecasts industry trends, ensuring you’re always one step ahead.
Importance of Stock AvailabilityÂ
Ensuring widespread availability across different zip codes, retailers, and channel partners is essential for sales and conversions. Overlooking these parameters can damage your brand’s image. Understocking indicates a failure to understand and adapt to trends, often due to inaccurate analysis.
On the other hand, overstocking is feasible for brands to prevent stock issues, but it is not. It is misleading and negatively impacts the business in terms of revenues, margins, and product shrinkages, ultimately resulting in more wastage.Â
Another surfacing challenge is meeting customer expectations. Showing the product available on the website for the sake of sales but delaying shipping due to its unavailability leaves customers disappointed, as their funds remain tied up without receiving the desired product. This digital shelf analytics tool helps you track inventory in real-time and provide a satisfactory customer experience through various strategies.Â
Stock Availability Management and Inventory Optimisation with Kinator
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Optimise your inventory with Kinator.
Proactively monitor and analyse available stock, market trends, and consumer behaviour. The software helps you with out-of-stock alerts and notifies you about stock availability at regular intervals.Â
With demand forecasts, Kinator helps you stock the SKUs and gain insights into your product’s performance. To optimise conversion rates and reduce abandoned shopping carts, demand forecasts provide valuable information that enables businesses to develop customised strategies and decisions.
One significant advantage is that Kinator monitors competitors’ stock, enabling you to target their unavailable products with your ads.
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Analyse the stock-out trend and optimise the fill rate accordingly
Demands fluctuate, and so do the trends. Let’s dive into how demand forecasting works.Â
For instance, consider an XYZ brand with a wide range of beverages. Experts provide tailored recommendations for inventory optimisation based on data, external factors, advanced analytics, and inventory management. Demand forecasting offers a comprehensive analysis, preparing you for predicted surges in demand for streamlined and efficient operations.
With its smart analytics, Kinator can prevent under- or overstocking of products through demand forecasting carried out by our team of experts. The software leverages this function to its advantage, and the experts predict the product’s future demand with previous data. The report will give you more insight into your product and help you understand market demand better. The products can be restocked ahead of their peak demand cycle.
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Sales loss Due to Out-of-Stock Products
Our dedicated team generates exclusive reports on sales losses from unavailable stock across channels. This data includes competitors’ product sales during your stock-out period.
Additionally, the software can generate customised MTD or YTD reports on stock performance, helping you better understand your business. Our experts offer insights from sales losses and product supplies, enhancing your brand’s performance.
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Identifying Suppressed/Delisted SKUs
Tracking suppressed or poorly selling products is essential for future refills but can be hectic and confusing. Kinator’s tracking feature alleviates this burden, ensuring you don’t have to worry about delisted products.
Kinator handles these tasks, allowing you to focus on core strategies and product launches.
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Track other key metrics.
Stock availability management is one part. Other significant benefits involve a holistic approach to the brand and tracking other key metrics such as ratings and reviews, pricing and promotions, and product visibility across channels to foster growth and relevance in the market.
Conclusion
Ensuring a middle ground regarding stock availability management is crucial, and visibility must be maintained throughout. Kinator helps you improve productivity by attaining the right balance and preventing stockouts. It allows you to manage and modify the products available throughout and diminishes the risk of sales loss. Its ability to gather and track real-time data sets it apart in the industry. Additionally, the data can be used better to understand market trends, consumer needs, and preferences. Â
So, why wait? Give your inventory the Kinator advantage and watch your brand thrive. Ready to take your stock management to the next level? Contact us at info@paxcom.net or fill out the form, and one of our executives will contact you.
