Retailers love inventory, right? After all, it is arguably the most important asset to your business. Whether you are managing large scale inventory management or working with the complexities of e-commerce, the way your inventory has been segmented will ultimately make your job as a provider far less problematic.
By properly applying the segmentation features of your inventory management software you will save a lot of time trying to complete this process the old fashioned way. DataQlick features some intuitive inventory control features that can be applied to your situation, these features can then be used to analyze the balance between your sales and stock.
This information will also be very useful when analyzing your sales performance yearly, monthly and weekly. This will very useful when deciding the results for various marketing campaigns and can also provide the key benchmarks for planning the inventory and sales strategies for next year.
Planning is important, but without taking the tiniest details into consideration, the best plans can collapse. In order to hit the mark between ordering surplus and being caught out of stock, you will need to have all the details on how your stock is performing as well as hoe it has performed in the past; details that can be provided with proper segmentation.
Here are some ways you can apply segmentation to your inventory for higher stock efficiency, read over the specifics of each one and decide which would be most convenient for your situation.
Brand Segmentation —if your retail business deals with many different brands segmenting your inventory this way will provide you with insights into which brands are moving the fastest and which aren’t moving fast enough. You may realize that most of your income is being generated by a fraction of the brands in your inventory; this might be a good time to adjust the arrangements you have with your suppliers. Try to find better rates for those specific brands.
Custom Segmentation — there are many things to be learned from carefully tracking the goods your retail business processes. Details on the success of your ad campaigns as well as the response your customers have to specific products can be tracked by applying personalized tags to specific elements of your inventory. The tags you select will be observed by a cloud inventory management system that will provide you with detailed readout of the tagged inventory.
General Segmentation —segmenting your products into their type, brand or product parent will ultimately provide you with a better way of interfacing with this important asset. Having the essential details on the way your inventory is being shipped processed and stored will make future decisions more efficient and effective.